即係就咁港幣唱加幣出黎都要報稅?If you have HK dollar when you landed, you are deemed to sell all your HK$ as of that day and bought them back on the same day at the exchange rate on that day.
When you sell your HK$ after you landed, your gain/loss are calculated based on the exchange rate on the day you landed vs the actual rate you converted to Canadian dollar.
The Act requires inclusion tio income for exchange gain over $200. However, materiality is also a factor. CRA does not have an army to chase after a few hundred dollars unreported income. However,if you are under audit for any other reasons, then all other issues may be reviewed.
I have seen one case where the exchange was quite material and was brought up during an audit of another issue. Her father transferred HK$8 million to her bank account in HK to buy a house here. She waited 6 months to finally converted the money to CND $ and transfer the money from HK to her account in Canada. In the same year, she closed down a small company she invested with her friend and incurred an ABIL of over $100,000 and deducted from her T1 return. (ABIL=Allowable Business Investment Loss Deduction)
The ABIL triggered an audit and the ABIL was allowed. The money from her father was considered a gift and not taxable. However, she had an exchange gain between the exchange rate on the day her father deposited the $8 million to her account in HK and vs the exchange rate on the day she converted them in Candian dollar and transfer to her Canadian bank. The exchange gain was over HK$100,000 or about $16,000.