Question about Declaring assets/Cash when landing for the first time
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Posted on: 08-01-09 10:46:38
Hello CD's,
One of our family friends is landing on Jan 17th. He's going to be driving in to Canada from US. He asked me a question that I didn't know the answer to and this posting: He wants to know if he should declare his assets and CASH also as part of what he's bringing into the country? I told him that unless he had astronomous amounts of cash, I'd leave it out but wanted to seek your opinion. Should he declare all his savings and assets so that later he's not taxed on these or is it adviseable to let them be?
Thanks,
-B
What "assets" and how much cash is he bringing in?
He needs to make an itemized list of all valuable items that he is bringing with him, such as electronics, jewelery, etc.
Car obviously has to be imported via a separate process through RIV.
Cash needs to be declared as well, unless it is petty change.
I believe if the amount of cash is more than $10,000 then some forms need to be filled out as well.
Search Charcha for previous discussions on this and links to the govt. forms.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Thanks for your response Patrick. By Assets he means that he has some property in India and I odn't know the exact amount of cash he's bringing in.
Quote:If he sells the property before moving, he can bring all the cash with him as settlement funds.
Thanks for your response Patrick. By Assets he means that he has some property in India and I odn't know the exact amount of cash he's bringing in.
It will quite likely be more than $10,000 CAD so he'll have to fill out the declaration forms.
On the other hand, if he wants to sell the property later and bring the cash later, then I don't know a way to avoid paying capital gain taxes on that.
I'm not even sure whether that sum would be treated as capital gains or 100% income.
You'll need to speak to a qualified tax or finance professional for this.
For general household items, there is the goods-to-follow list that can be used to list items that will be imported later.
As long as you list an item there, you won't have to pay any import duty or tax on it when you bring it later.
But I don't know if the same will work for cash or proceeds from an asset sale abroad.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Thanks Patrick,
That's exactly what we told him as well but I thought i'd post it here to get more insight.
He does have the goods to follow list ready and he only was concerned with the cash etc. Regarding property, our advice to him was that he shouldn't even worry about it and whenever he does sell it, he can re-visit the situation at that time. From what i have read, it's not 100% income but just the profit is considered capital gain. Of course, he should have all the papers to prove this.
Thanks again Patrick for your prompt response.
-B
