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I was wondering if transferring a significant amount of money from my Japanese bank account to my Canadian bank account would ring some alarms somewhere. I already paid more than my share of taxes in Japan for that money so I wouldn't want Canada to come annoy me about taxes or something.

  • Could you provide some additional details? What is the nature of the payment? ie: is this a payment from one personal bank account you own to another personal bank account you own? Or is there some type of legal entity (corporation etc.) involved? Also - your question comes across more as "will this be detected?" rather than "Do I need to pay tax on this?" Hints of attempted tax avoidance like that make me (and hopefully other users) read this on a sour note. – Grade 'Eh' Bacon Mar 15 '17 at 16:41
  • @Grade'Eh'Bacon both are my personal bank accounts. I have been living and working in japan for a few years, and now is time to go back to Canada, I am just trying to find a way to bring my money back with me in one piece. Nothing illegal. I paid my Japanese taxes when I earned my money already. I just don't want to pay taxes again... If I do, I will have paid like 65% taxes total on my salary.... which seems insane to me. – stack reader Mar 15 '17 at 17:14
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Most countries tax income, but not a transfer of already taxed money, so you have nothing to worry about.

You need to be prepared - if asked - to proof that the money was legally earned, and that you paid taxes for the income when you originally got it. Chances are small that anyone asks though, if you are not being investigated for other reasons already.

  • I'm not sure this answer is necessarily correct. Withholding taxes may apply depending on the nature of the payment. It is not immediately clear to me from the OP's description, that this is from one personal bank account to another personal bank account. Some type of business structure (ie: withholding tax on dividends paid from a personal corporation etc.) may apply, clouding the issue. – Grade 'Eh' Bacon Mar 15 '17 at 16:39
  • This answer is incorrect. He needs to figure out residency status cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html first before making any decision. He has to report to CRA every year if he kept residential ties with Canada. – vimdude Apr 25 '17 at 13:03

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