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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.

Bringing money after PR 

b1b2g2
b1b2g2
Posts: 1


Posted On: 12/23/2020
b1b2g2
b1b2g2
Posts: 1
Hello,
My sponsorship PR is in the process and I want to plan. I want to know how to bring money into Canada after PR is approved. I am currently a UK citizen and have worked and paid taxes in the UK. I have savings which I would like to bring to Canada. Is there a time limit to bring these savings to Canada? Do I have to pay taxes on them when bringing to Canada? Do I have to bring the first time I arrive or can I bring over 5-6 years down the line?
Please advise so I can plan.

Thanks alot
link
PMM
PMM
Posts: 635


Posted On: 12/23/2020
PMM
PMM
Posts: 635
Hi



b1b2g2 wrote:
Hello,
My sponsorship PR is in the process and I want to plan. I want to know how to bring money into Canada after PR is approved. I am currently a UK citizen and have worked and paid taxes in the UK. I have savings which I would like to bring to Canada. Is there a time limit to bring these savings to Canada? Do I have to pay taxes on them when bringing to Canada? Do I have to bring the first time I arrive or can I bring over 5-6 years down the line?
Please advise so I can plan.


Thanks alot


1. No, no time limit. But if you are carrying over $10K on entry must be declared.

2. No taxes.
3. See #1. Note though that any interest or capital gains must be declared on your Canadian income tax as well as a declaration if you have $100K or more abroad.
link