Moving back to India for good after getting dual citizenship
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Posted on: 14-01-06 11:54:12
How many years after u will get OAP ?
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Orginally posted by Rohit69
Folks I never meant welfare...go back and read carefully....I just meant taking the tax advantage at a later stage of ones life in both countries
Rohit - your very first post talks about going on welfare and obviously seems to be written in jest. I do not think you seriously mean it. So even though your second post about 3 countries does not mention about going on welfare, by connecting the two it seems (atleast to me) that you are suggesting you do this in all the three countries. And as I have written, you can't expect to live for 7 months in India and Dubai out of your savings of 5 months working in Canada - unless ofcourse what you make in Canada is equivalent to or more than a quarter million per annum. So the only other way to do is to live on welfare because as far as I know, Dubai and India do not have the culture of employing people on temporary basis for a few months, year after year
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...probably i based it on my connections in these countries....do part time and make money in Canada for 5-6 months...u will pay nil tax ..take your savings even if it is small add to yr pension multiply in rupees, live like a king in India for less than 6 months...and dont pay any taxes there...fly back via Dubai...have fun....well I am a CA, a CMA and a CGA from different countries....and this is my retirement plan.
Secondly, in my opinion, even with a 12 full month earnings, I cannot go to India and live like a king since the savings in Canada are GENERALLY very little or NIL (as in my case), and cost of living for upper middle class in India today is quite high - forget about king style living. I have a few relations in India who call themselves belonging to middle-midle class and say that their monthly cash expenses exceed 60k INR
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...Chandresh believe me its workable....i'll prove it...this is not tax evasion but tax and income planning...
I would very much like you to prove it as you have offered to. I am equally qualified academically as you, and feel that I will be able to understand your explanation. And I have worked and lived in 5 different countries so I think I have also the background of being able to understand what you would propose.
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now for being honest..do u think that the canadian Govt is honest towards the talented and highly qualified Professionals from India? if you r being cheated throught your life here...at least u have a right to give em back when u r old....thats what i meant....think about it and stop thinking like a second class citizen...
Canadian Government is honest? No, I do not think. But is Indian govt honest? If not, then why don't you take it back to Indian govt but only want to cheat the Canadian govt? That is not fair. Living with Canadian govt was your choice - so you can leave it. But Indian govt was what you were born with, and so its only fair that you get back at them before you get back at Canadian/other govt which you have adopted with your choice.
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you and I are way above the Goras...we havent come here to beg...we have come here to progress and teach them...have a vision my friend...
How can you progress by teaching them. In my general understanding any man can progress by learning from someone else, not by trying to teach them with vengence.
And I can say that to you too - Have a vision! (and do some introspection)
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Guys
Rohit has a smart theory, except for the fact of taking welfare benefits. I feel as you grow older you don't need to focus too much on an emplyoment, specially if you feel you are not rewarded properly, if you can live with your investment income and temporary employment why bother to work for 12 months in one country and pay taxes . Offcourse it boils down on your priorities of life.
One of my friend from Pakistan returned to is homeland after getting citizenship. He said he is palnning to get CCTB for his four kids from homeland.
Some of my friends have send their kids back to homeland to their grandparents and claimimg CCTB.
Val...you got my point right and proper...also having money in Canada at old age wud go against u...so take all your savings and keep it in India or Dubai...become a pauper at old age...stay less than 6 months in both countries and be a non resident...no tax or nil tax...take advantage of the exchange rate and live well in India...get your canadian pension in India...lots of possibilities...few decaded down the road I will prove this is possible..especially when my needs are minimal...Chandresh...an advice for you...be an Optimist and not a Pessimist...no offence meant..work your ass off now for the suture...build your contacts...dont worry and be positive...Goras will turn color as things go by...Toronto will be sold out to Asians like the city of London....be a part of it and bite your chunk...
Quote:
Orginally posted by Val
Guys
Rohit has a smart theory, except for the fact of taking welfare benefits. I feel as you grow older you don't need to focus too much on an emplyoment, specially if you feel you are not rewarded properly, if you can live with your investment income and temporary employment why bother to work for 12 months in one country and pay taxes . Offcourse it boils down on your priorities of life.
Quote:
Orginally posted by Rohit69
anyways...once u r a OCI u can stay in India forever like a returning NRI...to renew yur expired Can passport just walk into Can High Comm and extend it...the best wud be stay 5 months in India, 5 months in Canada and 2 months in Dubai...be a non resident everywhere and dont pay taxes or pay less any/ everywhere...crooked thinking says that fleece all goverments because they fleece you too and do not fully recognize you or your talent...T I T S for tat...oops..
Rohit,
Where in the above post have you mentioned old age? And if I do not see that it is obvious I would assume you are talking about working age or now.
And I am truly amazed at reading in your post that if you stay in Canada for 5 months you will be non-resident. Correct me if I am wrong, but my understanding is that that the tax dept in Canada looks at your ties with Canada for residency status and not 183 day rule alone. So if you maintain ties with Canada, you still are a resident, and therefore pay taxes here.
And once again, I would like you to prove how you can live like a king in India for 5 months, enjoy the fun of Dubai for 2 months on the savings that you make each year - can you give some rough estimates (an in your case, they should be concrete figures since you are professionally qualified to do that.
And what made you think I am Pessimist? Just because I asked you not to try and cheat a government does it mean I am a pessimist?
And friend just remember that needs are minimal only in two cases - either when you are able to afford most of your needs or when you realise and accept the fact that there is no chance of fulfilling them so no need to dream about them. Age does not reduce or increase needs - it just changes the needs. In youth one might need money, career, sex and good house etc., in old age the same person might need love, affection, care, compassion, company etc. etc.
And prey tell me why having money in Canada at old age would go against you? And how would it make a difference if you took all your savings to India or Dubai?
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
phew....one of us has a lot to learn....I am damn sure of my strategy in later years....u b u and let me b me....if u want, I can send u a detailed e-mail of how it will work..of course there r some assumptions...it is not for a person who starts his career at 60...I do apologise for noy mentioning the term "Old Age" clearly....guess my mind works faster than my fingers..
