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Posted

Depends if you're a tax resident or not and nothing is automatic anyway - you would need to declare income the following year and apply any double taxation agreements between countries.


So if you were to move to Thailand now (as in today) it's not possible to stay 180 days as we're already past the cutoff date by 1 day - there's less than 180 days remaining in the year - there's currently 179 days left this year so any day after today is a good day to move to Thailand and send as much money as you want.

You could stay for the rest of the year knowing that you're a non resident, but if you moved last week or last month then it's time to start planning if you want to remit a lot of money earned after Dec 31 2023.
 

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Posted
11 minutes ago, sanook 1 said:

As per today,is incoming transfers to thailand taxed,or still not in effect(mean are they enforcing it)? Yes or no?

No.  Incoming transfers are only potentially taxable and it's up to you to decide that if you are indeed tax resident.  If you decide they are then you can do a self assessment tax return in 2026.

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Posted
1 hour ago, Upnotover said:

No.  Incoming transfers are only potentially taxable and it's up to you to decide that if you are indeed tax resident.  If you decide they are then you can do a self assessment tax return in 2026.

the tax law decide when you become a tax resident ... it isn't up to you ... :smile:

if you residence more than 180 days you will become a tax resident ... if someone has to pay taxes depends on many different factors ...

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Posted

Simple answer ... not to our knowledge, at present, as enforcement of what ever version of law they decide on, hasn't been instituted .... yet.

 

Will the become retroactive to today ... again .. don't think anyone knows.  All depends if you are a tax resident, and if your DTA, exempts said transfer or not.

 

What, when, if and how that will be instituted, is still a big question ... IMHO

 

By now, with info that is available of what may be, most people should know what their tax burden, if any, will be, at least a ball park idea.  Pretty sure I got mine down to, too poor, and not enough that isn't already exempt to worry.

 

When I read these threads, I'm guessing most people never did their own taxes.

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Posted
3 hours ago, sanook 1 said:

mean are they enforcing it)? Yes or no?

What you mean like the helmet law on mc's, or the red light laws at traffic lights or, or take your pick........

It is currently an honour based system as @ukrules mentions. Suggest you read the intro topic if you didn't understand that -

 

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Posted
8 minutes ago, motdaeng said:

 

why would your wife transfer 3 mb to canada and bring it back to thailand?  is something wrong with your wife? 🤔 

 

 

 

I dunno. Why does idiot Farang transfer 10 million baht to thailand to buy a condo only to be destroyed by some earthquake tremor from 1000km away?

 

But to answer your question at least she gets 5% interest in canada while in thailand she would get f all. If she decides to go back to thailand shouldn't she bring the money back?

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Posted
1 hour ago, Celsius said:

 

I dunno. Why does idiot Farang transfer 10 million baht to thailand to buy a condo only to be destroyed by some earthquake tremor from 1000km away?

 

But to answer your question at least she gets 5% interest in canada while in thailand she would get f all. If she decides to go back to thailand shouldn't she bring the money back?

where does she get 5%?  Some sketchy insitutions offer 3.6% but most 1 year rates are below 3%.

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Posted
1 hour ago, Celsius said:

If she decides to go back to thailand shouldn't she bring the money back?

If she does that when spending less than 180 days in a calendar year in Thailand then should be no issues........

Posted
30 minutes ago, Patong2021 said:

where does she get 5%?  Some sketchy insitutions offer 3.6% but most 1 year rates are below 3%.

 

Read and weep. Every bank has this promo. Once the promo is over, move money to new bank, credit union whatever...

 

The only things sketchy are your posts 

 

 

Screenshot_20250705_115018_Chrome.jpg

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Posted
6 minutes ago, Celsius said:

 

Read and weep. Every bank has this promo. Once the promo is over, move money to new bank, credit union whatever...

 

The only things sketchy are your posts 

 

 

Screenshot_20250705_115018_Chrome.jpg

 

 

And my cibc account. Enjoy your 1% rate in tightland

 

 

Screenshot_20250705_115448_Banking.jpg

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Posted
3 minutes ago, Celsius said:

 

 

And my cibc account. Enjoy your 1% rate in tightland

 

 

Screenshot_20250705_115448_Banking.jpg

 

That 5% sounds like a wonderful deal, especially if she intends to move the CA$ back to Thailand at one point.

 

image.png.6058215c4d2d8c18f45f5dea2c1b3d25.png

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Posted
2 minutes ago, Sheryl said:

There is no tax on "incoming transfers" as such.  Whether funds remitted to Thailand are taxable in Thailand  depends on (1) whether you are tax resident in Thailand and (2) source of the funds (e.g. income vs savings, or income that is exempt under a tax treaty etc).

