Sorry to intrude in this forum as I am not from US. But I think some people in the forum will be able to share their experiences.
Just have a very simple question about taxes in Canada.
I am expecting to land in Canada next March 2006. Will be staying for about 2 weeks after which I return to my country and continue to work. My savings aren't enough yet so I will have to continue to work in my country. My plan also is finally settlle for good in Canada on 2007. On my return to Canada, I will be bringing my savings. This is my question. Is the money I am bringing on my return to Canada taxable?
How about if I transfer the money thru bank channels. Will I pay taxes?
Thanks for sharing your experiences.
Castro
Castro
Tax Questions Upon Reentering Canada
Moderator: Mark T Serbinski CA CPA
What kind of country do you think you are coming to?
Canada has INCOME tax, not wealth tax.
The INCOME you make before becoming a tax resident will never be taxed by Canada.
You will only become a tax resident when you move here in 2007. Landing for a couple of weeks will not make you a tax resident.
The manner in which you transfer it cahnges nothing. Do it as safely and conveniently as you can.
<i>nelsona non grata... and non pro</i>
Canada has INCOME tax, not wealth tax.
The INCOME you make before becoming a tax resident will never be taxed by Canada.
You will only become a tax resident when you move here in 2007. Landing for a couple of weeks will not make you a tax resident.
The manner in which you transfer it cahnges nothing. Do it as safely and conveniently as you can.
<i>nelsona non grata... and non pro</i>
Thanks Nelsona for your very expert advice.
I will be coming from the Philippines. From what you are telling me that it is no problem at all. If I carry this money with me on my reentry. must I declare this money to customs officer?
I plan to open a bank account in Canada once I land there next year. Will this make me a resident of Canada for tax purposes? I've read somewhere that once you have a bank account it Canada, it establishes residential ties with Canada and that you are now liable to pay taxes. I just want to open an account so that I can transfer funds to Canada.
Thanks again.
Castro
I will be coming from the Philippines. From what you are telling me that it is no problem at all. If I carry this money with me on my reentry. must I declare this money to customs officer?
I plan to open a bank account in Canada once I land there next year. Will this make me a resident of Canada for tax purposes? I've read somewhere that once you have a bank account it Canada, it establishes residential ties with Canada and that you are now liable to pay taxes. I just want to open an account so that I can transfer funds to Canada.
Thanks again.
Castro
You will have to declare if the ammount is greater than $10,000 and if it is not traceable (cassh, travellers checks). If it is a bank to bank transfer then you should be fine. Declaring it doesn't mean anything
Opening a Cdn bank account does not make you a Cdn tax resident.
<i>nelsona non grata... and non pro</i>
Opening a Cdn bank account does not make you a Cdn tax resident.
<i>nelsona non grata... and non pro</i>