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marlow
Joined: 06 Feb 2005
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 Posted: Sat May 23, 2009 12:06 am Post subject: How Do I Move a Large Amount of Money to Canada? |
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I'm leaving Korea after a long time here. How do I move all my money. I want to move around 60M won. Can I just do a bank transfer? Will there be any problems?
I just don't know. |
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Iamronin11
Joined: 17 May 2009
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| Posted: Sat May 23, 2009 5:47 am Post subject: |
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| the Canadian government is going to want to get their grubby hands all over your income. Don't forget to pay the taxes on that. |
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Eedoryeong
Joined: 10 Dec 2007
Location: Jeju
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| Posted: Sat May 23, 2009 5:52 am Post subject: |
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the first replier is right.
Also, transfers above a certain amount will trigger a government interest in your banking activity. It's red-flagged by the bank and reported to the government. I believe the amount is anything above 10MW. So for your own sake I hope you taxes are reported and paid up. |
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moosehead
Joined: 05 May 2007
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| Posted: Sat May 23, 2009 7:54 am Post subject: |
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nah - it's 50,000,000 won - it was upped a bit ago - last year I think - was all over Dave's and in the newspapers
so you're good to go for the first 50, donno about the remaining 10 - maybe have a K friend wire it or change it if you can? |
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mysterious700
Joined: 10 Mar 2006
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| Posted: Sat May 23, 2009 8:09 am Post subject: Re: How Do I Move a Large Amount of Money to Canada? |
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| marlow wrote: |
I'm leaving Korea after a long time here. How do I move all my money. I want to move around 60M won. Can I just do a bank transfer? Will there be any problems?
I just don't know. |
Fed Ex Express Envelope is your best bet. Make sure you get that tracking number! |
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marlow
Joined: 06 Feb 2005
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| Posted: Sat May 23, 2009 8:14 am Post subject: |
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I don't pay Canadian tax. I'm non-resident.
It just seems strange to wire so much money. Is there a special wiring process for larger amounts? I've only done $4000 maximum. |
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Iamronin11
Joined: 17 May 2009
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| Posted: Sat May 23, 2009 12:23 pm Post subject: |
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| Well if youve been granted non resident status already then you should be ok . |
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marlow
Joined: 06 Feb 2005
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| Posted: Sat May 23, 2009 5:22 pm Post subject: |
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| Iamronin11 wrote: |
| Well if youve been granted non resident status already then you should be ok . |
It wasn't "granted", it's just obvious.
I'd like to know what is the maximum amount anyone has experience wiring. Can a person wire $200,000 if they want?
Is there another type of transfer other than the normal wire transfer for large sums? |
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Lynns
Joined: 19 Mar 2006
Location: Korea
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| Posted: Sat May 23, 2009 5:31 pm Post subject: |
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| There's nothing different about transferring larger amounts of money, people do it all the time. Expats in higher-paying jobs, as well as Koreans, wire large amounts of money routinely. Don't worry, the bank won't even blink. They might ask you to demonstrate the money is earned legally, but if you show them your contract and they see through your banking history with them that the money was accumulated normally over a period of time, you won't have a problem. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Sat May 23, 2009 5:35 pm Post subject: |
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| Iamronin11 wrote: |
| Well if youve been granted non resident status already then you should be ok . |
He doesn't have to be granted anything. Canada and Korea have a tax treaty. under Canadian tax law so long as he fulfilled the qualifications for being a resident of Korea, it doesn't matter what his status was in Canada (deemed resident, factual resident, etc) he automatically is considered a deemed non-resident which is the same as a non-resident for tax purposes.
By virtue of the fact that I'm sure he wasn't in Canada for more than 183 days in any year he was teaching here, there is no way he wasn't anything other than a deemed non-resident. |
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hamlet712
Joined: 16 Mar 2007
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| Posted: Sun May 24, 2009 6:16 am Post subject: |
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that is not true at all.
if you have ties to Canada and or enjoy the benefits of being a canadian citizen while abroad then you may be asked to pay taxes.
You need to fill a government from having the Canadian Government confirm your non residency status. The tax treaty means that there is an agreement between the two countries on taxes, and Canada pretty much accepts that if you pay taxes here and reside here, then you dont have to pay them back home
HOWEVER, this is not a given if you have significant ties to Canada like houses, spouses and children, and CAN be an issue if you have a number of the following: bank accounts, credit cards, medical status of any kind, vehicles, passports, licenses, mutual funds.
And yes you must be deemed a non resident if you dont want tax hassles in the future, its how the government separates the guys who dont HAVE to pay taxes legally, and the ones that are ducking thier taxes when there are gaps in the years filed. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Sun May 24, 2009 1:36 pm Post subject: |
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| hamlet712 wrote: |
that is not true at all.
if you have ties to Canada and or enjoy the benefits of being a canadian citizen while abroad then you may be asked to pay taxes.
