Posted on: 11-07-13 10:24:15
My response may be different from FH but it is based on personal experience .
The day of reckoning is not when you landed first but when you landed for good .
In my case I landed in 03 but went back to the Middle East and then finally landed for good in 06 ... My goods to follow list was accepted and entertained by CBSA at that time and my cargo imported w/o duties .
Income Tax return filing liability was in assessment year 07 as I landed for good in 06. No previous returns were filed or advised by Accountants .. and CRA did not question me .
Read Chandresh's post above v carefully - It has guided me throughout ...... Declare as much as you can and above that and beyond in your first return and subsequent returns to CRA ... You can bring these assets to Canada at any time w/o incurring taxes.... However anything brought above this figure will be treated as earned by you after your landing for good and taxed as capital gain ..
So if you have property worth 200K internationally but expect it to grow to $500K when you bring it in , its worth declaring $500K for if you do not , then $300K would be treated as capital gain .
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Fido.
In that case isn't it advisable to declare a larger amount like 5million $, so you can have the benefit of capital loss in the future?
One should always do it in reasonable limits and be able to provide a trace in case of an investigation or questioning by the CRA ... If you have papers to back up , sure go ahead !
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Fido.
