Q & A: Transferring Funds After Landing

CIC News
Published: December 1, 2000

Q. I immigrated to Canada in January 2000 and brought 12.000 CAD (the minimum amount) with me. At the time of my landing I was only asked how much did I bring to Canada but I wasn't asked about my funds in my own country. Therefore, at my landing time I couldn't declare my foreign funds to the Canadian immigration authorities.

Before coming here, I have left some money (nearly 45.000 CAD) in my foreign bank account and now I would like to transfer this money into my Canadian bank account. I heard that if the money is not declared on my goods-to- follow list, then I have to pay some extra tax for that. Is that true?

Answer: From an income tax standpoint, the timing of the transfer of the funds into Canada is not relevant. As a Canadian resident, you are taxable on your world income from the point at which you became resident in Canada. Thus, any income earned on the amount left in the foreign bank account will be subject to Canadian tax beginning at that time. To the extent the same income is also subject to either a withholding tax or income tax in the country of origin, it may be possible to claim a foreign tax credit in Canada to eliminate the potential for double taxation.

Disclaimer

The nature of this facility is to provide a general response to a general question. Under no circumstances should anyone act on this information without obtaining analysis and counsel from a qualified advisor with respect to the specific situation.

Phillip Nadler, CA
Richter Usher & Vineberg
http://www.richter.ca

Share this article
Share your voice
Did you find this article helpful?
Thank you for your feedback.
Subscribe to our newsletter
Did you find this article helpful?
Please provide a response
Thank you for your helpful feedback
Please contact us if you would like to share additional feedback, have a question, or would like Canadian immigration assistance.
  • Do you need Canadian immigration assistance? Contact the Contact Cohen Immigration Law firm by completing our form
  • Send us your feedback or your non-legal assistance questions by emailing us at media@canadavisa.com
Top Stories
Can I travel outside of Canada as a temporary resident?
Ontario announces distribution of allocation for international study permits in 2024
Canada to introduce a Renters Bill of Rights
Join our free newsletter. Get Canada's top immigration stories delivered to your inbox.
Subscribe
More in Canada
Can I travel outside of Canada as a temporary resident?
male traveler taking selfie portrait on the hill with mount assiniboine in national park at BC, Canada
Canada to introduce a Renters Bill of Rights
Clearing up three common misconceptions about immigrating to Canada
Debunking common myths about immigrating to Canada.
IRCC issues ITAs to Express Entry candidates in second draw this week
IRCC has held another round of invitations for Express Entry candidates
Link copied to clipboard