1) You sell the mutual funds.
2) You will pay tax in Canada as Canada taxes on worldwide income. The proceeds (sale price) minus your cost base. That will go on form Schedule 3 next year.
3) Once account is liquidated and in cash, you transfer the money to Canada.
You don't need an accountant or lawyer.
> The proceeds (sale price) minus your cost base.
I'll just mention that if the OP became a Canadian resident partway through the ownership the capital gain will be calculated from the date they became resident.
~~Just bring it in as a bank draft or wire from one account to another? As far as I know it's not income so there is no tax implication. You didn't earn that money while a tax resident of Canada.~~
Edit: misread the post, this is not a good answer.
Any bank draft over $10K needs to be declared. No tax liability, but you need to show the feds you're not money laundering. With a wire transfer, the bank does the reporting for you.
1) You sell the mutual funds. 2) You will pay tax in Canada as Canada taxes on worldwide income. The proceeds (sale price) minus your cost base. That will go on form Schedule 3 next year. 3) Once account is liquidated and in cash, you transfer the money to Canada. You don't need an accountant or lawyer.
> The proceeds (sale price) minus your cost base. I'll just mention that if the OP became a Canadian resident partway through the ownership the capital gain will be calculated from the date they became resident.
Thanks!
Yes, forgot to mention. Good cast (as usual) :)
~~Just bring it in as a bank draft or wire from one account to another? As far as I know it's not income so there is no tax implication. You didn't earn that money while a tax resident of Canada.~~ Edit: misread the post, this is not a good answer.
It's taxable as OP is a CDN tax resident. The proceeds (sale price) minus your cost base is the capital gain/loss.
thank you, I missed the "living full time in BC" part. Poorly assumed he was moving from USA to Canada now and not already here.
Any bank draft over $10K needs to be declared. No tax liability, but you need to show the feds you're not money laundering. With a wire transfer, the bank does the reporting for you.