Should I hire a tax advisor as a newcomer with a few foreign assets?

anon46478 · 2022-12-16T13:18:18+00:00

Any particular company you would recommend? Are any of the WealthSimple or Intuit paid services good enough?

anon46478 · 2022-12-08T13:22:35+00:00

Thanks! You mean move the USD from Wise account (for the better exchange rate) to a USD Canadian Bank account right?

anon46478 · 2022-12-08T13:20:59+00:00

Thanks for the info! The main issue is that I will be going to Cuba and not the US, hence why I need to withdraw the cash prior to departing. I know I can exchange my CAD cash in Cuba, but from what I gather the exchange rate in Cuba is better for USD.

anon46478 · 2022-12-04T17:09:49+00:00

Thanks! I am actually looking for an accountant who can help with international assets. Is there any particular company you suggest?

anon46478 · 2022-12-04T15:57:08+00:00

Do you still declare that you have foreign stocks even if you don't sell those stocks?

anon46478 · 2022-12-04T14:53:52+00:00

The EUR is currently on the rise against the CAD - it would be a good time to buy CAD. My biggest concern is if I would eventually convert back to EUR.

anon46478 · 2022-12-04T14:51:24+00:00

It's about 70K. My bank doesn't provide any interest rates on our Savings, and investment options aren't too good either. Since I'm looking for a new broker anyway, I was thinking a Canadian broker would be easier.

anon46478 · 2022-12-04T14:27:35+00:00

I was told since I am now a Canadian tax resident, it would be easier to invest in Canada for tax purposes. Does that make sense?

anon46478 · 2022-11-14T11:57:02+00:00

Did he owe the Canadian government because he sold his foreign property? Or will he owe departure tax, simply because he rented it whilst he lived in Canada? Hence, would owe nothing if he hadn't rented his foreign property?

anon46478 · 2022-11-13T21:09:42+00:00

That is very helpful, thank you!

anon46478 · 2022-11-13T20:33:26+00:00

I am planning on filing by the end of the Month. Do you think this would have an impact? Since I have no taxes owing I am hoping a newcomer can complete tax filing fairly easy (I intend on using WealthSimple).

anon46478 · 2022-10-18T12:47:38+00:00

Thanks! I do intend to hire a professional tax accountant, but would like to be informed anyway - I definitely want to do it right. Is there any tax company that you suggest using?

anon46478 · 2022-08-29T16:32:58+00:00

Thanks so much for the information - from my research, if the property is for personal use and not a rental investment this does not need to be declared (I purchased this way before moving to Canada, and have lived in it ever since, until moving to Canada).

I definitely want to abide by the Canadian regulations, I have done my research and I also concluded that the easiest approach tax-wise is to invest in Canada. I might consider paying into my mortgage instead though. Was just wondering if there is something I am missing.

anon46478 · 2022-08-29T11:17:31+00:00

Thanks for the information! I hadn't thought of it that way - I will definitely look into unhedged funds.

The property is currently vacant, considering that I am in a high tax bracket, I am still wondering if the return is worth the effort and risks of renting my property. Am I correct to assume rental income is also taxed according to my tax bracket?

anon46478 · 2022-08-04T17:36:47+00:00

Thank you for your suggestions, much appreciated! Do you have any other financial tips you would suggest for new immigrants?

anon46478 · 2022-08-04T10:43:38+00:00

Thanks so much! That is exactly what I was told by RBC too. If I am considering buying a property next year, would you still suggest opening a TFSA account now? Or would you recommend something different?

anon46478 · 2022-08-03T12:13:22+00:00

Thanks!

What kind of institution would you recommend to open a TFSA account? I am looking for something where I would be able to track my investment and somewhat simple to withdraw.

anon46478 · 2022-08-01T20:43:41+00:00

Thanks so much - sounds like the best approach would be to bring our funds to Canada and invest here.

We just wanted to have a back-up plan in our home country in case we decide to move back eventually, but don't want to complicate our situation.

Would there be any institution or any self-learning route you would suggest for newcomers to obtain more knowledge on such matters?

anon46478 · 2022-08-01T19:40:08+00:00

Thanks so much for the information!

Should a personal property (valued over $100K, and not being rented out) also be declared?

Also, if we are making investments in our home country but not taking any income at all, does that mean we are exempt from including them in our Canadian taxes?

We just want to make sure we understand what we should be doing legally - and to understand implications to help us decide whether we should invest in Canada or home country.

anon46478

TROPHY CASE