Situation
A family two years into permanent residency. Income has started in Canada, but most of their property and investments are still held abroad.
The Question
What do we have to report, how is overseas income taxed here, and should we be moving any of it?
The Planning
Work through the foreign reporting obligations with an accountant first, then build RRSP and TFSA room into the plan as Canadian income grows. Coordinate with a cross-border accountant before moving anything.
The Outcome
Fewer surprises at tax time, and the Canadian side of the plan starts building instead of waiting until everything overseas is settled.
This case is a composite of common situations, with details changed; it does not describe a specific client. Actual results vary.