Posted on: 13-09-08 21:44:36
Quote:
Originally posted by chandresh
Quote:
Originally posted by Pramod Chopra
Congratulations!!!
So, when is the mortgage burning party?
If you will note, I was careful not to include the word "completely" before pay off!!!!
In our terminology we use the word 'pay down' if you are reducing the mortgage by using pre payment privilege and 'pay off' is generally used when the 'total mortgage' is paid off.
However, still the party is not very far off, I hope.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Dear Pramod Chopra,
I really appreciate your insight to the topic. I have a bit different question.
What if I sell my property in Pakistan, and want to bring money (CAD$200K)to Canada to pay down my mortgage. Do I have pay to pay any tax on that? If yes, how best to go around it because actually this house was given to me by the federal govt of Pakistan, in lieu of my long govt service, and I see no logic in paying tax to Canadian govt on my heard earned legal money which I will be getting after serving for my whole youth for the Govt of Pakistan.
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A. Malik
Have you declared this as your property out of Canada while filing your tax returns ?
If yes then the Canadian Govt will allow you to bring the money tax free . If not , it might be construed that the property was acquired upon your immigration to Canada and hence any capital benefits beyond that may be taxable as capital gains.
There may be a possibility of claiming lack of awareness of the above and providing proof of valuation and ownership at time of immigration which would enable you to bring the money tax free . Any appreciation thereafter may be taxable as capital gains and considered as your 'world income' as Canadian resident .
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Fido.
Quote:
Originally posted by PakistaniEngineer
Dear Pramod Chopra,
I really appreciate your insight to the topic. I have a bit different question.
What if I sell my property in Pakistan, and want to bring money (CAD$200K)to Canada to pay down my mortgage. Do I have pay to pay any tax on that? If yes, how best to go around it because actually this house was given to me by the federal govt of Pakistan, in lieu of my long govt service, and I see no logic in paying tax to Canadian govt on my heard earned legal money which I will be getting after serving for my whole youth for the Govt of Pakistan.
Dear PE,
Please follow this http://www.cra-arc.gc.ca/E/pbg/tf/t1135/t1135-07e.pdf
and read it thoroughly and I believe you will get some answers.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Pramod,
Thanks for posting the link. Very useful information.
JRF.
Quote:
Originally posted by Pramod Chopra
Dear PE,
Please follow this http://www.cra-arc.gc.ca/E/pbg/tf/t1135/t1135-07e.pdf
and read it thoroughly and I believe you will get some answers.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
I have done a similar thing in the past and i used the hawala - Zakirbhai in Markham. The only reason to use them is you get a much better rate as compared to the banks and come on we are talking big money here... it does make a whole lot of difference. Right now i do not remember the name of his firm but will post it if i get it.
