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  Canada Immigration Forum > General > Our Native Country! > NRI AND NRO ACCOUNT
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NRI AND NRO ACCOUNT




Hello Canadian Desi's!!

I landed in the end of 2015 on a student visa and now with all my canadian work experience I got my CoPR and will be landing as a PR next month.

Can you let me know if I need NRI NRO accounts as I dont intend to deposit money regularly into them. And what should I do about my income that my family earns in my name in India.Should I declare that too to CRA. Will I be taxed twice as I pay all the taxes in both the countries but I haven't declared my canadian income to Indian IT dept and my Indian income to CRA.


Thanks

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reddevil

Junior Desi
Member since: Feb 15
Posts: 32
Location: Toronto

Post ID: 236450 27-12-17 01:06:35
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Full House
Senior Desi
Member since: Oct 12




Posts: 2311
Location:

DTAA... NRE A/c and Legally avoiding tax pitfalls.


So far as I know, they have not linked a TRV- Student Visa to PR. Since your legal requirement for TAX Filing with CRA will be required after your landing and becoming a PR., you can start fresh from the time of landing as the start for your Indian Income reporting etc., and you can conveniently and of course comfortably OMIT all of the previous years earnings out for now. But please have it on you or make it available in case you want to access the same anytime. Some people store it in the CLOUD.

It will be good to inform your Banks and Brokers also that you are leaving India and will be an NRI for Tax purposes from such and such date. (Provide them with the copy of the E-Ticket.) NRE A/c will be ideal to have. Let your FAMILY enjoy the income and please transfer the same over to some one you want to, and for them to enjoy.

Normally the Tax in India is lot more than it is in Canada, as the first $11000 or so is exempt here. You can use this figure as a guide. (Approx $1000/month is free) India has an agreement with Canada and if you pay income tax in one country, the other country will consider that amount paid and might demand only the excess amount. (Please see a tax consultant) Once you leave India, you can stop filing a tax return. They might ask you for a TAX Clearance certificate, before leaving. (Again speak with an Auditor)

Hope this helps.

FH.


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Quote:
Originally posted by reddevil

Hello Canadian Desi's!!

I landed in the end of 2015 on a student visa and now with all my canadian work experience I got my CoPR and will be landing as a PR next month.

Can you let me know if I need NRI NRO accounts as I dont intend to deposit money regularly into them. And what should I do about my income that my family earns in my name in India.Should I declare that too to CRA. Will I be taxed twice as I pay all the taxes in both the countries but I haven't declared my canadian income to Indian IT dept and my Indian income to CRA.


Thanks





 
Post ID: 236451 27-12-17 01:30:53
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reddevil
Junior Desi
Member since: Feb 15




Posts: 32
Location: Toronto


Thank You for the insights. This helps a lot :)
I shall talk to tax consultant soon

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Post ID: 236454 27-12-17 09:45:22
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Many
Desi
Member since: May 13




Posts: 96
Location:


Do Open NRO accounts if you Hope to have and Continue to have indian income of atleast Rs100,000 anually. This is to make it cost-effective. There will be tax deduction at source which you can get Refund to your account if you file indian Tax-returns.
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Many

 
Post ID: 236455 27-12-17 12:46:24
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reddevil
Junior Desi
Member since: Feb 15




Posts: 32
Location: Toronto


@many

Thank you for the reply :)

Ok So 1 lac is tax exempt and anything above that is taxable and and then gets refunded completely is that what you mean to say...

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Post ID: 236460 28-12-17 01:47:56
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rajcanadaMember of Administrators
Admin
Member since: Jul 03




Posts: 2707
Location: Kitchener, ON


Quote:
Originally posted by reddevil



Thank you for the reply :)

Ok So 1 lac is tax exempt and anything above that is taxable and and then gets refunded completely is that what you mean to say...



It depends on how much income you have in India and which tax bracket you fall in. There is nothing like Rs. 1 lakh is exempt.


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Post ID: 236462 28-12-17 07:06:50
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Many
Desi
Member since: May 13




Posts: 96
Location:


in general rs 2.5 lakhs is Exempt. But for NRIs tax deduction happens even for rs5 income; you get refund later only if you file Tax returns cause annual income upto rs2.5 lakhs is supposed to be exempt. I gave you rs 1 lakh example for cost-effectiveness because you may have to engage CA to file I-T returns; so income of say rs 800 a month, you may choose to forego the Tax deducted at source.
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Many

 
Post ID: 236465 28-12-17 10:24:08
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reddevil
Junior Desi
Member since: Feb 15




Posts: 32
Location: Toronto


thank you for the replies.

One last query

Should I declare my Indian income (I pay tax on it to IT dept in India) to CRA.

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Post ID: 236475 01-01-18 02:52:42
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MITRON
Desi
Member since: Sep 17




Posts: 78
Location:


Quote:
Originally posted by reddevil

thank you for the replies.

One last query

Should I declare my Indian income (I pay tax on it to IT dept in India) to CRA.



No, don't bother doing that.


 
Post ID: 236488 02-01-18 20:47:35
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Full House
Senior Desi
Member since: Oct 12




Posts: 2311
Location:

DTAA Reporting requirements for NRI's from the Investment houses and Banks.

In the next NINE months, all of the investments made by you in your name, there in India, will be made available to CRA/IRS as the case may be, but linking an account to an individual will be once again will become a lot difficult for anyone, unless they voluntarily submit it to the tax people.

And here is the sticky part.The tax year there in India ends on 31st March of each year. Ours here in Canada ends on 31 December of each year. If it is based upon actual income, then you must provide the exact amount on that date. If it is on a Prorated basis, you will not have all of the details till you file the tax return there in India on the 31st march or June of the NEXT Year.

All of this is Academic and without knowing the exact amount, it becomes difficult to say, if you will be ever a Tax payee there in India, being an NRI, and if the income is below the taxable threshold. (Hence the requirements of a PAN Card)

Once again leave it with an accountant and talk with them there when you do get the first opportunity to get to know it first hand, with actual figures with the Auditor/Accountant.

These Banks and Brokerage houses are determined to link each and everyone there with a Picture and a PAN Card or even better IRIS Scans. The main idea being, that the tax money that goes to CRA or the IRS should stay there in India, rather than in your Pockets.

So, as far as possible, try not to let them link you with any Pictorial ID of yours. Refuse to provide the same at all costs, as it is not Mandatory. Yet they have a Copy of your Passport or a DL with them there. But it is NOT A TAX ID. PAN Card is!!

These are my thoughts, but follow the local KYC details if you want to trade there in India. All of this got started in depth after the Money Laundering Scandals and people who did hold legitimate accounts abroad. (A few did not!)

FH.

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Quote:
Originally posted by reddevil

thank you for the replies.

One last query

Should I declare my Indian income (I pay tax on it to IT dept in India) to CRA.





 
Last edited by: Full House on 03-01-18 03:42:12
Post ID: 236492 03-01-18 03:41:04
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Contributors:
Full House(2)  Many(2)  MITRON(1)  rajcanada(1)  reddevil(5)  
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