Hello,
I landed in 2011 in Canada but still have money parked back home since those were term deposits and am hoping to transfer 100,000 CAD to Canada.Would I have to inform CRA ? Are there any taxation implications??
Thanks.
HI
- No, the bank receiving the funds has to report it to Fintrac.
- There are no tax implications, unless you have not reported the income generated on your tax return since you became a PR.
- If you had over $100K invested overseas, it should have been reported on your income tax.