Can I wire my money after i come I come back to my origional country

[cooldoc80]

Hi all

I would be grateful if you could help me with this query

I intend to transfer my savings after I land in canada and open a bank account here , the problem is that i cant transfer money from my origional country unless its done personally from me to my own account .

1-so is there a time limit after landing of when we could transfer our savings without taxation or questioning ??

the other problem is that i would have to transfer the money over 6 months !!! as my bank only allow 10 thousand USD per month , so it would take me 10 months to wire the whole amount which is 100 thousand !!!

2- is that ok , or this money would be considered taxable because its pouring into my account after I became a PR ???


thanks all

 

[steaky]

No worries.

However, I have a better idea:

If you can only wire ten thousand per month to your Canadian account, wouldn't it be less hassle if you just get a one-time 100 thousand USD bank draft and bring it to Canada the next time you enter the country? At arrival, you would need just to declare the draft and complete a form. Furthermore, by open the Canadian bank account later and deposit the bank draft, you won't have to worry about being liable for Canadian tax for opening a Canadian bank account until you permanently move to the country.

 

[cooldoc80]

Thanks Steaky

actually , banking systems are so primitive in my home town , they actually dont have a bank draft option ?!!!!!!


so do you think if i transfer monthly its ok ?

also what do you mean i dont have to worry about tax until i move !!! does this mean that canada will take 30% of the money once i start to settle in canada ?

thanks

 

[steaky]

Transfer money in a monthly basis is ok.

No, Canada doesn't automatically deduct taxes from your interest income you earned from your Canadian bank account. You will have to first file a tax return and then you would know how much you would have to pay for income tax.

 

[cooldoc80]

Thanks steaky , its good to know that the tax would only be deducted from the interest , i thought they deduct it from the origional sum of money

 

[steaky]

Thanks steaky , its good to know that the tax would only be deducted from the interest , i thought they deduct it from the origional sum of money

That's not what I said. They don't automatically deduct the tax from the interest and you have to file a tax return in order to compute how much tax you owe to the government.

 

[cooldoc80]

No worries.

Furthermore, by open the Canadian bank account later and deposit the bank draft, you won't have to worry about being liable for Canadian tax for opening a Canadian bank account until you permanently move to the country.

could u please explain what u mean by the above

 

[steaky]

also what do you mean i dont have to worry about tax until i move !!! does this mean that canada will take 30% of the money once i start to settle in canada ?

thanks

Why do you think Canada will take 30% of the money once you settle in Canada?

In regards to the quoted message, you already said your country is primitive that wiring is the only way to transfer your money to Canada. So the option to deposit the bank draft is not available to you.

 

[tdot_guy]

you have to pay tax on income you earn in any part of the world and your interest is income and you will pay the government tax on that - if you make enough cuz interest here is really really low

 

[ohmygoditsdhaval]

Furthermore, by open the Canadian bank account later and deposit the bank draft, you won't have to worry about being liable for Canadian tax for opening a Canadian bank account until you permanently move to the country.

Hi Steaky,

I have almost the same issues, you did clarify a lot of it earlier in another post...However I seek a bit of clarification here,.... Are you recommending, that he should AVOID OPENING ACCOUNT WITH ANY BANKS untill he arrives back again to Canada... with his money with him in the form of DRAFT? wouldnt it mean he remains in the country for almost months if not years...without opening bank-account.????

Am i missing something...?? I am sure i am going wrong somewhere....
Please clarify things for me....sorry if I am sounding dumb....