 

 

 

 

 

I think the main point if they are taxable depends on if you report the transfers to the revenue department, because otherwise there will be a very small chance that they know about the transfer.

There are daily probably thousands of incoming transfers, and nobody is able to keep trace of them

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Posted
6 hours ago, Upnotover said:

No.  Incoming transfers are only potentially taxable and it's up to you to decide that if you are indeed tax resident.  If you decide they are then you can do a self assessment tax return in 2026.

Yes, but has the principle of 'first in first out' been dealt with yet? By that I mean if you transfer money to your Thai bank account from a foreign bank account, with the latter having accumulated savings for many years, it is 'presumably' after-tax savings in your home country.  No idea how you prove that. Attach bank statements from the account from years ago to show how long the money has been there and include an old tax return(s)?

Posted

Not really. The <deleted> just threw the possibilty it in the air and now they are silent again. Utter clowns.

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Posted
5 hours ago, Celsius said:

 

Read and weep. Every bank has this promo. Once the promo is over, move money to new bank, credit union whatever...

 

The only things sketchy are your posts 

 

 

Screenshot_20250705_115018_Chrome.jpg

 

Not everyone is blinded by greed and will take the time to read the conditions. The bonus is paid for a short time and depends on the actual term of the investment,.The actual interest rate is 0.55% for the term balance. It is for new bank accounts only.

 

*Includes Regular Interest Rate of 0.55%, plus a Package Interest Rate Boost of 0.10% for Ultimate Package holders or a Package Interest Rate Boost of 0.05% for Preferred Package holders, 90-Day Premium Period Interest Rate of 0.25% and a Welcome Bonus Interest Rate of 4.10% for 3 months. Regular Interest and Package Interest Rate Boosts are calculated daily, paid monthly. Premium Period Interest is earned when you choose a 90, 180, 270 and/or 360-day Premium Period; a longer Premium Period earns a higher Premium Period Interest Rate provided you don’t make any withdrawals within the Premium Period you select. Premium Period Interest is calculated daily, paid at the end of the applicable Premium Period. Welcome Bonus Interest is calculated daily and paid monthly for 90 days (3 months) on your first MomentumPLUS Savings Account opened. Interest rates are per annum and subject to change. Visit the Current Rates Page for more information and current rates.

 

Offer Eligibility and Exclusions: Individuals who are currently holders of, or who were previously holders within the last two (2) years, of a Scotiabank Chequing Account are not eligible for the Package Bonus. “Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan.

 

To apply for a Scotiabank MomentumPLUS Savings Account, you need to meet the following criteria:

-Be a Canadian resident or in Canada to work or study

-Be at least 16 years old

-Be opening a sole account in your name

 

If your wife is a Canadian resident, there is tax on the interest income. Interest income is taxed as ordinary income.  

 

Many banks now charge fees for moving deposits between institutions so that your imagined big windfall is consumed. You must have one  poor financial rating if you jump from FI to FI. That puts you on the watch list and at some point the banks says to go elsewhere or only offer a basic transactional account.

 

Banks do not give money away to depositors.

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Posted
25 minutes ago, Sheryl said:

In all cases, you do not attach any sort of proof.  You just complete your tax return showing such income as is assessable under the current rules. Only in the (very unlikely) case that you are audited/questioned would you need to show any sort of proof. In which case just showing that you had at least that amount in your possession (bank account,bonds, etc) before 1 January 2024 would likely suffice to support a claim that the funds were savings rather than income.  (I've yet to hear of anyone needing to do that. )

Thanks - very helpful info.

Posted
4 hours ago, Sheryl said:

There is no procedure for reporting transfers as such to the RD.

 

There is only self-reporting of assessable income on tax returns. 

 

My point being, if you transfer assessable income from your home country to Thailand, and don't declare in your tax return, the Thai RD will not know anything

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Posted
16 hours ago, motdaeng said:

the tax law decide when you become a tax resident ... it isn't up to you ... :smile:

if you residence more than 180 days you will become a tax resident ... if someone has to pay taxes depends on many different factors ...

That's what I wrote. Read again.

Posted
14 hours ago, TheAppletons said:

 

  It is if you want it to be. 

 

  If you don't, it isn't.

Yes ,seems to be the conclusion.

Posted
On 7/5/2025 at 10:21 PM, Patong2021 said:

where does she get 5%?  Some sketchy insitutions offer 3.6% but most 1 year rates are below 3%.

 

Why not open a Schwab International account, put the cash in ETF's?  

15% withholding on interest and dividends, zero tax on capital gains for non-(US)-resident aliens.  No US tax filing required.

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