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Questions about how to prepare for your first arrival in Canada - customs, proof of funds, initial settlement help, etc... Tell us what happened when you first landed in Canada.

Transfer Money Later... Need to pay Tax? 

pumisake
pumisake
Posts: 1


Posted On: 1/19/2015
pumisake
pumisake
Posts: 1
My family's just got PR and plan to land on May 2015.

However, some of my properties and stock in stock market cannot sell in time.

So I plan to bring money in just enough to fulfil "the proof of fund" and transfer in later in 6 months.

Do I need to pay tax for that?
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PMM
PMM
Posts: 551


Posted On: 1/19/2015
PMM
PMM
Posts: 551
Hi


My family's just got PR and plan to land on May 2015.

However, some of my properties and stock in stock market cannot sell in time.

So I plan to bring money in just enough to fulfil "the proof of fund" and transfer in later in 6 months.

Do I need to pay tax for that?



1. Not on the money itself, but any any increase in the value of the property and the stocks from the date of your "landing" to the date that you sell them, will be subject to capital gains tax in Canada.
2. So ensure that you know what the value of these items are when you "land"

PMM
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surmi628
surmi628
Posts: 1


Posted On: 7/8/2016
surmi628
surmi628
Posts: 1
Hi,

My husband and myself have got PR and we plan to land on August 2016.

We have a property which we would be selling later. I understand from above thread that we have to declare the value of property as on date of landing. We will bring only funds sufficient to fulfil the " proof of funds".

Do we need to Submit the property documents along with the proof of funds ?
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Moderator
Moderator
Moderator
Posts: 3014


Posted On: 7/26/2016
Moderator
Moderator
Moderator
Posts: 3014
Hello,

Thank you for sharing your situation and question with us.

You can find some detailed information regarding proof of funds on the Immigration, Refugees and Citizenship Canada (IRCC) website in the Proof of funds – Skilled immigrants (Express Entry) section.

You may also want to try and contact the nearest Visa Office for some information.

I hope this information is helpful. Please let us know if you have further questions and if there is any follow up to your question/situation.

=====
Anna
Settlement.Org Content and Information/Referral Specialist, CIRS
Settlement.Org
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