所有steps 有先後次序。掉亂steps 會好麻煩。
Wire all money to canada -> packing the shipment -> landing(need to report goods to follow at the custom so that your form got stamped and could be cleared when shipment arrived)
When u file your tax return, you need to report if any assets money outside canada as foreign asset. Those profits generated from the assets would be taxable. If u don't report any foreign assets and wire to canada in the future, would be treated as income and taxable. Highest taxable rate is 40%
From the date that you landed, all of your income would be taxable, and you need to report all of your assets(including out of Canada) on the 1st tax filing year.
After that, any income generated from the assets, such as interest from the bank account/stocks, would be taxable. If you sell your flat in HK afterward, the profit would be taxable as well.
You don't need to wire the money before landed. However, those money you have to report on your 1st tax filing year.
Also, for the shipment, you MUST give the packing list to the custom at the airport when you land in order to avoid tax charges. For those shipment that shipped to Canada afterward, it has to be taxable.
I thought the U.S. tax and Canada tax are different even though they are both using \"global tax\" system. In Canada, is it not the portion after HK IRD taxed, would be subject to Canada tax?
You should declare as foreign asset when doing the first tax filing. For the interest that generated from foreign asset, it needs to be taxable as capital gain.
You only need to declare when doing the 1st tax filing. At the custom, you don't need to declare if you bring cash less than CAD$10,000.
However, you need to keep your bank balance as of the date that you arrived Canada. That amount would be considered as your foreign assets. If the money is more than that amount in the future, would be considered as capital gain and taxable.
You can keep HKD, then wire in the future. However, please keep all supporting doc.