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I am planning to move to canada as temporary worker.I am

Resolved Question:

I am planning to move to canada as temporary worker.

I am currently living in UAE and have some savings and investments. This country is tax free (as long as income is concerned)

the invstment include mutual funds through broker (with Franklin Templeton Luxumberg), property and bank account.

I want to know how the canadian tax will impact the income (or appreciation) in these assets which are obtained before entering into canada.

Further If i decide to move all my cash in Canada and invest there, will be any tax implications for that. What will happend when i will exit canada (if required) after 2-3 years.
Submitted: 2 years ago.
Category: Canada Tax
Expert:  Legal Ease replied 2 years ago.
Canada does not require anyone to pay tax on assets brought into the country.

If you become a resident of Canada you would be taxed on your income world-wide so in that case you would be taxed on the income these investments produce.

But that is not the case when you are in Canada on a temporary work permit.

As a temporary worker you will be taxed on income you receive in Canada only.
Customer: replied 2 years ago.

Dear XXXXX


Thanks for your response.


 


If i have the current asset value 10,000 (when i reach canada) and suppose will be 12,000 just before getting canadian residence and then reaches 15,0000 before I realize this profit of 5,000 (got my asset liquidated or convered into some other asset). How much of it will be taxed in canada (i.e. 3,000 or 5,000).


 


I currently hold Franklin Templeton Lux Mutual Funds (available in UAE) , can I (once i get residence) still hold those funds or i have to purchase or convert these funds with the ones available in the Candian Market.


 


Would appreciate your response


 


Kind Regards,


 


Abid


 

Expert:  Legal Ease replied 2 years ago.
You don't declare income from outside Canada when you are not a resident.

So if these investments are outside Canada you are not going to be taxed on them.

You do not have to convert any funds to the Canadian market.
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