Arriving with assets abroad

Establish the exact date Canadian tax residency starts, and how Nigerian income and assets are treated on either side of that date.

Assets generally take a value as at the date of arrival. Record independent valuations for property, shares and business interests before travel.

Once resident, foreign holdings above the reporting threshold must be declared each year. Build the asset register now, not at the first filing.

Continuing Nigerian income remains reportable in Canada. Agree with the adviser how it is recorded and whether treaty relief applies.

One Canadian family trust can hold the shared capital and make controlled payments for tuition, monthly allowances and business investment across all nine members, with clearer succession than nine separate pots. An estates lawyer drafts it; the accountant confirms how it is taxed.

Get an independent valuation of the hospital group and the laboratory as at the arrival date. The annual foreign-asset filing depends on that figure, and it is far harder to establish after the fact.

Keep the rate, date and source of every transfer so the origin of funds is never in question.