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Thread: Canadian PR

  1. #1161
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    Default

    I dont think so. More targeted against those from Muslim countries in Europe and ME.
    Unknown unknown:

    On 31st August 1963, LKY declared Singapore to be independent, and it was - for 16 days until it merged with Malaysia.



  2. #1162
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    Default Re: Canadian PR

    Quote Originally Posted by kingrant View Post
    I dont think so. More targeted against those from Muslim countries in Europe and ME.
    Muslims are problematic everywhere.


    Modern Singaporeans

  3. #1163
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    Default Re: Canadian PR

    Does anyone know if CPF needs to be declared in the T1135 ? Is it considered a superannuation trust by a non-resident
    trust entity ? Does interest earned in the CPF need to be declared as part of income earned (of course cannot be taken out)?

  4. #1164
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    Default Re: Canadian PR

    Quote Originally Posted by bnmiura View Post
    Does anyone know if CPF needs to be declared in the T1135 ? Is it considered a superannuation trust by a non-resident
    trust entity ? Does interest earned in the CPF need to be declared as part of income earned (of course cannot be taken out)?
    No need to declare CPF or anything Singapore government related in T1135.

    Think about it, while in Singapore, if Singapore's IRAS didn't tax you on anything related to CPF, why should Canada be taxing you?
    Last edited by jerry; 30-07-2013 at 02:06 AM.

  5. #1165
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    Default Re: Canadian PR

    Quote Originally Posted by jerry View Post
    No need to declare CPF or anything Singapore government related in T1135.

    Think about it, while in Singapore, if Singapore's IRAS didn't tax you on anything related to CPF, why should Canada be taxing you?
    What about receiving one lump sum after renouncing S'pore citizenship?

  6. #1166
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    Default Re: Canadian PR

    Quote Originally Posted by Hock View Post
    What about receiving one lump sum after renouncing S'pore citizenship?
    Firstly, CRA will not know. So that should not be an issue. You just make arrangements with your bank to transfer the money over. You can break it up into parts if the amount is extremely large. If for some reason they find out and ask, say the money is:

    1. Gift from parents/siblings/family
    2. Inheritance
    3. Winnings from public/private lottery in Singapore
    4. Winnings from Casino in Singapore
    5. Sale of jewellery, works of art, rare books, stamps, and coins, etc.
    6. Disposal of any other personal property
    7. etc.

    Transfering CPF lump sum over is a once in life time event and is not a big deal, will not get the government's attention.
    Last edited by jerry; 31-07-2013 at 12:00 AM.

  7. #1167
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    Default Re: Canadian PR

    There is a discussion previously on the lump sum topic. You don't have to file HDB/CPF in T1135.

    So when you sell your HDB, you get a lump sum in CPF which you would ask your bank to transfer over. The origin of this lump sum is personal use property.

    Quote Originally Posted by wendypoh View Post
    Note that part that said 'You do not have to report information about property held for personal use.'.

    Do you have to file this statement?

    Canadian resident individuals, corporations, and trusts, as well as
    partnerships, who held certain property outside Canada with a total cost
    amount of more than $100,000 at any time in the tax year, have to file Form
    T1135, Foreign Income Verification Statement.

    Non-resident discretionary trusts, as defined under section 94 of the Act,
    may also have to file this statement.

    As an individual (other than a trust) you do not have to file this statement
    for the year in which you first become a resident of Canada.

    You do not have to report information about property held for personal use.
    This includes vacation property used by you primarily as a personal
    residence, as well as listed personal property such as works of art,
    jewellery, rare folios, rare manuscripts, rare books, stamps, and coins. See
    the latest version of Interpretation Bulletin IT-332, Personal-Use Property,
    for more details about personal property. You also do not have to report
    property used or held by you exclusively in an active business.

  8. #1168
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    Default Re: Canadian PR

    I checked with my accountant here in Vancouver and she has no clue. Say I should confirm with CRA which may be tricky. The reason I have doubts is that in the case of the US, the interest earned in the CPF is taxable even if you cannot take it out. If the CPF interest is taxed by the spore govt then if there is a tax treaty between the countries then there is no double tax. I want to know has anyone transferred one large lump sum of $ or confirmed with the CRA if the CPF need not be declared.

