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
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b1b2g2 Posts: 1
Posted On: 12/23/2020
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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
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PMM Posts: 661
Posted On: 12/23/2020
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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.
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Eugene Posts: 2
Posted On: 1/28/2022
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Hello,
I want to bring cash on my second enter to Canada after 2 years after first enter,
but I haven't decelerated that I willing to bring money in future when I landen at first time.
Will I need to pay any taxes on money that I haven't declared at first landing? Thank you very much!
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link
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PMM Posts: 661
Posted On: 1/28/2022
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Hi
Eugene wrote:
Hello,
I want to bring cash on my second enter to Canada after 2 years after first enter,
but I haven't decelerated that I willing to bring money in future when I landen at first time.
Will I need to pay any taxes on money that I haven't declared at first landing? Thank you very much!
1. No. Unless the funds were from investments after "landing"
2. Also, if you have an overseas residence and sell it some time after "landing" the difference in value from the date of "landing" to the date you sell, may be subject to capital gains tax.
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