Transferring Money

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CJ2324
Posts: 1
Joined: Sun Jun 12, 2005 1:06 am

Transferring Money

Post by CJ2324 »

Hello

I am a permanent resident of Canada. I had some shares in the UK stock market and have made the decision to sell the shares.

Question:

If I transfer the proceeds of my shares and decide to transfer the money directly to Canada then:

1. What will be my tax situation next year when I file my return?
Note: I do not have any income in Canada.

2. What is the burden of responsibility on me to inform the authorities about the transfer or will the bank report the amount themselves?

I would like to thank you in advance for your help.

Regards

Chaminda Jawal
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

As a person living in Canada, you must report income wherever it is earned, regardless of whether you transfer the money to Canad or not.

The responsibility is yours, and it the law.

The british firm holding your investments is under no obligation to report anything to Canada -- you are.

<i>nelsona non grata... and non pro</i>
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