Posted on: 10-12-10 12:13:48
I need a serious advice. Please help
I and my family is Canada PR. We went to Canada in Sep09 , completed all formalities and came back after 2 weeks.
we are doing good in India in terms of money. Me and my wife are both in IT and our combined annual income in India is around 39lacs(90,000 Canadian dollars).
We are planning to go back to Canada in Apr11. As going without jobs is not possible so We are not leaving our jobs here, instead we will continue to work remotely for our Indian companies from Canada. We will be getting our Indian salary in our bank accounts here in India that we can later transfer to Canada.
Could you please advice
- I know that I need to declare my Indian income in Canada IT returns under "world income". Do I need to again pay tax in Canada on this Indian income?
- Will I be able to sponsor my parents if We continue to work for like this? if yes, do I need to wait for one year before I can initiate sponsorship for my parents
Thanks
Quote:
Originally posted by Navdeep56
- I know that I need to declare my Indian income in Canada IT returns under "world income". Do I need to again pay tax in Canada on this Indian income?
Thanks
As far as I know you won't pay double tax. On your $90,000 income you would have to pay approx $23000 tax had you earned this income in Canada. This tax amount is approx Rs 10,00,000. If you already paid that much tax in India then you won't pay anything in Canada. If you pay Rs, 500,000 as tax in India then the remaining Rs 500,000 as tax will be paid in Canada. I am making simple calculations without taking into account any contributions which entitle you for any tax rebates.
Everyone is moving out and you are moving in . Congratulations !
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You know you are a desi when ........ You spew forth the virtues of India, but don't want to live there...............You've never had a tanning salon membership
IT industry is healthy and jobs are out there. Right skills and the right time matters to secure a placement here. 
In any case, I don't think you have to pay double tax if paid in India. Check with your CA who deals with NRI taxation matters for concrete advice.
Google up a search for NRI tax advisors and you'd have a bundle of links.
Good luck!
