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  Canada Immigration Forum > General > General > Transfer of money from India to Canada
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Transfer of money from India to Canada




One of my friend who is from India but now a Canadian citizen says - we can not send ourselves money from India to Canada (from our Indian account to our Canadian account)
He said someone else can send but we can not send ourselves.

Is that true?

Are there any restrictions in place for transferring our money from our Indian account to Canadian account?


 
brown_bear

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Member since: Nov 06
Posts: 542
Location: Somewhere in dreamland

Post ID: 237529 13-02-19 23:31:29
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Many
Senior Desi
Member since: May 13




Posts: 113
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Depends where exactly is the money in India. If the money is held in an NRO account with a Bank in India; some amount of paperwork is involved, is doable though.
If the money is held in an NRE account then it is easy; can be done Online

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Many

 
Post ID: 237530 13-02-19 23:52:58
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Full House
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Member since: Oct 12




Posts: 2506
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CRA CAN DO A LOT OF DAMAGE TO YOUR FINANCIAL HEALTH...
Regardless where (in which Account) the money is held, All the FI all over the world are trying to comply with the tax avoidance Act introduced by the U,S. IRA, which is called FATCA. Canada took the lead and jumped in on the bandwagon and could have requested for details of all the Taxes paid to their Local Governments since July 2014, when the Act was introduced. If it was not paid, then, Canada is in a position to claim all of their share of the increases in your investment. So, they are waiting for a reporting from the Foreign Financial Institutions and see if everyone has been honest in their tax reporting.

All of this tantamounts to freezing of your assets and jeopardizing your financial health. Though you might have tons of money, it is not yours till the freeze is lifted by your INDIAN Bank and they are obligated to do the same till CRA gives them an O.K., or a clearance.

All of this is in full force after the PANAMA PAPERS SCANDAL.

FH.

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/enhanced-financial-account-information-reporting.html

https://www.ctf.ca/ctfweb/EN/Newsletters/Canadian_Tax_Focus/2014/3/140303.aspx

https://www.moodysgartner.com/upcoming-fatca-deadlines-for-canadians/


EDIT.: https://www.theguardian.com/news/2016/apr/03/what-you-need-to-know-about-the-panama-papers


---
Quote:
Originally posted by brown_bear

One of my friend who is from India but now a Canadian citizen says - we can not send ourselves money from India to Canada (from our Indian account to our Canadian account)
He said someone else can send but we can not send ourselves.

Is that true?

Are there any restrictions in place for transferring our money from our Indian account to Canadian account?





 
Last edited by: Full House on 14-02-19 05:20:13
Post ID: 237533 14-02-19 05:14:41
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Full House
Senior Desi
Member since: Oct 12




Posts: 2506
Location:




Can My Bank Freeze My Account?
Can My Bank Freeze My Account Without Notifying Me?

Can my bank freeze my account without notifying meImagine the shock you feel and the very real chaos in your life when you find out by complete surprise that your bank account has been frozen. The most common question that people ask is can my bank freeze my account without notifying me? The answer is yes! The bank that holds your account has to comply with the order of the Canada Revenue Agency (CRA) who has the unquestioned ability to go after anything that you have if they believe that you owe them money. If you owe taxes to CRA in Canada, the bank must immediately freeze your account or they will face penalties.

Unfortunately, stories like that of Marion Hill are all too common in Canada. Marion was a diabetic retiree living off a fixed income. She had a small debt with CRA and tried to negotiate a repayment plan with them. The collector with CRA refused to entertain a repayment plan as they often do, and demanded payment in full.

Not too long thereafter and without notice, Marions bank account was frozen and her assets were seized by CRA. Only after an expos conducted by Global News did CRA agree to return the money they seized and work with Marion to get her financial assistance.

You see, Marion got lucky because a national news network agreed to air her story. However, there are thousands of people in Canada just like Marion who are not so lucky. We get calls daily from taxpayers who have had bank accounts frozen, wages garnished, liens placed on their homes, assets frozen and more.

Generally speaking, CRA wont negotiate repayment plans unless the correct strategy is implemented by the taxpayer (or their advisor). The job of the CRA collector is to collect the taxes now. CRA have to be pushed to agree to a plan. Taxpayers who try to negotiate with CRA directly often find themselves no further ahead and often far worse off.

A common CRA collection tactic used by CRA when they do not know what you have is to offer you some short term payment plan to get you to disclose your income, employer, assets, bank, etc. However, once that short term period is over, the CRA make unaffordable demands and when you cannot meet those demands they refuse to negotiate further and seize your assets including freezing your bank account. Remember, CRA do not need a Court Order (like other creditors) they can act aggressively and by surprise.

If you have found yourself owing money to CRA that you cannot pay the way CRA wants to be paid or otherwise being treated unfairly, visit www.taxsolutionscanada.com to find out what you can do to get help without having to convince a national news network to air your dirty laundry.

THAT SPEAKS VOLUMES FOR THE STATEMENT.. ''THAT YOU CAN HAVE A BANK ACCOUNT IN ANY COUNTRY AND WE DON'T HAVE ANY OBJECTION""..AND this proves the statement which says that you up the 'SHIT CREEK WITHOUT A PADDLE'.


Please read and pass it to others that are in a similar situation.

FH.



 
Last edited by: Full House on 12-03-19 12:06:50
Post ID: 237608 12-03-19 12:06:14
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