Transfer of funds following Virtual Landing (PGP)

[hibbsdibbs]

Hi,

My mother recently received approval for her PGP PR and virtually landed as she was already in Canada at the time. Now, she wishes to transfer funds from her overseas accounts to her Canadian account. How much can she potentially bring in hand if she returns to her home country and flies back into Canada?
Can she safely declare large sums of money without being subjected to taxation? Does she need to submit some sort of a declaration at the Customs before she exits Canada?

Your responses on this matter would be greatly appreciated, as always! Thanks!

 

[steaky]

Hi,

My mother recently received approval for her PGP PR and virtually landed as she was already in Canada at the time. Now, she wishes to transfer funds from her overseas accounts to her Canadian account. How much can she potentially bring in hand if she returns to her home country and flies back into Canada?
Can she safely declare large sums of money without being subjected to taxation? Does she need to submit some sort of a declaration at the Customs before she exits Canada?

Your responses on this matter would be greatly appreciated, as always! Thanks!

I will answer the first question. She can bring as much as she can. If more than $10,000, she will need to complete a form in the customs office (at the airport of the POE) to make a declaration.

 

[YVR123]

Hi,

My mother recently received approval for her PGP PR and virtually landed as she was already in Canada at the time. Now, she wishes to transfer funds from her overseas accounts to her Canadian account. How much can she potentially bring in hand if she returns to her home country and flies back into Canada?
Can she safely declare large sums of money without being subjected to taxation? Does she need to submit some sort of a declaration at the Customs before she exits Canada?

Your responses on this matter would be greatly appreciated, as always! Thanks!

I don't have details but there is no tax on "money bringing in". But if she have income or capital gain after she becomes a tax resident of Canada, that needed to be included when she files her tax return. She also needs to declare her capital (forgot the amount that starts to need declaration). But it doesn't translate to paying tax. It's better to consult an accountant.

To sum up, there is no tax to just bringing money in (declare upon entry if it's over $10k) . And there could be tax on money you don't bring it.