Transfering money to Canada after the time of landing

Desperado · Post by **Desperado** » Mon Apr 28, 2008 12:25 am

Hi Nelsona,
When I entered Canada a month ago as a landed immigrant, the immigration officer asked me how much money I am bringing into the country, but did not ask me if I intent to bring later on some more money to Canada, so I did not mention it. My intention is to transfer to Canada before the end of the year more than CAD 10 000. Somebody told me that since I did not tell this to the immigration officer at the time of landing, the money I later transfer to Canada will be taxed. Is this truth and did I make a mistake not telling that?

Thank you!

nelsona · Post by **nelsona** » Mon Apr 28, 2008 4:42 am

There is no such tax!

As a cdn resident, you are taxed on worldwide income. So whether you bring the money from offshore, or declare it or not, doesn't matter. You are taxed on INCOME that anu money generates, NOT on the money you possess.

Desperado · Post by **Desperado** » Mon Apr 28, 2008 11:49 am

Thank you very, very much!

projectpete · Post by **projectpete** » Mon Apr 28, 2008 12:41 pm

i have heard that so many times from so many people. i dont know who started that.

i have also heard if you move back to canada the US will not let you take anything over $10,000 back to canada at one time.

projectpete · Post by **projectpete** » Mon Apr 28, 2008 12:42 pm

to add to my last post, neither scenarios are true