Tax implications : Soft landing & delayed moving to Canada

  1. I moved to Canada 19 months after soft landing. They accepted my GTF without a single word. If you want to bring more than $10,000 in cash with you that’s your decision, but you don’t need to. You can wire it later.

  2. You have complete control over your investments, ETFs etc (but not retirement funds). I didn’t touch any of these, just brought over some cash for initial expenses and transferred the rest later. Also, I didn’t have much time to think of these things

  3. You can check
    Income taxes by province
    and
    Sales taxes by province
    Unless I read wrong, Ontario has lower taxes (probably because 38% of Canada’s population lives here).
    Tax calculator
    marginal tax rate

  4. There is no physical SIN card, just a printed out piece of paper

  5. Yes, just give the address you would give during landing, and retrieve the bank papers later, like you would retrieve the PR card.

One thing I would highly recommend is, talk to a tax consultant upon landing (e.g. H&R block), and figure out a way to file your tax returns if even you have no income in Canada. If you can somehow get a T4 form, it might save you some time in the future when you are trying to use CRA’s automated system.

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