[Answer]: Many new immigrants from China overseas, especially wealthy families who moved to Canada as investment immigrants, provincial nomination plans, entrepreneurs or self-employed immigrants, generally do not understand or are difficult to adapt to the Canadian tax system. Faced with Canada's tax declaration system, many people don't know how to declare their asset income clearly. How do new immigrants in Canada declare their overseas assets? What are the overseas assets? According to experts, the Canadian government began to implement the overseas assets declaration law in 1998. According to the law, all Canadian tax residents (not necessarily Canadian citizens or immigrants) must declare their overseas assets with a total value of more than 65,438+million Canadian dollars to the Canadian Taxation Bureau (CCRA). Canadian tax residents need to fill in the information of overseas assets under the following four circumstances: the cost of overseas assets exceeds 6,543,800 Canadian dollars; There are affiliated enterprises with overseas shareholding of 10% or more; Transfer or loan to overseas trust; Overseas trusts accept distribution or loans. It is understood that overseas assets include seven categories: overseas cash and deposits (including bank deposits, bills of exchange, commercial paper; Shares of overseas private companies or listed companies); Overseas creditor's rights, such as debts owed by others, bonds and loans of companies and governments; Overseas trust interests; Overseas real estate and other foreign capital, such as precious metals, gold and silver bills, futures contracts and overseas intangible assets. Excluded overseas assets include four categories: self-use and actively operated real estate; Shares of overseas associates (to be declared separately); Arrears from overseas associates; Personal collections, such as jewelry, artworks, stamps, etc. Experts pointed out that new immigrants need to fill out forms when their overseas assets exceed 654.38+10,000 Canadian dollars. New immigrants are exempt from reporting in the first year and must report every year thereafter. The cost of assets is calculated according to the capital market price on the day of immigration landing. It is worth mentioning that Canada does not tax the "assets" themselves (except the corporate capital tax), but taxes the "income" generated by these capitals. As for the declaration time of overseas assets, new immigrants do not need to declare all kinds of overseas assets in the first year after they become Canadian tax residents after landing, but need to declare them in the second year. The asset documents submitted at the time of application should be kept by Ms. X. She just went to Canada and worked in a securities company. When applying for immigration, her property was more than 300,000 Canadian dollars, which had appreciated when the immigration was approved. Before leaving China, Ms. X reevaluated the real estate and brought the bilingual real estate appraisal report to Canada. According to the regulations, if the applicant can prove that the overseas assets were legally accumulated before becoming a Canadian tax resident, and if you declare the overseas assets of 500,000 Canadian dollars at the first landing, then this 500,000 Canadian dollars is tax-free. However, since then, any income generated by these 500,000 assets, no matter where the holder is, must be included in the personal income declaration income tax. Experts pointed out that Canada has good welfare, but the tax rate is also high. In addition, Canada's tax laws are very strict, and new immigrants need to take seriously the declaration and tax payment of global income and assets. If they make a mistake, they may face punishment, and if it is serious, they will be investigated for criminal responsibility by the tax bureau. In addition, all kinds of overseas assets of new immigrants, whether for personal use or investment, should be kept intact for future use, such as their property ownership documents and property appraisal documents. For new business immigrants, it is extremely important to keep the asset documents, bank deposits and stock records submitted to the immigration bureau when applying for immigration for future tax investigation, so as to prove that these properties were owned before immigrating to Canada. It is not easy to apply for "non-tax resident". "Tax residents" and "non-tax residents" are issues that new immigrants are more concerned about. Some people think that as long as you leave Canada and never come back, you will automatically become a non-tax resident, and you no longer need to declare your income and pay taxes to Canada. Some people think that as long as they don't work in Canada and enjoy Canadian benefits, they are tax-free residents and don't have to pay taxes. But immigration lawyers point out that this is a one-sided understanding of non-tax residents. Non-tax residents refer to special residents who have moved out of Canada and completely severed their residence relationship with Canada, and their global income does not need to be declared in Canada; Non-tax residents can apply from the date of leaving the country by severing their residence relationship. However, in general, it is not easy for non-tax residents to apply. Only those who have left Canada for more than two years can become qualified non-tax residents. If you are married or have children under the age of 18, you must leave the country as a whole to qualify. The difference between tax residents and non-tax residents lies in whether the global income of the parties concerned needs to be declared and taxed in Canada. Anyone who lives in or has a relationship with Canada must declare his personal global income. If he has paid local personal income tax overseas, the tax can be deducted from the tax payable in Canada.