bringing money to Canada
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Freddie
Just wondering, what makes you such an authority on these subjects? Are you sure about the authenticity of the replies you post here?
Quote:
Originally posted by ftfl
Quote:
Originally posted by meitsme
I would like to know about bringing money from India.
1) What is the best legal way to bring my own money (about $50K) from India to Canada while I am in Canada? There should not be the tax on this money. Am I right?
2) How much maximum I can bring without notifying RBI or CRA?
3) What about tax if my father transfers his 25 Lakh Rupees to me in Canada?
4) There is the check box to select if owning foreign property more than $100K in tax return form. I have transferred some money to India this year and invested in property. Now, I am owning total property more than $100K. What would be the effect on tax return if I'll select this check box? What could be the negative impact if not selecting this check box?
Thanks in Advance.
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4) when you took the money out of Canada and deposited that into an NRI account at a bank, you will have the Instrument that you took out of Canada. Such as Banker's Check, International Money Order or a Bank Draft etc., You will have a copy for your files when you do these papers and instruments. You can also transfer directly through some of the banks. They will have records of the transfer for you. You normally keep a copy for your files. That is a proof that you have taken money out of Canada to India and in a legal way.
The money that you took into India, you can bring back, by depositing the same or similar amount into the bank. An accountant or the Bank will give that much lee way in the return of the Capital that you took in from here.
Now after you bring back the $50,000, you will have a balance of another $50,000 and you are under the wire of $100,000. So you don't have to report or check that box, say that you have any investments above that stipulated sum. And if it exceeds, then split it between two people to bring the sum down below that.
1) Transfer it back the same way you took it out of Canada. Back to the source. And deposit back into the same account. That reconciles the two transactions.
2) CRA wants to know any amounts above $10,000 and they keep track of it through FINTRAC. No penalties or Taxes on the sum received or transferred.
RBI will permit you to take out if an accountant certifies that the sum was your own in India and you are entitled to take that out with out penalty. Approximately a Million per year. Check with an Indian Accountant and FEMA. A Few Bank Managers will help you accomplish this with ease.
3) Father to Son , No gift taxes in India. Here in Canada NO taxes on GIFTS.
Hope this helps you a little.
Freddie.
I can only quote the Tax Laws that are currently in existence in India and I urge you to look up the ones on that side and a few are newer Immigrants into this Canada who can vouch for that or deny it, either prove it or deny it.
As far as Canadian Tax Laws are concerned, they are available to you and me at the Canadian Government websites and you are free to delve into it deeper and do your own studies.
There are days that I sit on the websites to post well researched materials well into the wee hours, trying to read through and weed out the wheat from the chafe and provide answers that befit the circumstances as it occurs in some one else's life and posted here for all of us to answer. If you take a look at some of the responses and its times that were posted, you will know about the time and efforts that I put in and the sincerity with which I do it, so that when one wakes up in the morning, he sees a solution for a problem that he went to sleep with. His or her day gets started on a very good footing, the next day.
And on occasions, I make a few calls and contact my able help at different parts of the world, who are as much or better informed, at my own expense and find a few answers, just for myself and of course for people like you.
The reliability of my posts and the answers provided there in are a mark of my work and sincerity associated with it. And you are free to question the same anytime and if you need the proof of it, I will make an effort to quote with passages of the law, that existed at the time of posting. But some of them have changed and do change and if I am doubtful about it, I will post it with a note of caution.
Now I want YOU and More of you to step up to the plate and do your share of it for one and all here. Only if you can...
And I will do my best at all times.
Now, thanks for asking.
Freddie.
Dimple,
the law you quoted above relates to physical currency, like cash, to stop money laundry... But in this case he just want to deposit his money from US bank to canadian bank through his persoanl check....So he doesnt need to notify.....
Location: Western Hemisphere
Posted on: 29-10-08 10:53:22
Quote:
Originally posted by tigercanada
Dimple,
the law you quoted above relates to physical currency, like cash, to stop money laundry... But in this case he just want to deposit his money from US bank to canadian bank through his persoanl check....So he doesnt need to notify.....
It does also say checks in the link.... (currency or checks valued at more than 10k). Anyway, on the flip side, the chances of getting into trouble for not declaring might be slim since, as you say, the purpose is legitimate.
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Dimple2001
Quote:
Originally posted by gktaurus
I am a Canadian citizen and worked in US for a couple of years and would like to bring my money into Canada as I am planning to return for good.
Will I be taxed in Canada again? I am thinking of bringing about CAD$100K. Any suggesttion is greatly appreciated.
Thanks
Frankly speaking, as far as my knowledge goes, the answer to your question depends on a number of factors:
1. While you were in the US, did you officially give up canadian resident (for tax purposes) status? If you did, then you will not be taxed on the money you bring back with you - if all of that you bring is out of your earnings during that non-resident status period.
2. If you did not officially give up your Canadian resident status, did you file your Canadian taxes or not? If you did, did you pay taxes on your US income in Canada during that period? If you did not file Canadian income tax, or if you filed but did not pay taxes on your US income, you are liable to pay taxes on that income in Canada - WHETHER OR NOT you bring the money to Canada.
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Chandresh
Advice is free – lessons I charge for!!
Iceberg
Freddie has always been providing help and guidance to all with his correct replies. The repsonsibility still lies with the person asking the question whether he wants to accept his suggestions/replies or not. What makes him authority ---it is a very tricky question. If people accept his suggestions,he becomes an authority.
Chandresh is right. If he has been a PR ,he shud have paid taxes on world income. If he has paid taxes,he need not worry at the time of disclosing
because it is exceeding 100k
Quote:
Originally posted by Iceberg
Freddie
Just wondering, what makes you such an authority on these subjects? Are you sure about the authenticity of the replies you post here?
Quote:
Originally posted by ftfl
Yes. I offcially gave up my Canadian residence. I oficially established a
US residency and paid taxes in US. In fact, I lost the canadian health benefits due to this.
When I went to file my Canadian taxes during my official stay in US, I was told by Canadian tax consultants(Libert tax services) that since I do not have any Canadian Income, I need not have to file canadian tax returns.
