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| Subject: Transferring funds to Canada |
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ARE THERE PENALTIES FOR TRANSFERRING FUNDS TO CANADA LATER?
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I am moving to Canada as a PR in 2010 from Europe.
My life savings are in my bank A/C in Germany. I plan to take it to Canada at some stage, but not right now, because :
1. I don´t want to convert to CAD right away (weak Euro)
2. I don´t want to hold it in a € a/C in Canada (low interest rate).
I plan to keep it in my German bank A/C for now & in 2-3 years time, convert it & move it to Canada. Needless to say, I shall declare the interest (sic) on it as taxable income, in both countries.
IS IT OK TO TAKE FUNDS INTO CANADA 2-3 YEARS AFTER MOVING? I thought it was, but my friend insists that tax will be payable on the capital if I do that. What is the correct picture?
[08-07-2010,12:02]
[***.193.203.170]
PR to Citizen |
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