Personal Income Tax on non-Canadian Savings

Question

2059 viewsMay 31, 2019Personal Tax

0

Anonymous Posted May 30, 2019

Hi,
I will be moving to Canada this July on a work permit.
While I understand that any income that I earn while working in Canada will be subject to income tax deduction at source by my employer, however, what if I transfer money from my own bank accounts in my home country into my Canadian personal bank account.

Will these funds also be subject to tax in Canada?
Also, am I required to transfer this money to Canada all at once or can I keep transferring funds from my home country to Canada every month as needed?

Kindly advise

1 Answer

You are viewing 1 out of 1 answers, click here to view all answers.

score 0 · Answer 1 · 2019-05-31T15:05:05+00:00

If you are transferring the after-tax cash savings that you accumulated in your home country prior to coming to Canada, then you will not pay tax in Canada when you transfer these funds to a Canadian bank account. You can transfer your overseas cash savings to Canada over time or in one lump sum payment – it’s up to you. Note: If you become a factual resident of Canada, then you are taxable on your worldwide income. Income earned overseas during the period that you were a non-resident of Canada will not be taxable in Canada.

Personal Income Tax on non-Canadian Savings

1 Answer

Mississauga's Thought Leader

REQUEST A FREE CONSULTATION

Pin It on Pinterest