WAHHHH ... no one has responded to me .... WAHHHH

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Subject: WAHHHH ... no one has responded to me .... WAHHHH
  Hi,

I sent a request a few days ago (see below), but no one has responded. Wahhhh.

Please respond. I have no friends in real life, and if my cyber friends now develop apathy, I have no choice but to visit Dignitas. Please, please, please respond to me.


ARE THERE PENALTIES FOR TRANSFERRING FUNDS TO CANADA LATER?
------------------------------------------------------
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 donīt want to convert to CAD right away (weak Euro)
2. I donīt 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 on it as taxable income in my German & Canadian tax returns.

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?

[11-07-2010,19:15]
[**.104.62.103]
PR to citizen
(in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
I would check with a Canadian accountant. I don´t have the answer. I doubt many others here do either hence no answer rather than the notion that we are ignoring you. If you can prove that income was earned pre-landing - I have a feeling it is not subject to tax.

for sure, you will be required to bring the minimum settlement funds up front.

[11-07-2010,19:43]
[**.154.245.217]
Sharon
(in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
@PR to citizen:
soweit ich weiss penalties gibts keine. du kannst deine kohle investieren wo du willst. besteuert wird meines wissens der realisierte gewinn aus dem investment (einschliesslich zinsen) - also defacto wie in deutschland.


[11-07-2010,20:02]
[**.204.59.132]
brian
WAHHHHHHHHHH (in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
You must take the money right at your first landing in canada. As a PR you can bring Cad$100,000 to canada and no one is going to ask you about the money. Remember, you can bring only upto $10,000 in cash and for money above $10000, you can make a draft or use the wire transfer through a bank. Once, you are in canada, it will be very difficult onwards to transfer your money. This transfer of $100,000 is only a privelege given by the canadian govt. for PR´S only.
Thanks,
Sandeep Prashar,
Canadian certified immigration consultant.
sandeepprashar37@yahoo.ca

[11-07-2010,21:15]
[***.181.7.180]
sandeep prashar
(in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
Sandeep we meet again. LOL

Roy
cvimmigration.com

[11-07-2010,22:45]
[**.229.28.10]
Roy
(in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
@sandeep:
what´s going to happen when you bring it later (such as wiring from your foreign account)? At the moment the money is invested in form of a foreign currency on the PR´s behalf and bank account as kind of a foreign investment (the value is down and the owner expects the price to go up again). Furthmore, it´s quite easy to prove that the PR is the owner as he´s been the owner of the bank account (and will be over the next years until the amount will be entirely transfered to canada).
The question is whether there´s an asset tax in canada that considers (foreign) assests. Profits coming out of this assest such as interest rates need to be taxed. But the question was if there´s a tax on assests (similar to property tax)?

brian

[12-07-2010,00:20]
[**.204.59.132]
brian
WAHHHHHHHHHHHHHHH (in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
Hi Brian,

If you bring the money after 2-3 years as you said, you will have to follow certain procedures set by CRA(Canada revenue agency, which in itself a laborious process. If you want to do that, no problem. Just be prepared to follow CRA guidelines.Secondly, Germany may also be having certain set of rules. You can better understand the system there. Answering to your second question, YES, there are asset taxes in canada+ taxes on your foreign assets and on the income generated thereof. But, Germany has atreaty with canada for taxes. So, if all your assets are legally obtained and are declared there in Germany, no need to worry about anythng.

Sandeep
CCIC
sandeepprashar37@yahoo.ca

[12-07-2010,14:02]
[***.180.11.205]
sandeep
WAHHHHHHHHHHHH (in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
Brian,

If you want the information in detail about taxes, get in touch with CRA at their website cra.gc.ca

Sandeep Prashar
CCIC
sandeepprashar37@yahoo.ca

[12-07-2010,14:05]
[***.180.11.205]
sandeep
WAHHHHHH (in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
hello Roy,

It´s my pleasure that we meet again.

Thanks and Regards,

Sandeep Prashar
CCIC
sandeepprashar37@yahoo.ca

[12-07-2010,14:07]
[***.180.11.205]
sandeep
(in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
sandeep,

I couldnt find it on the website you provided. what tax exactly do you mean? what is the name of this tax? is it being taxed through income tax?

thanks!

brian

[13-07-2010,18:16]
[**.204.59.132]
Anonymous
For Brian (in reply to: WAHHHH ... no one has responded to me .... WAHHHH)
Hi Brian,

I did some research on this.

1. All assets have to be valued in C$ on landing date.

2. Foreign assets need to be disclosed in Tax forms (T1135). However, the disclosure is limited (just the C$´000 tranche it is in, and the geographical locations it is in). No detailed analysis by account / bank / country of a/c etc.

3. When the foreign asset is realised (e.g € bank a/c being converted to C$), this becomes a ´taxable event´. You are expected to compare the C$ realised & its equivalent C$ value on landing (see 1.).

4. If you have a gain, this is a capital gain subject to capital gains tax. 50% of this is taxable at the marginal income tax rate. If you have a loss, you can carry back the capital loss 3 years to set-off against prior capital gains, or in future ad i nfinitum against future capital losses.

Hope this helps.


[16-07-2010,13:42]
[***.193.203.170]
PR to Citizen


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