  9. #1169
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    Default Re: Canadian PR

    Quote Originally Posted by bnmiura View Post
    I checked with my accountant here in Vancouver and she has no clue. Say I should confirm with CRA which may be tricky. The reason I have doubts is that in the case of the US, the interest earned in the CPF is taxable even if you cannot take it out. If the CPF interest is taxed by the spore govt then if there is a tax treaty between the countries then there is no double tax. I want to know has anyone transferred one large lump sum of $ or confirmed with the CRA if the CPF need not be declared.
    Hah a true bred Singaporean... I think you are going for overkill. Cannot compare with USA. The laws in Canada are different. You do not need declare HDB or CPF or CPF interest or any other property held for personal use. Thousands of Singaporeans have transferred their lump sum of between $700,000 to $1,800,000 to Canada without any problems. I can't see why you cannot do so.

    I have personally transferred my lump sum of over $1M to Canada in 5 transfers. The reason why I made multiple transfers is to wait for the best exchange rates to transfer. It is real painful to see your money lost because of exchange rates and when exchange rates is high.

  10. #1170
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    Default Re: Canadian PR

    Quote Originally Posted by Hock View Post
    What about receiving one lump sum after renouncing S'pore citizenship?
    Just split into a few transfers, to your sons and daughters, first banking it into your sibling bank account 1 which you can trust and do the transfer from there, take a lot of headache off.

    the next thing is have an off shore account you still have your SG bank account,
    There is an old axiom that people will believe what they want to believe no matter the truth.

  11. #1171
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    Default Re: Canadian PR

    No need to report CPF or CPF interest. CRA not interested in the average Canadian retirement funds like CPF. They are interested in you only if you are money laundering etc. Just make arrangements with your Singapore bank to transfer over to your Canadian bank account. Split up the transfers if you like.

  12. #1172
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    Default Re: Canadian PR

    Quick Question. I'm moving to Calgary. Appreciate if Seniors can advise which are the good areas to invest in a house (Estates rather than general NW/SW sectors plse). Kindly exclude flood prone areas. Preferably less than 1 hour from Downtown. Safe for young children. And what is a realistic budget for a reasonable hse. CAD$500-600K?? Tks in advance.

  13. #1173
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    Default Re: Canadian PR

    Quote Originally Posted by JohnDoe View Post
    Quick Question. I'm moving to Calgary. Appreciate if Seniors can advise which are the good areas to invest in a house (Estates rather than general NW/SW sectors plse). Kindly exclude flood prone areas. Preferably less than 1 hour from Downtown. Safe for young children. And what is a realistic budget for a reasonable hse. CAD$500-600K?? Tks in advance.
    because i prefer heading westwards to canmore and banff for the weekend, i would recommend the aspen woods, cougar ridge, valley ridge areas close to the old olympic park. it's away from traffic and downtown, and has bigger lots and "more" home.
    defecation and urination in public are becoming high-value competitive sports. it's high time for sg to start training athletes.

  14. #1174
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    Default Re: Canadian PR

    Quote Originally Posted by JohnDoe View Post
    Quick Question. I'm moving to Calgary. Appreciate if Seniors can advise which are the good areas to invest in a house (Estates rather than general NW/SW sectors plse). Kindly exclude flood prone areas. Preferably less than 1 hour from Downtown. Safe for young children. And what is a realistic budget for a reasonable hse. CAD$500-600K?? Tks in advance.
    http://www.avenuecalgary.com/article...bourhoods-2013

    http://www.avenuecalgary.com/blogs/t...ghbourhood-map

    http://www.homesincalgary.info/page_content-21.html
    Last edited by nayr69sg; 16-09-2013 at 10:22 PM.

  15. #1175
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    Default Re: Canadian PR

    Thanks for all the replies and links. Another question. If you live in Arbour Lake and work downtown. what are travelling times like in summer, in winter? Do most people drive to downtown or do they take the train? I assume that most businesses/employment are located in the downtown area??

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