Hi Massoodji,
I would like to know what things we need to do if one is planning to go back to India forever.
I am a PR of Canada. What are the clearances I would need like tax, police, etc.? What other formalities I need to complete? I do not have any property here so that it is not a problem.
For jewellery which we had brought while coming from India, do we need to get a valuation done? What about other items like computer (I bought it here last year) which I might carry with me to India, is duty applicable on that?
I know people ask you questions for migrating to Canada but I hope you can help me.
Thanks & rgds.
Rajan.
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You have to report all personal property to the CRA if the total value > CAD 25,000 excluding household goods. You will then have to pay any tax owing on the 'deemed disposition' of the property. RRSPs are exempt. They can be held even after leaving Canada.
You have to contact all financial institutions in which you are a customer and let them know that you are now a NR. They will withhold 25% of any payment to you in the future as tax.
You have to surrender your health insurance card.
You have to burn all your winter wear in a ceremonial fire while singing 'Oh Canada'.
On entering India you can declare yourself for 'Transfer of Residence'. Generally you won't need assessment for gold jewelry. They will generally not assess duty on any used item if you grease the proper hands.
You have to burn your PR card in the nearest Kali temple.
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