Back to Home PageWelcome Guest! Register | Login | Home | Contact Us | Site Map | Advertise | FAQ | Search
Canadian Desi
    Charcha


        
  Canada Immigration Forum > About Canada > Financial Planning > Selling property in India and bringing money to Canada - Need recomendation
Last Post | Newest Post
 
< [ 1 ] >

Selling property in India and bringing money to Canada - Need recomendation




Hi Guys,

Need your advice..

My dad is in process of selling his property in India (which he declared when he landed in Canada as a PR) and bring the funds to Canada.

I am sure many of you would have gone through this and will appreciate if you could share some insights in how this money can be brought to Canada without any issues.

I have heard that Money exchange people might be our best bet.
Have any of you dealt with Desi money exchanges to bring large sum of money and would you recommend any of them.


Thanks in advance.


 
kabutar12

Senior Desi
Member since: Nov 08
Posts: 130
Location: Brampton

Post ID: 235853 15-08-17 12:27:06
Report Abuse
Full House
Senior Desi
Member since: Oct 12




Posts: 2267
Location:

You have all of the tips here. If you need any more...ASK AWAY..!


I will provide to you here with a small tip which you already know. CRA considers that when your Father Left his HOME, he DEEMED to have SOLD all his possessions on the day of his landing here into Canada. Which means that you also should know the MARKET VALUE of those securities and Fixed Assets, all of the items on that day.

Also it is a well known fact that the DE-VALUATION of a few of the Indian Currency Notes has thrown a Monkey Wrench into their financial system and it has affected their R.E.Market also.

So, please find a R.E.Appraiser and Pay his FEES+ and obtain a Certified Assessed Value for his Property, preferably dated and attested by an individual in AUTHORITY that it was worth, what it really was (NOT.)

If say for instance your Father sells his Property for ONE Crore today, and it was valued at 1.1 Crore on the day of his departure, he sold it for a loss. That does not ask him to pay ANY CAPITAL GAINS to the Canadian Government.(CRA)

That is all you need to know.

As for the Indian end, there they will provide you with a relief by providing you with a Cost Of Living Table and a small depreciation based upon it and the Accountants there will do all of the adjustments and let you keep the stash there at a great Interest rate and live on the Investment as long as you wish.

Since all of the funds you will receive is in the Normal Ordinary Indian Rupees and it gets into that account, "anything that gets EXPORTED needs to get converted from that account to NRE account" and they always take a cut of, say ONE N.P. out of it, as their fee and you can choose to do that on any day when it is to your benefit. Only thing that i have not investigated to find is if there is a Bank that will let you keep that DOLLAR amount into a Daily Interest Bearing Account anywhere as yet. When I do I will post it here for you. THERE IS NO WAY OUT OF IT.

IF you are an NRI, Living out side of India, the Interest amount that you derive on your Fixed Deposit is given to you Tax Free. It only attracts taxes here in Canada and you as a RETIREE and aged 65 or over will get tonnes of exemption to shelter the same. It might affect a few individuals.. BUT Investment is an Investment and it does not matter which part of the world it gets invested into, as long as it does a lot better than our Local investment market.

Hope this helps.

FH.

--
Quote:
Originally posted by kabutar12

Hi Guys,

Need your advice..

My dad is in process of selling his property in India (which he declared when he landed in Canada as a PR) and bring the funds to Canada.

I am sure many of you would have gone through this and will appreciate if you could share some insights in how this money can be brought to Canada without any issues.

I have heard that Money exchange people might be our best bet.
Have any of you dealt with Desi money exchanges to bring large sum of money and would you recommend any of them.


Thanks in advance.





 
Post ID: 235859 16-08-17 12:10:01
Report Abuse
rajcanadaMember of Administrators
Admin
Member since: Jul 03




Posts: 2705
Location: Kitchener, ON


In an all white transaction, it can come through regular banking channels. You will just to need to find a CA and ask him to prepare 15CA/15CB for repatriation of funds and funds can be wired to your Canadian bank account from India. A good chunk of it in the range of 20% will be held though as TDS in India (NRI status) until returns are filed in India.

If there is a significant cash portion, it will be tricky.


-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||

 
Post ID: 235861 16-08-17 13:47:12
Report Abuse
kabutar12
Senior Desi
Member since: Nov 08




Posts: 130
Location: Brampton


Thanks a lot, this was very helpful.

We will get the evaluation done for the time when he landed and also the time he sold.
You rightly pointed out that prices have come down in India, so he is planning to show it as a loss.

Now when he sells the property in India, only 25% of money will be given in White and remaining 75% is still given in cash.

So we are not sure how to get this 75% money, which he will receive as cash in INR.
We can not deposit it in Indian bank because of obvious reasons...

Thats where we were looking at Money exchanges here in GTA to bring that cash money.
I just want recommendation on this money exchange agencies here in GTA.
Quick google search shows me below names but again as this is huge amount, we are looking for some recommendations or references.

RND traders
Sher E Punjab
Goel Money exchange

Thanks in advance.



 
Post ID: 235862 16-08-17 13:52:45
Report Abuse
pendse
Senior Desi
Member since: Jun 17




Posts: 118
Location:


Quote:
Originally posted by kabutar12

Hi Guys,

Need your advice..

My dad is in process of selling his property in India (which he declared when he landed in Canada as a PR) and bring the funds to Canada.

I am sure many of you would have gone through this and will appreciate if you could share some insights in how this money can be brought to Canada without any issues.

I have heard that Money exchange people might be our best bet.
Have any of you dealt with Desi money exchanges to bring large sum of money and would you recommend any of them.


Thanks in advance.



Does he own a house or Condo in Canada ? Or is he renting in Canada ?

If he owns a house in Canada, then he might be liable to pay Capital gains tax on the property he owns in India. He will have to pay those taxes in Canada.

Never tell Canada, you own something in India. These cheapos don't need to know that.

Best is to bring the black component in small tranches through havala. And the White money also through havala in small tranches.


 
Post ID: 235869 17-08-17 08:36:50
Report Abuse
Full House
Senior Desi
Member since: Oct 12




Posts: 2267
Location:




Your Capital Gains on the property is now resolved. That is for paying any taxes to Canada. There is none.
As regards the Capital Gains there in India, your Accountant can work it in such a way, you can bring in the Maximum cash through the LEGAL Channels into Canada. He will also provide you with his help in obtaining cash for travels on top of it. The Max you can carry on person is $10,000 CANADIAN. (Not US $) They are not questioning, by BANKS or the IRA, on remittances into any account in India upto Rs.2.5 Lakhs per deposit. So, you can hold a quite a chunk from the sale of all of the Appurtenances.

If and when he visits India once again, he can use the balance in that account.

I did make a personal inquiry about private transactions from India to Canada. A few of them have closed their operations and moved into other areas. A few are very hesitant and do not want to take any new clients. So, you will have to find other avenues or leave the same behind for the future usage.

Hope this helps.

FH.


 
Post ID: 235890 21-08-17 22:46:03
Report Abuse
< [ 1 ] >
 
Show Printable version
Send this page to a friend
Add to favorites
 



 
Web
CanadianDesi
Please Contribute!
Write an Article
Send Community News
Create Photo and Video Albums
Submit Good Pictures
List Useful Websites
Post Jobs
Submit Events
List for FREE!
Businesses
Classifieds
Social Organizations
Religious Places
Employment Agencies
Email Page
Your Email
Friend\'s Email

Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.
//-->