Posted on: 09-02-06 10:01:23
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Orginally posted by chandresh
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Orginally posted by Janmeja
I dont think so. but there are rules for bringing in capital gains from abroad. this is somthing u should discuss with a tax consultant. he will guide you how you can save on paying taxes. after all you are bring money into the economy ,. but landed fundes are to my best knowledge comsidere only for 1 yrs of the landing.
I am now getting really sick of this nonsensical advise that you keep giving - it will mislead many people. Time and again you have done this without any knowledge and I see that you simply jump in to answer any damn question on this board - and end up giving wrong info most of the times.
There is NO restriction in bringing any money any time - you can keep doing it for the rest of your life. Income Tax Act requires you to declare if you have foreign assets over CAD 100k in each of your returns. If you have more than 100 k worth of foreign assets and declared that asset in your first tax return that you file after landing, you can bring in that money without any tax liability. However, if you have NOT declared the foreign assets, you will be allowed to bring in upto 100k without much problem (but you might have to prove that none of it is INCOME earned after landing.
Let me give you a few examples:
1. You declare in your first tax return that you have 200K in foreign assets. You can bring in that money whenever you want without any tax on it - however, you should be able to prove that you are bringing ONLY the principal amount and NO INCOME has been earned meanwhile on these assets. If you do earn any income on those assets, you are supposed to declare that income each year, and then you can bring in both the income and principal.
2. You have less than 100k worth of foreign assets and therefore legally you are not bound to declare it in your return. You will however be liable to declare any income earned on those assets each year and then whenever you want, you can bring in the whole money or in parts. Say you had 90k to start with - and you earned 5,000 in first year, 4,000 in second year and 6,000 in third year. In the first two years you will have to declare the income of 5 k and 4k. In the third year you will have to declare both the income of 6k and also declare in your return that now you have assets of more than 100k (if they have the market value of 100k). You can bring that money whenever you want.
Rohit, you are a finance guy - you should have known this, right?
Chandresh
Thanks Chandresh...I am a finance guy by instinct and for the job I do..on the personal front, I am big zero as far as finances are concerned...However I definitely not a tax guy, which I think you are...
One advice from my side for you....dont loose your patience on comments which might not be upto your expectations....why do you want to shoot up your blood pressure? Also, sometimes one gets a feeling that you are the sole owner of this website and can control the lives of everyone else....which I am sure is not true...so take it easy...Are you a South Indian by any chance?...You seem like a High Ego guy?...no offence meant..Lol
chandresh you seem to have a chip on your shoulder. so go take a llong walk on a short cliff, the only thing I said was the guy should consult a tax consultant intead of going to quacks like you
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Orginally posted by Rohit69
One advice from my side for you....dont loose your patience on comments which might not be upto your expectations....why do you want to shoot up your blood pressure? Also, sometimes one gets a feeling that you are the sole owner of this website and can control the lives of everyone else....which I am sure is not true...so take it easy...Are you a South Indian by any chance?...You seem like a High Ego guy?...no offence meant..Lol
Rohit,
The advice is welcome - but remember, I am only human!
What really troubles me is if one gives advice on EVERYTHING, and even when she has been proved, not only by me, but others too that she is wrong. I do not recollect the specific cases, but in the past she gave such advise that if followed, will put someone in trouble rather than help him. This ultimately would create a bad impression about CD, which is not owned in anyway by me, but something that I have devoted a lot of my time and energy to, to be able to built it for a social cause and nothing else, and that is something what I will hate to see. Also, as a moderator, it is my duty to point out something which I feel is wrong, and being repeated, by the same person.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Quote:
Orginally posted by Janmeja
chandresh you seem to have a chip on your shoulder. so go take a llong walk on a short cliff, the only thing I said was the guy should consult a tax consultant intead of going to quacks like you
No, the first thing you said was:
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I dont think so
and that was against a question whether the person can bring in money after landing - and general money, not settlement funds.
Further, please note:
First, tax consultant is someone who knows something about tax, has studied tax, and practices it.
Second, a quack is a person, who has neither studied the subject, does not know much about it, and tries to advise others based on his feelings and hunches.
Now you decide who I am and who you are.
By the way, your wrong advices are going to harm people - if they are foolish enough to follow it. So do a good deed - stay away from advising where you have to say - I think this might be the case - (just like starting a gas station in Toronto for 10-20K!!!)
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Deleted!
Thank you Chandresh I think your problemm is not with my writing it is that i am a woman. I have never given any advice that is wrong or misleading , purposely i may have been wrong a couple of times but so have alot of ppl onCD and i am sure they dont do it purposly. my advise as i told you before is always based on personal experience. I think you have a problem and jump the gun .
have agood life
Arre yaar chodo...choti choti baaton se kyon upset hote ho....I dont think there is any hatred for opposite sexes here in this site....in fact I even appreciated "Lana's" pic, jis mein koi jaan nahi hain....
Chandresh your efforts are commendable..no doubt...I remember even I got into arguements with you some days ago...but these are natural when we debate...nothing is personal at all...
Janmeja..keep posting your views..but also keep the debate open, without being conclusive on the issue....
have fun folks
