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  Canada Immigration Forum > About Canada > Accounting and Taxation > Tax related query - Please suggest
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Tax related query - Please suggest




MITRON
Senior Desi
Member since: Sep 17




Posts: 159
Location:


Keep the money in India at 8 - 9 % in 10-15 Fixed Deposits.

Then slowly bring the money into Canada one at a time at below $ 10,000.

No questions will be asked. No need to give all the above documents either.

No need to bring it ALL in ONE shot.


 
Post ID: 236978 03-04-18 18:57:18
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sumjo
Senior Desi
Member since: Jun 04




Posts: 351
Location: Mississauga


The returns sounds good, but in reality tax is deducted at source in the NRO acc (which I think is around 30%). Besides, they are offering only around 7% now-a-days.
Better to bring the money to Canada and then send it back to the NRE acc where there is no TDS from the Indian IT deptt. on the interest that is generated.
However, whether to report that interest income to the CRA or not is something that requires a separate discussion altogether.

What happens if CRA finds out the interest income via information sharing between countries after a few years down the line? Penalty, back tax calculation, file red flagged, etc. maybe??? I don't know!

Thanks

Quote:
Originally posted by MITRON

Keep the money in India at 8 - 9 % in 10-15 Fixed Deposits.

Then slowly bring the money into Canada one at a time at below $ 10,000.

No questions will be asked. No need to give all the above documents either.

No need to bring it ALL in ONE shot.




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sumjo

 
Post ID: 236982 06-04-18 10:14:10
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Many
Senior Desi
Member since: May 13




Posts: 109
Location:


if you bring the money In and transfer back you will have Exchange losses, not worth it. Regarding CRA coming after you; read Mitron replies between the lines; they will not bother you.
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Many

 
Post ID: 236985 07-04-18 11:47:42
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sumjo
Senior Desi
Member since: Jun 04




Posts: 351
Location: Mississauga


For people who are planning to sell their property and remit the funds overseas:

Example:
1. You sell the apt for 80 lakhs.
2. The buyer pays you the full amount.
3. You go to your CA for Cap gains tax calculation.
4. CA states that your cap gains is 35 lakhs.
5. Now, either you pay 20% of 35 lakhs as ITax to the Govt. OR buy bonds for the whole 35 lakhs to offset the tax.
6. The balance 45 lakhs is free for repatriation. Can be done after your CA files Forms 15CA & 15CB with the IT deptt. Once done, you need to take the certified copies of the forms to the bank and then they will process the wire transfer. They will also need all the documents related to the sale of the property before they can process.


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sumjo

 
Post ID: 237056 14-05-18 14:32:36
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rajcanadaMember of Administrators
Admin
Member since: Jul 03




Posts: 2712
Location: Kitchener, ON


You can covert the funds from NRO to NRE without first bringing the money to Canada. You do require form 15CA and 15CB filled by CA though to do this conversion. If you bring in the money to Canada and send it back to India, you will covert the money twice and lose out on fee twice.
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Post ID: 237064 16-05-18 22:03:57
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sumjo
Senior Desi
Member since: Jun 04




Posts: 351
Location: Mississauga


Yes, that can be done and its easier too.
However, after giving it a more serious thought, and since I have now ruled out relocating to India permanently, its better to bring the funds over here and invest into some blue chip stocks for a long term. Hopefully, it will grow and provide a good supplement during the retirement years.

I feel its easier to keep a close watch on the investments & tweak/monitor it as and when required from here, rather than in India. Besides, you never know when they might change the rules for funds belonging to foreigners in Indian banks and what all hoops you have to go through to bring the funds over here in future.





Quote:
Originally posted by rajcanada

You can covert the funds from NRO to NRE without first bringing the money to Canada. You do require form 15CA and 15CB filled by CA though to do this conversion. If you bring in the money to Canada and send it back to India, you will covert the money twice and lose out on fee twice.




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sumjo

 
Post ID: 237067 17-05-18 13:12:53
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Contributors:
Full House(1)  Many(3)  MITRON(5)  rajcanada(1)  sumjo(6)  
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