How to declare the overseas assets of Canadian immigrants?

What kind of assets can be transferred safely?

As a tax resident of Canada, you have the obligation to pay taxes to the Canadian

How to declare the overseas assets of Canadian immigrants?

What kind of assets can be transferred safely?

As a tax resident of Canada, you have the obligation to pay taxes to the Canadian government from the day you arrive in Changdeng. Canada does not tax assets, only income. So, if you can prove that the money you transferred comes from the following three sources, the assets will be safe:

1. This money was before you immigrated to Canada;

2. This money was earned after you immigrated, but you have already declared it to the Canadian Taxation Bureau and paid the tax;

This money was given to you by your parents and others, or it was your legacy.

When will the assets be transferred?

Generally speaking, one or two years before the arrival of new immigrants, the Canadian tax bureau knows that you need to transfer funds to settle down and buy a house, so their monitoring of your capital transfer will be relatively loose.

What is an appropriate income report?

Of course, it is the most risk-free to declare truthfully. Generally speaking, according to the tax accountant's suggestion, your declared annual income should at least be able to cover your family's daily living expenses after tax. If the long-term income and expenditure are seriously upside down, it may attract the attention of the tax bureau.

What is the tax checking method of the Inland Revenue Department?

In Canada, taxpayers file tax returns voluntarily, so the tax bureau will not take the initiative to go to China to check taxes or ask China to provide assets under someone's name. If they have doubts about a place, they will also ask taxpayers to provide evidence or explanations. Therefore, in the current environment, if you conceal your assets in China or fail to declare your income, as long as you never transfer these assets, the Canadian Taxation Bureau will generally not find out.

Is it okay that the assets declared at the time of immigration are different from those declared at the time of tax return?

It is normal that there is a big gap between the assets declared to the immigration bureau when applying for immigration and the assets declared to the tax bureau after landing. The reason for this is the following：

For several years, it is normal for your assets to change;

Generally speaking, the tax bureau and the immigration bureau perform their respective duties. As long as the assets you declared to the tax bureau at that time are true, the tax bureau will not pursue you even if it is more than when you applied for immigration.

Generally speaking, however, the assets declared when you immigrate are also declared when you declare overseas assets to the tax bureau.

Extended reading: Canadian immigration methods

First, invest in immigration.

When Canada set up this system, it hoped to attract some investors and people with business experience to promote Canada's economic development. People who have business experience and management experience in their own country and have the ability to invest or establish business in Canada can join Canada through this way of business immigration. Canadian investment immigrants invest in Canada and then get a Canadian visa. Canadian investors do not need to start a business in Canada. Because there are professional fund managers to manage funds for investors, the key is that Canadian investment immigrants have no restrictions on investors. Canadian investment immigrants are particularly strict in reviewing the business background of investors, and the investment time is about 5 years, so the investment risk is low. Immigration experts from Australia, Canada and the United States said that Canadian investment immigration is a popular immigration method in recent years.

Second, skilled immigrants.

It is through scoring the applicant's various abilities, including language ability, second language other than English, work experience, education level and adaptability in Canada, that he can obtain a Canadian skilled immigrant visa if he reaches 60 points or more among 24 categories of immigrants in Canada. Although this method takes short time and low cost, its application conditions are very harsh.

Third, overseas students in Canada.

This is an international cooperation project between China and Canada. Specifically, it refers to the cooperation between the embassy and Canadian community colleges. Through some projects, students are attracted to apply for membership, China students are allowed to study in Canada, and international students are encouraged to immigrate to Canada. This will help solve the long-term shortage of technicians in Canada.

Fourth, relative migration.

If the applicant has Canadian citizenship or the applicant's parents, brothers and sisters, or one of the husband and wife belongs to Canadian household registration, they can apply for immigration.

Fifth, hire immigrants.

Family business needs to hire foreign relatives, that is, the family business of the applicant's relatives in Canada needs the help of the applicant, then the applicant can choose to immigrate unconditionally.