Hi
Thank you
Hello S,
Thanks for sharing your situation with us.
According to some Border Information Services (BIS) representatives , if the officer is not satisfied or convinced that your own list was to have originally been included on a Goods to Follow list, then you may be subject to the tax and duty.
You may have to explain to the officer this situation you have explained to us as to why it was not submitted.
If the officer is not satisfied, you will have to pay 13% tax and 9% duty on the used value.
You can find some detailed information on the Canada Border Services Agency (CBSA) website in the Residents Returning to Canada
It is important to note that some conditions apply. For example it states,
You cannot combine your personal exemptions with another person’s or transfer them to someone else.
We suggest that it is best that you contact a Border Information Services (BIS) representative directly for some information on your specific situation.
I hope this information is helpful. Please let us know if you have further questions and if there is any follow up to your question/situation.
=====Settlement.Org Content and Information/Referral Specialist, CIRS
Hello,
I am moving to Canada in the summer. I am looking for information on what Canadian taxes may be applied to my personal belongings. Can you help to direct me to where this information can be found online? I have searched, but my searches have not yet provided an answer to my query.
Thank you
Carl
Hi there,
Thank you for sharing your question and situation with us.
You may find helpful information in a similar question asked here on declaring funds . Here is an expert:
One good way to transfer your pension savings into Canada is to have your original bank in your home country electronically transfer the funds to a new Canadian bank account bit by bit. This method allows you to gradually access your savings in Canada without running into issues with daily limits on e-transfers. After that, it is highly advisable that you contact an accountant , a free tax clinic , or a community agency with tax-related services, to determine the taxation on your pension savings accurately. They can also advise you about what taxes you might need to declare in the April of the year after you enter the country. Taxation is a very complex process, especially when it involves foreign assets, so it’s always best to seek professional help to avoid any errors.
The taxes you pay in Canada depend on your tax residency status . Please note that “residency” for tax purposes is not the same as immigration status- some people who live only temporarily in Canada including foreign students or seasonal workers are considered “residents” who have to pay certain kinds of tax! Residents of Canada for tax purposes are people who have established significant residential ties in the country. It’s possible to establish these ties on the day of arrival in Canada, or later on. Residential ties include having a home in Canada, bringing a spouse/common-law partner or children to Canada, or owning substantial personal property in Canada such as a car. Other factors that might contribute to status as a Canadian resident for tax purposes include opening a Canadian bank account, earning a Canadian drivers’ licence, or membership in a Canadian social organisation (recreational or religious). More detailed information about tax residency qualifications can be found here. If you are unsure about your tax residency status once you arrive, you can ask the Canadian Revenue Agency (CRA) to tell you your tax status. This involves filling out and submitting an NR74 Determination of Residency Status (entering Canada) form.$10,000 Canadian dollars , it is very important to declare the exact amount of each asset. Failure to declare the amount accurately, or forgetting to declare something could lead to seizure of the asset and financial penalties ranging from $250 to $5000 Canadian dollars . We do not recommend bringing cash into the country in amounts greater than $10,000 CAD.
Whether you have to report money left in your bank back at home may depend on how much you have, how it is stored, and when/how you choose to transfer it to Canada, so we strongly advise that you seek assistance from a qualified accountant, advisor, or clinic to thoroughly explore your financial options. You should be aware that most foreign property worth more than $100,000 Canadian dollars (including international real estate, cash in a foreign bank account, or shares in an overseas company) will need to be reported annually through a T1135 Foreign Income Verification Form tax benefits you qualify for.
You may also find helpful information in the Settlement.Org articles How do I bring money into Canada (proof of funds)? and I am immigrating to Canada. How do I bring my belongings with me? .
We hope this information is helpful. If you have any additional questions, please feel free to post them here .
Sincerely,
Your Settlement.Org Team