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Transfer of money to Canada
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Nauman Posts: 2
Posted On: 9/1/2016
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Hello,
I landed in 2011 in Canada but still have money parked back home since those were term deposits and am hoping to transfer 100,000 CAD to Canada.Would I have to inform CRA ? Are there any taxation implications??
Thanks.
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PMM Posts: 661
Posted On: 9/1/2016
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HI
Nauman wrote:
Hello,
I landed in 2011 in Canada but still have money parked back home since those were term deposits and am hoping to transfer 100,000 CAD to Canada.Would I have to inform CRA ? Are there any taxation implications??
Thanks.
1. No, the bank receiving the funds has to report it to Fintrac.
2. There are no tax implications, unless you have not reported the income generated on your tax return since you became a PR.
3. If you had over $100K invested overseas, it should have been reported on your income tax.
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