You need to fill a government from having the Canadian Government confirm your non residency status. The tax treaty means that there is an agreement between the two countries on taxes, and Canada pretty much accepts that if you pay taxes here and reside here, then you dont have to pay them back home
HOWEVER, this is not a given if you have significant ties to Canada like houses, spouses and children, and CAN be an issue if you have a number of the following: bank accounts, credit cards, medical status of any kind, vehicles, passports, licenses, mutual funds.
And yes you must be deemed a non resident if you dont want tax hassles in the future, its how the government separates the guys who dont HAVE to pay taxes legally, and the ones that are ducking thier taxes when there are gaps in the years filed. |
If you don't believe me, you can read the CRA's website:
http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nnrs-eng.html
http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/dmd-eng.html
Anyone who is outside of Canada the entire year is a factual or deemed resident at worst. These are both automatically converted to deemed non-residents in any country with which Canada has a tax treaty.
| Quote: |
| if you are a factual or deemed resident of Canada for tax purposes and a resident of another country according to a tax treaty Canada has signed with the other country, you may be considered a deemed non-resident of Canada. You become a deemed non-resident of Canada when your ties with the other country are such that, under the tax treaty, you are considered a resident there. |
So long as you meet residential requirements of Korea. Which are usually satisfied with a job and/or rental lease.
It would be extremely unusual for you to be outside of Canada for an entire year and have them claim you're still a resident of the country, all other scenarios would lead to you being a deemed non-resident. |
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hamlet712
Joined: 16 Mar 2007
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| Posted: Sun May 24, 2009 2:04 pm Post subject: |
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Thanks for making my point for me with the link.
normally, customarily, or routinely live in another country and are not considered a resident of Canada; or
do not have residential ties in Canada; and
you live outside Canada throughout the tax year; or
you stay in Canada for less than 183 days in the tax year.
NOtice the first sentence out of the gate. NORMALLY, CUSTOMARILY, or ROUTINELY. Who judges this? A person who leaves for a year would not likely fall under these conditions, its arguable that a person who lives there for 2 or more years COULD, but living there for 2 years out of say 30 years of age is neither normally ( as you normally live in Canada) customarilly ( as you usually live in Canada) and not routinely ( if its a one time thing that just happenes to be two years.
it also says AND you are not considered a resident of Canada, it doesnt say that the fact that you routinely, customarilly, or normally live outside of Canada MAKES you a non resident.
OH LOOK AT THE NEXT POINT, i do beleive its exactly as I said.
HOw would they figure out who should be paying taxes, If only there were a FORM one could fill out if they were unsure about it.
Oh wait there is. Its one that allows Canada to validate your status AS a non resident.
Satisfying the first requirement out of the gate. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Sun May 24, 2009 2:12 pm Post subject: |
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| hamlet712 wrote: |
Thanks for making my point for me with the link.
normally, customarily, or routinely live in another country and are not considered a resident of Canada; or
do not have residential ties in Canada; and
you live outside Canada throughout the tax year; or
you stay in Canada for less than 183 days in the tax year.
NOtice the first sentence out of the gate. NORMALLY, CUSTOMARILY, or ROUTINELY. Who judges this? A person who leaves for a year would not likely fall under these conditions, its arguable that a person who lives there for 2 or more years COULD, but living there for 2 years out of say 30 years of age is neither normally ( as you normally live in Canada) customarilly ( as you usually live in Canada) and not routinely ( if its a one time thing that just happenes to be two years.
it also says AND you are not considered a resident of Canada, it doesnt say that the fact that you routinely, customarilly, or normally live outside of Canada MAKES you a non resident.
OH LOOK AT THE NEXT POINT, i do beleive its exactly as I said.
HOw would they figure out who should be paying taxes, If only there were a FORM one could fill out if they were unsure about it.
Oh wait there is. Its one that allows Canada to validate your status AS a non resident.
Satisfying the first requirement out of the gate. |
That's for a pure non-resident. Keep reading. I even quoted the relevant bit for you or did you have trouble following that?
Anyone who is a deemed resident or factual resident of Canada (meaning you have some residential ties to Canada but have been out of the country the whole year, or most of the year) is considered a deemed non-resident so long as they have residential status in Korea. A deemed non-resident is treated the same as a non-resident for tax purposes. I'll quote it again since you had trouble getting past the first part:
| Quote: |
| if you are a factual or deemed resident of Canada for tax purposes and a resident of another country according to a tax treaty Canada has signed with the other country, you may be considered a deemed non-resident of Canada. You become a deemed non-resident of Canada when your ties with the other country are such that, under the tax treaty, you are considered a resident there. |
| Quote: |
| As a deemed non-resident, the same rules apply to you as a non-resident of Canada. |
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hamlet712
Joined: 16 Mar 2007
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| Posted: Sun May 24, 2009 2:14 pm Post subject: |
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| Then could you tell me why the form exists at all? |
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