Non-resident moving funds back to Canada/ON

Hello,

I have some concerns regarding movements of my funds into and out of Canada.

I am a non-resident Canadian. I have made some money from working and from selling off old properly from my home country and placed the accumulated funds in a saving account in Lebanon.

Just as the situation is escalating in the region, so are my concerns.

So I would like to move my money into a safer ground, but I’m wondering what am I going to have to face to move that money into Canada, and then later perhaps moving it out, and later back again...

What sort of effects/impacts would this have? Is it best to move it back only once, as a resident, or is it OK to move it back and forth 2 times during a period of a year as a non-resident? What sort of charges would I have to pay (interest, tax)?

Has anyone faced this before? Any feedback or guidance who to ask about this is appreciated.

Thanks in advance,

A

There is no tax on wealth in Canada. You move money in/out of canada it incurs no tax. If you are non-resident, the interst earned in bank accounts is not taxable in canada.

Thank you very much for your prompt response. Does the size of the fund matter though? if it is more than 500K, would anyone have a problem with that? Where could I find a legal document to do more reading on this?

Thanks in advance.

The banks take care of all the paperwork. That is their job. If you bring cash (>$10K)across the border, you simply must mention it to the offcers. But transfers are handled by bank.