Tax on money brought to Canada

[kick4rick]

I am receiving a lump sum from the sale of a structured settlement in the U.S. It is tax-free money in the U.S. Will it be taxed if I bring it into Canada?

I have been a PR of Canada for almost 4 years. The tax-free annuity was set up in 1985 from a car accident. I am selling now since need money while being retrained (school) for new profession (accounting).

Please reply.

 

[steaky]

Are you resident for income tax purposes?

 

[kick4rick]

Yes

 

[agrisiva]

for a lump sum amount, i would go to a professional tax consultant for sure. Good Luck!