Transfer of money

[vadim37]

My family is going to (move) immigrate to Canada in couple of months.
For this we have next plan.
I will come first to prepare a place for my family, needed money for 6 months (as it's requested by Canada immigration process) I am going to bring in cash.
Before my moving I'll not sell a house I own here to let my family to live there till their move.
My family will move late a month before visas expiration time. Before their moving they will sell our house and will transfer gained money to account in Canada opened by me after my arriving. Or a house will be sold even late by my parents it will depends on a situation on a real-estate market.
In this situation I would like to ask experienced people.
Will I have to pay taxes for this money. In general what do I need to do during my border passing to emphasize for officials that we will transfer money after selling a real estate late to avoid further taxes impossing.
Thank you a lot in advance.

 

[thaiguy]

Hi Vadim

Canadian tax law states that you do not have to report the gain on sale of your house as long as it was your primary residence for every year you owned it.

So that is good news for you if you sell it at the same time your family moves to Canada. But it's bad news if you leave it for your parents to sell - and they dont' sell it right away.

Here's a link:

http://www.cra-arc.gc.ca/E/pub/tg/t4037/t4037-08-e.html#P4307_157906

 

[Eduardo Picazo]

Hi vadim37

Please do not bring cash with you, it is not safe, you may want to bring traveler cheques instead, they are protected against lost and robbery

Don’t forget to declare the money to the customs if you are bringing more than $ 10,000 CAD

Regards
Eduardo

 

[Michael01]

In this situation I would like to ask that will tax be still on the general public at situation like that.

 

[steaky]

In this situation I would like to ask that will tax be still on the general public at situation like that.

If you don't declare that you are bringing over $10,000 and they finds out, they can seize the money from you.

 

[CA_SG11]

Are you going to pay any duties for bringing the cash more than 10k? Just curious.

 

[steaky]

no duties. but why would you want to bring 10k in cash? for safety reason, i would rather wire the same amount to my canadian account.

 

[SFOasia]

You have consult for this to a professional who can give you some opinion about the transfer of money to different country.But its good that you are not selling the home initially.