Taxes and assets
Arriving with assets abroad
The positions to settle with a tax professional before you travel.
Departure and arrival positions
Establish the exact date Canadian tax residency starts, and how Nigerian income and assets are treated on either side of that date.
Deemed acquisition of assets
Assets generally take a value as at the date of arrival. Record independent valuations for property, shares and business interests before travel.
Foreign asset reporting
Once resident, foreign holdings above the reporting threshold must be declared each year. Build the asset register now, not at the first filing.
Business and rental income abroad
Continuing Nigerian income remains reportable in Canada. Agree with the adviser how it is recorded and whether treaty relief applies.
Currency and transfer records
Keep the rate, date and source of every transfer so the origin of funds is never in question.
Cross-border tax is the one area to pay a professional for before travelling. Nothing on this page is advice, and the arrival date can change the outcome materially.