Finally, we have decided to return to Toronto in 2012 (probably 95%).. Still have 1.5 years to go, but I know there should have many prior preparations for the return...
I really hope that we make a right choice this time cuz my hubby and I give up our career in HK and have to start over in Toronto.
ha, i don't know bor, as i came in 2002 with only CA$10K check for account opening. then wire $$ over for my rental fee, and misc expense. then i bought the house in 2003 and need to $$ to make payment.
since i came for good, i wire all my $$ over in mid 2003, no tax and nothing question bor.
but if u r refering to the income tax on deposit interest. then yes, all interest income is subject to tax.
can't comment as not sure how much interest income u will get, but you have personal allowance of CA$8900/year to offest all of yr income (including interest income). and the min tax rate is about 30% for any income over $8900.
hope this answer yr question.
Bank deposit is not subject to tax, interest on bank deposit is subject to tax. i think you've already declared non-resident when you back to HK few years ago. When you return to Canada and change status back to resident of Canada, try to keep evidence to show total net worth you have. Those assets you bring back to Canada should not subject to tax
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