Upon taking up residence, question on tax-free money transfer

[Dawkmaai]

Hello, this is Dawkmaai again on a little different topic. Just wanted to know, upon taking up the residency in Canada, I would like to transfer money into Canada to purhcase properties there, but I may not be able to transfer at one go (since I still need to sell assets in my home country gradually). I understand that cash transfer for settlment will not be subject to tax, however, i am not sure if it applies to only one-time cash transfer or can I do a multiple cash transfer from my home country without being subject to taxation.

Rgds, Dawkmaai

 

[PMM]

Hi

Hello, this is Dawkmaai again on a little different topic. Just wanted to know, upon taking up the residency in Canada, I would like to transfer money into Canada to purhcase properties there, but I may not be able to transfer at one go (since I still need to sell assets in my home country gradually). I understand that cash transfer for settlment will not be subject to tax, however, i am not sure if it applies to only one-time cash transfer or can I do a multiple cash transfer from my home country without being subject to taxation.

Rgds, Dawkmaai

As many as you want without taxation.

 

[Dawkmaai]

Thanks.

 

[toby]

Thanks.

No ... CRA thanks you!!!!!

It might be a good precaution to have proof of the source of the funds (e.g. original sale-purchase contract if the money came from the sale of a home).