Budget 2014 eliminated immigration trusts, effective immediately. This means Canadian newcomers will no longer get a 60-month tax exemption for foreign assets.

The immigrant’s foreign-sourced assets would’ve otherwise been subject to Canadian taxes, so the program enticed non-residents to come here, says Kim Moody of Moodys Gartner Tax Law.

This change “will certainly make immigration a more painful tax exercise for very wealthy immigrants,” he says.

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