Tax and burglary

P

pburke121173

Registered User
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In 2006 due to the eurozone crisis and on advise of a relation that I have in Canada I opened an account with a Canadian bank and wired some part of my savings at the time (In Canadian dollars the equivalent of about 55K). I didn’t re-invest the money. I left it in the current account so I had very little yearly interests which I didn’t declare in Ireland. I would like to bring the money back now as I need it for home improvement purposes

Unfortunately last year my house was burgled and a full box containing checks, some cash and bank statements was taken. I went to my bank and asked for the statements from 2006 so that I can prove that the cash was wired from my Irish bank account but they told me that they cannot go so far back to 2006 and retrieve the statements. On the other hand my Canadian bank can go back 15 years and give me the old statements, no problem, they show the incoming wire, but they cannot see where the wire came from, it’s too far back. What they have is just an ID nothing else.

The question is this

If I wire back the money to Ireland will revenue ask me for a proof to show them that I indeed transferred the money from Ireland originally and didn’t actually earn it or inherit in Canada without paying the Irish tax? I’m a PAYE individual for the last 30 years with no additional income.

Thanks !
Paul
 
Can you prove where the money came from prior to the transfer to Canada ? That may cover you. There is a chance that revenue will follow up but they don't pick every cent that comes in so I would transfer first and see what happens.
 
Hi Elcato,

Thanks for the quick reply. I can only prove that I'm in a stable job for the last 30 years (all the money came from my pay), my pay goes directly to the bank. Being a PAYE only I have no companies registered etc. so that's the only thing that I can prove.

Paul
 
I'd say that should satisfy the revenue to be honest. In the greater scheme of things 55k is not a very large sum. I know someone who bought an apartment for cash recently and they explained to revenue that they had cash under their matress rather than in banks (which was true btw). They accepted their story based on the fact that their annual earnings were sufficient to explain saving this money up over a twenty year period. Of course you may have to explain why you didn't declare this account as you are supposed to.
 
Thanks
At the time I thought that I only had to pay tax on any liabilities arising but not that I had to declare the account itself. I had none or very little interest over the years so I really never bothered. Anyway I hope that the guy you know that paid the apartment in cash at least paid in euro notes and not coins :)

Paul
 
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