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Originally posted by john26

How about if I remit to myself from India. Will it be taxed.

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If the remittance is not "Earnings", such as: Interest Earnings (monies), Dividends, Capital gains etc., then it is a plain transfer of funds. OR could be gifts from some one in India. Then they do not attract any taxes.

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Originally posted by new2007

So when we file our tax returns do we have to declare this as "Income" ?
Will there be a question as to where this money is generated from and if you have no income in canada how are you surviving?

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"No". No monies need be declared as "Income" if it is not an income from any other sources. Because it is just a transfer from one of your accounts in any other country to your account here in Canada.

A few might have businesses elsewhere. If it is from one such business, then please consult an International Accountant, who is knowledgeable in such a field.
He should be the one to advice. We say, hold on to it and use it.


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Originally posted by john26

But what happen if we decide to transfer money later (not bring in when landing). Is it taxable?

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The CBSA (Canadian Border Security Agency) when you cross ask you if you have anything to follow. Most of us have just enough to get by and say we are bringing in what is necessary as proof of landing. So, it could be 12-20 thousand dollars. Some bring a few dollars and a 'DD' in a currency that is acceptable and cash it. But we all MUST declare what ever that we bring in. It could take 40 days to reconcile the same to your account, who cares! If you are not staying, then lug it back after you clear the formalities and run back.

AND, some of us have tonnes of money and want to bring it in all in one sweep. and settle down comfortably. Some bring in as and when needed and make good use of it. For them, they should declare the same and "If and when" any questions are asked, they can always fall back on their written or the oral statement that they made at the P.O.E. ( They must have retained the recording of the declaration, when you made it.) BUT Please make a declaration of the same in the goods and amounts to follow.

All of these funds that were and are, are yours before landing are "ALL TAX FREE" and if you have a good accountant, he will also tell you you can make a deal to bring in more if you are in business anywhere in any other part of the world "TAX FREE" if you hire him and he wants to show you how!!

Do I know it? YES.

Canada is a great Tax Haven. (For those who know how.)

Now go and have a cool tall one.

Freddie.

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Originally posted by gautam0597

Hi Freddie.

I really appreciate your contribution to this community here.
Was wondering if you can throw some light on the following queries:
1) I am a business owner in India and I am planning to move to Toronto in the near future. The profits from my business in India are all cash. How can I transfer this amount slowly every few months to Canada(Tax free) in order to buy a house in Canada.

2) Do they accept all CASH in Canada for home purchase? ( I mean paper currency; not checks/DD/TC)

3) I have access to a vendor here in India who is able to provide me $ for rupees.
Do you think I can credit the $ directly into my account in Canada from India?(Cash again)

4) How to make the income derived out of a business in India tax free in Canada?

Thanks.

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1) To Immigrate into Canada you will have to apply and get selected in one of the NOC Categories or be an Entrepreneur with a lot of cash. They are re formulating the entry requirements to one and all. Some are on hold. Now they have 'UPPED' the Ante. (Because they have a lot of Millionaires in the third world countries) Now if you have entered into Canada, and you declared all of your holdings up until the day you land, then you can bring in the TOTAL amount and NO questions asked!! After that, ask some one to send the money as a gift.

2) SURE. They accept ALL cash too. But they will look at you 'twice'. Just in the passing it is the Lawyer who pays the money on your behalf. So discuss this with the one who does the transaction.

3) Most of the transactions are recorded. They are under the scrutiny of an organizatiuon called "FINTRAC" here in Canada. http://www.fintrac-canafe.gc.ca/intro-eng.asp they also have a group of specialists who are constantly on the look out for fraudsters and the schemes that surface from time to time. Here is a link to that group. They have the powers at their disposal, that you do not know how big it is. So, keep away from their radar.

In the past a transaction of $9999 went under the Radar. Now they have lowered the ceiling to $4999 anything over that, your goose is cooked.
http://www.acams.org/ACAMS/ACAMS/Home/

3) Simple. You don't own the business any more. Everyone is looking for a goose that lays the Golden Egg. May be you have found a good one.

Freddie.

If you don't understand my language written here, please take it to some one who can read and explain. Please don't buy a goose.