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QUESTION:
I will be entering Canada on a resident visa for the first time, shortly. I
will not be transferring all my savings etc. immediately but will do so over
the next few years.
I would like to know what I should do before entering to ensure that I am
not liable to pay any taxes (in Canada)in the following circumstances:
1)when I do sell my property in my country of origin and transfer the money
to Canada.
2)if I transfer any savings
3)if I transfer money from sale of shares etc.
Would appreciate a detailed reply. Thanks.
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david ingram replies
When you come to Canada from India, Ireland, Iceland or Indonesia, all of your properties are valued at the date you entered Canada.
1. Therefore, if you came to Canada and a property in Bombay or Delhi was worth $100,000 as you crossed the border and you sold it five years later for $150,000, you would owe Canada tax on the $50,000 capital gain. In addition, if it was a rental, you would owe tax to Canada on the rental profits each calendar year.
If you paid tax to India on the same amounts, the Indian tax would be a credit against tax payable to Canada.
2. Any interest you earn in India or any other country is taxable in Canada with the same foreign tax credits.
3. Your shares are also valued as you cross the border. Any increase in value is taxable in Canada. Of course, any dividends you receive when living in Canada are also taxable in Canada with the benefit of foreign tax credits for taxes paid on dividends or capital gains in India.
Hope this helps. You should likely buy an hour of my time. The charge would be $350.00 Canadian.
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