PR :Declaration & transfer of funds at the time of landing

[SUBHASH CHANDER]

Hi,
We are planning to move to Canada.We have funds in our accounts in our parent country which we don't plan to bring now. Will these funds be taxed in Canada if we transfer these funds later on ? Would the money that comes in later be taxed? Also if we sell our house in parent country at a later date , will the sale proceeds be also taxed in Canada ? How does the govt. decide what amount is non-taxable for new immigrants? Do we require, at the time of first entry on the basis of PR , to declare our liquid & immovable assets in our parent country ? Please assist

 

[YVR123]

Hi,
We are planning to move to Canada.We have funds in our accounts in our parent country which we don't plan to bring now. Will these funds be taxed in Canada if we transfer these funds later on ? Would the money that comes in later be taxed? Also if we sell our house in parent country at a later date , will the sale proceeds be also taxed in Canada ? How does the govt. decide what amount is non-taxable for new immigrants? Do we require, at the time of first entry on the basis of PR , to declare our liquid & immovable assets in our parent country ? Please assist

I am not an accountant. So it's just from my personal knowledge.
You do not need to pay tax on fund you transfer but you have to declare the source of it.

If you earn income or have capital gain (e.g. gain from selling stock or selling a house and value of house increase) after you landed and you are a tax resident, then you will need to report that in your tax return and pay tax on it.

You also need to declare when you file tax, if you owned certain foreign investments or assets where the total cost of these assets is more than $100,000 at any time in the year.
This for the foreign assets declaration:
https://www.theglobeandmail.com/glo...hen-you-file-your-tax-return/article34706718/