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  Canada Immigration Forum > About Canada > Financial Planning > Savings in India
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Savings in India




I have got INR 15 lakhs in NRE Fixed Deposit . The Interst rates are v low hence I m considering other deposit avenues in India / Canada .

1. NRE is Repartrable . If I invest in Kisan Vikas Patra the yield is better(8%) but the money becomes Non Repartrable . How can I get the money out of India after 3 years ?

2. Finally I need these funds in Canada after 3 years assuming I wud b in a position 2 start my own business by then . How can I get the funds to Canada at that time when I wud have spent 1-2 years in Canada ?? Will the Canadian Authorities object even if I have converted the Funds in India through 'hawala'?

3. Do I need 2 show my income on these funds whilst I m n Canada (even though the funds r out of Canada ) in my Tax Returns ?

Wud appreciate light on the matter ,
Manasvi


 
Manasvi

Senior Desi
Member since: Sep 03
Posts: 733
Location: Bahrain

Post ID: 14538 15-05-04 05:00:46
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chandresh
Senior Desi
Member since: Mar 03




Posts: 2603
Location: Toronto


Come on guys - someone should be able to help on this thread!

Chandresh

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Chandresh

Advice is free lessons I charge for!!

 
Post ID: 14760 19-05-04 12:27:39
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Margo
Senior Desi
Member since: Jan 04




Posts: 110
Location: Mississauga, Canada


Try this link, it may be helpful.

http://finance.indiainfo.com/

Regards, Margo

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The best way to make your dreams come true is to wake up - - Paul Valery



 
Post ID: 14788 19-05-04 18:43:58
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Manasvi
Senior Desi
Member since: Sep 03




Posts: 733
Location: Bahrain


Ok , I know that the money 1c put in Indian Economy is Non Repartrable and can be repartrated only through 'hawala' i.e illegal channels .

That still leaves me with other 2 qs :

1. If I get this money 2 Canada after 1 yr of stay will the Authorities object ??

2. Am I liable 2 pay Tax on Interest earned on my Investment in India if I m filing a Canadian annual Tax returns .

Desis please advise.
Manasvi


 
Post ID: 14830 20-05-04 05:05:29
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chandresh
Senior Desi
Member since: Mar 03




Posts: 2603
Location: Toronto


Well I had sincerely hoped that there would be a few replies to your questions Manasvi since this does not require a finance professional's expertise really, and this is a subject which most of the Indian migrants would have, the amounts may be different.

Anyway, to answer your questions - there is one answer:

Once you are a resident of Canada (as per tax laws, not necessarily as per immigration laws mind you), you are liable to :

a) pay tax on your worldwide income, and
b) declare any foreign assets that you have amounting in TOTAL to more than C$ 100,000

Now, in case of Rs 15 lakhs, it is less than 100K C$ so you need not declare it on your yearly return, but you are liable to pay taxes on income generated on these assets, however small or large it may be.

And if you have declared your income on these assets, Canadian authorities will have no problem when you bring in the funds into Canada - whether it be 1 year or 10 years down the road. Every country is happy to have inflows whenever it comes - they just want to be sure that this inflow is out of liquidation of foreign assets on which income had been declared in the past, and that it is NOT a new income which you are trying to bring in as old asset.

I have tried to explain in a slightly technical manner - in case I have lost the general explanation and made it difficult for anyone to understand, let me know and I will then once again post it in pure layman language.

Chandresh

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Chandresh

Advice is free lessons I charge for!!

 
Post ID: 14836 20-05-04 07:51:35
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Manasvi
Senior Desi
Member since: Sep 03




Posts: 733
Location: Bahrain


Thanks Chandresh ,

I unersand ur advise and highly appreciate the promptness.

Thanks ,
Manasvi


 
Post ID: 15032 22-05-04 00:37:49
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