Question 1

If I sell property in China and bring the money to Canada, will it be taxed here?

Accepted Answer

The transfer itself usually isn't — Canada doesn't tax the act of bringing money in. The real tax questions live elsewhere: if you're already a Canadian tax resident, the property's gain may be reportable in Canada (generally measured from its value on the day you became a resident); whether T1135 reporting was handled during the holding years; and the bank's compliance questions when a large amount lands. The same money, sold at a different time or under a different residency status, can produce a very different result — which is exactly why this is worth planning ahead.

Question 2

Does Canada have an inheritance tax? Will an inheritance from China be taxed?

Accepted Answer

Canada has no inheritance tax charged to beneficiaries. At death, though, many capital assets are generally treated as sold at market value, and the resulting gains may go on the final tax return; transfers to a qualifying spouse and certain other situations may qualify for exceptions or deferral. Receiving an inheritance from overseas usually doesn't trigger Canadian income tax simply on receipt — but the asset's cost basis, future growth, reporting obligations, and the rules where the asset sits all need to be confirmed together. When two systems stack, sequence and timing matter.

Question 3

What is the T1135, and what happens if I've never filed one?

Accepted Answer

The T1135 is Canada's foreign-asset reporting form. Generally, Canadian tax residents holding specified foreign property with a total cost above CAD $100,000 at any time in the year must file it annually; asset type, how the property is held, and the year you became a resident can all affect whether filing is required. Late-filing penalties accrue daily (generally $25 per day for up to 100 days — a maximum of $2,500 per year), and deliberate non-disclosure is treated more severely. If past filings were missed, look into the CRA's Voluntary Disclosures Program (VDP): eligible applications may receive relief from penalties and some interest; whether an application qualifies, and how much relief is granted, is decided by the CRA case by case, based on timing, completeness, and circumstances.

Question 4

I haven't decided whether to stay in Canada long-term. Is planning even useful yet?

Accepted Answer

Still useful — but the point isn't to decide now whether to stay. It's to lay the two paths, staying and leaving, side by side and see each clearly. Some tax and asset arrangements turn directly on the timing of becoming a resident, selling an asset, or departing; understanding them early avoids discovering, after the decision has already happened, that the options have narrowed.

Question 5

What happens to my RRSP and TFSA if I move back to China?

Accepted Answer

Both accounts can be kept, but the rules diverge afterward. An RRSP can keep growing tax-deferred; withdrawals as a non-resident generally face 25% Canadian withholding tax, which a tax treaty may reduce. A TFSA stays tax-free in Canada, but no new contribution room accrues while you're a non-resident, contributions made as a non-resident can attract a monthly tax — and whether China recognizes its tax-free character needs separate confirmation. Similar questions apply to a principal residence, a corporation, and insurance policies — leaving Canada is a chain of tax events, best arranged a year or two in advance.

Question 6

Most of my wealth is in real estate. Is that a problem?

Accepted Answer

Real estate itself isn't a problem — concentration is. Cash flow can get tight (rich on paper, stretched in practice); there's little buffer when markets or policy turn; property is hard to divide at inheritance; and cross-border ownership stacks two sets of rules. Whether and how to adjust depends on your full picture — the property simulator on this site lets you see the effect of concentration for yourself.

Question 7

I already have an accountant, a lawyer, and a bank advisor. Do I need a planner?

Accepted Answer

An accountant, a lawyer, and an investment advisor each usually cover a different part. What cross-border families most often lack isn't another professional opinion — it's someone confirming that those opinions rest on the same facts, the same timeline, and the same family goals. A planner's role isn't to replace them; it's to coordinate the whole, and put the items that belong with different professionals on one action map.

Question 8

How do I know whether I need paid planning at all?

Accepted Answer

Start with an introductory conversation — its first purpose is to answer exactly that. If free resources are enough for your situation, we'll say so directly and point you to where to start.

Question 9

What actually happens in the introductory conversation? Will I be sold anything?

Accepted Answer

About half an hour, to sort out two things: what you're actually facing, and whether our way of working fits it. We don't sell financial products, and you won't be pressured to make a decision on the call. If your situation doesn't need comprehensive planning — just clarity on one specific question — we'll say so.

The questions cross-border families ask most