Tax implication on moving savings from US to Canada

Moving Here
1

Hi,
We moved to Canada in 2019 from the US. We are yet to move our savings from the US to Canada. Is there any tax implications if we move funds from our US bank accounts directly to our Canadian account (both USD and CAD accounts in Canada)?
thanks,
V

2

None whatsoever. Moving money isn’t a taxable event in either Canada or the US.

3

Not a tax implication per se but more of a tax filing thing - if the savings amount in the US account crosses a threshold ( $100k if I’m not mistaken but please check for the exact details) you’d need to file a T1135 in Canada as part of your 2020 (Canadian) return - You’re typically exempt the first year so you should have been exempt in 2019. This will naturally stop applying in a year when the funds are entirely in Canada, but if you move the funds mid-2021 for instance, you’d still need to file this even in your 2021 Canadian tax return.