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I want to immigrate to Canada. How to declare domestic assets when filing tax returns?
Before you go to Canada, you should list all your assets in China and their values. Especially the house needs to be evaluated. All these things are ready. The assets before going to Canada should be declared within one year after landing in Canada, and the corresponding certificates should be provided. That's when your list and real estate assessment come in handy. You don't have to pay taxes on your assets before you go to Canada, but you have to pay taxes on every penny you earn after you land. In contrast, not all your savings in China have been taken to Canada. After landing, the principal of your deposit is not taxed, but the interest is taxed. Taxes in Canada are very complicated. In short, you must declare your overseas assets after you arrive in Canada, because all your income before you go to Canada is tax-free. Once you settle down and become a Canadian resident, you must pay taxes on every penny you earn.
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