Canada immigration and overseas assets?

How often does a common client make a claim for foreign assets as a tax resident in immigrant Canada on land? I would like to answer you easily today.

One is what assets can be safely transferred.

As a taxpayer in Canada, there is an obligation to pay taxes to the Canada government from the day of the landing. Canada does not tax on property and only taxates income. So if you can prove that the money you sent is from the following three sources, the asset is safe.

1 this money was before you immigrated to Canada;

2 this money is what you earned after you immigrated, but you already paid the tax to the tax office in Canada

3 this money is the gift you sent to you by your parents, or the legacy you inherited.

Secondly, when should we transfer assets?

In general, a year or two before a new immigration enters, the Canada revenue agency knows that you need a transfer fund to buy a house. Therefore, the audit for the transfer fund becomes comparatively sweet.

Third, how much is income appropriate?

Of course, I honestly propose that there is no risk. Generally speaking, tax accountants' advice is required to declare annual income to pay for household expenses after tax payment. If income and expenditure are largely reversed, they can draw attention to the tax office.

Fourth, how is the tax office investigation method?

Taxpayers voluntarily declare in Canada, but the tax office does not voluntarily go to China to examine taxes and do not require the status of assets in the name of the people in China. If you have any questions, you will ask the taxpayer for evidence or explanation. Therefore, if the current environment does not endorse the assets or income of China, unless they transfer these assets, Canada's tax authorities are generally not found.

Fifth, the assets declared in the time of immigration are not the same as those declared in the declaration of the tax?

There is a big difference between the assets declared to the Immigration Bureau during the immigration application and the assets declared to the tax office after you register. The reason is:

1, there are several years of time during this time and your asset changes