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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: 128
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: 347
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: 104
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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Contributors:
Full House(1)  Many(3)  MITRON(5)  sumjo(4)  
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