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Being a Canadian living overseas do you need to pay tax if you wire money to Canada before moving back to Canada?
Wiki User
∙ 11y ago
Your liability for income or capital gains taxes is not connected with the possession of money itself or moving it around. There are no taxes connected with movement of funds, but there are reporting requirements for moving over $10,000 Canadian, but these are not tax related, they are to do with security and drug trafficking.
Tax liability is based on your earnings and your capital gains, and is payable to Canada on your world earnings if you are a Canadian resident. There are all kinds of legal issues around the definintio of residence, and its not as simple as saying where you happened to live on Dec. 31 of a given year. For instance, if you retain a Canadian dwelling place, you will be seemed to be a Canadian resident by the tax people, even though you think you are now an emigrant.
Likewise if you have demonstrated a continuing relationship to Canada, such as frequent vists or retaining retirement investments in Canada. Best to see a tax accountant on this one. It may not be that painful as whatever taxes you have paid to a foreign government during your absence form an offset to taxes owed in Canada on income.
Wiki User
∙ 11y ago
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