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I am a canadian citizen living in japan for over 30 years. i…

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I am a canadian...

I am a canadian citizen living in japan for over 30 years. i want to transfer money to my account in toronto canada. is there a limit to how much i can transfer and will i have to pay taxes?

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Submitted: 6 months ago.Category: Tax
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12/10/2017
Tax Professional: Barbara, Enrolled Agent replied 6 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,183
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you are transferring money from your bank account in Japan (or any other country) to your bank account in Canada, there is no tax to be paid on the transfer.

Please let me know if I can assist you further.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

Thank you and best regards,

Barb

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Customer reply replied 6 months ago
My question is let’s say I transfer 1,000,000 US$ from a Swiss bank to my Canadian CIBC bank account, will there be a tax incurred? By Canadian IRS?
Will the CIBC refuse?
Morris
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

If you're transferring funds from your Swiss bank account to your Canadian bank account, there is no tax liability. CIBC will not refuse the wire transfer from the Japanese bank.

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Customer reply replied 6 months ago
I tried transferring from Swiss bank to my Israely bank account and was informed that they will only accept transfers from Japan, since I reside in Japan. I’m afraid that my CIBC in Toronto will refuse also.
My goal is to transfer the funds to my account in Israel. I own one condo in Israel which I rent out and I want to buy one more with the money in the Swiss bank. Morris
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

Did you try transferring from Swiss bank to Japanese bank (because you are a resident of Japan) and then to Israel or Toronto?

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Customer reply replied 6 months ago
I Prefer not to transfer the money from Switzerland to Japan. The money has been in Switzerland for over 30 years and I have statements from the Swiss bank for the last 12 years showing no change in the balance.
My goal is to get it to Israel to buy a condo there.
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

I understand what you're saying, but you may not have a choice if CIBC refuses the transfer.

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Customer reply replied 6 months ago
You mean If CIBC refuses transfer from Swiss bank?
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

Correct.

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Customer reply replied 6 months ago
I’m very confused!!
Originally you said
“If you're transferring funds from your Swiss bank account to your Canadian bank account, there is no tax liability. CIBC will not refuse the wire transfer from the Japanese bank.“
So which is it?
Morris
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

At the time of my original answer, you did not advise that your Israeli bank refused the transfer from the Swiss bank because you are not a resident of Switzerland.

I reiterate that transferring funds from ANY foreign bank will not trigger a taxable event in Canada, but I cannot guarantee that CIBC will not refuse the wire transfer for the same reason as the Israeli bank.

That is why I gave you a workaround (transfer from Swiss bank to Japanese bank to CIBC), but you said you prefer not to do that.

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Customer reply replied 6 months ago
I need to know this. It’s very important.
Will CIBC or Toronto Dominion accept or reject the transfer of funds from my Swiss account?
Morris
Customer reply replied 6 months ago
Please call CIBC and ask them.
Morris
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

I will call CIBC later today since it is 6:19 am Eastern right now.

I will let you know.

Of course, keep in mind that what is told to me by a CIBC representative may or may not be correct when the funds are wired.

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Customer reply replied 6 months ago
Thank you
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

You're welcome.

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Tax Professional: Barbara, Enrolled Agent replied 6 months ago

I contacted CIBC a few moments ago and was told that there would be no problem wiring money from a Swiss bank account to CIBC. I advised the representative that you are a Canadian citizen who lives in Japan and wants to wire money from a Swiss bank account to your account at CIBC. She again advised there would not be a problem with the wire transfer.

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Customer reply replied 6 months ago
Can I have the name, phone number and CIBC branch address
Thank you,
Morris
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

I called the main number at 1-***-***-****. The name of the person I spoke to is Alisha.

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Customer reply replied 6 months ago
Can you please call CIBC at Bathurst and Steels. Ask the manager the same questions. Send me the name and answers he or she gave you.
Thank you
Morris
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

At this point, please take a moment to rate my answers thus far.

Also, provide the phone number for the exact branch you would like me to call.

Thank you.

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Customer reply replied 6 months ago
It’s 4am in Japan. I will do so from my office tomorrow morning.
Morris
Customer reply replied 6 months ago
I am sure you can find the number from the internet.
Morris
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

With all due respect, I know I can find the number from the internet, and I realize what time it is in Japan.

However, you asked me to call CIBC, which I did early this AM, and provided you with the information that was given to me.

However, you are now requesting that I call a specific branch. I just want confirmation that I am calling the correct branch. I will wait for you to provide the exact number to call.

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Customer reply replied 6 months ago
Hello Barbara,
Here is the telephone number you requested.
Please call the manager of CIBC
Bathurst and Steeles Branch|*****West Unit 20; Thornhill, Ontario, L4J 7L2 | phone:(###) ###-#### ext. 348 | fax:(###) ###-####Let me know what they say.
Thank you,
Morris
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

I will call tomorrow.

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Customer reply replied 6 months ago
Thank you
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

You're welcome.

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Tax Professional: Barbara, Enrolled Agent replied 6 months ago

I was not able to get in touch with the person at Ext. 348. Calls went right to voice mail, and I did not leave a message.

However, I did speak to a representative (Joanie) at that branch, and she advised that there would be no problem with the wire transfer from Switzerland to Canada as long as all of the bank information is correct.

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Customer reply replied 6 months ago
Thank you for calling CIBC bank.
The last thing to check is with the Canadian IRS .
Can you please call them and ask them the same question. Then provide me with the name and no of the person you talked with. And what they said.
Thank you for your help and patience.
Merry Christmas and happy holidays!!
Morris
Tax Professional: Barbara, Enrolled Agent replied 6 months ago

Canada Revenue Agency (CRA) is the tax authority in Canada. Calling CRA would result in the representative telling me to contact the specific bank to determine their procedure, which I have already done.

Happy Holidays to you and your family!

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Customer reply replied 5 months ago
Hi Barbara,
You wrote;
Canada Revenue Agency (CRA) is the tax authority in Canada. Calling CRA would result in the representative telling me to contact the specific bank to determine their procedure, which I have already done.”
Please call the CRA and ask them if any taxes would be imposed if I transferred money in my Swiss account to my Canadian CIBC account?
And send me the name and number of the CRA person you spoke with?
Thank you,
Morris
Tax Professional: Barbara, Enrolled Agent replied 5 months ago

As I previously mentioned, if you are transferring money from your bank account in Switzerland (or any other country) to your bank account in Canada, there is no tax to be paid on the transfer.

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Customer reply replied 5 months ago
Can You please confirm that with the CRA.
Give me the name and no of the CRA person you talked with.
Than you,
Morris
Tax Professional: Barbara, Enrolled Agent replied 5 months ago

I have previously confirmed this issue with CRA on numerous occasions for other clients.

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Customer reply replied 5 months ago
Then please give me a name and telephone number of a person working at the CRA SO THAT I CAN CONFIRM .
Tax Professional: Barbara, Enrolled Agent replied 5 months ago

You can speak to anyone at CRA--they are very helpful.

The number for CRA is(###) ###-####

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Customer reply replied 5 months ago
Thank you
Tax Professional: Barbara, Enrolled Agent replied 5 months ago

You're welcome.

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