Yesterday I received my CRA tax refund cheque. Good chunk of refund. Wondering how to go abt it. Should I deposit in my NRE a/c or send to my bank in Canada (I still have an a/c there) and then move it from there. My bank mgr here is a dud, dont know how much commission it would cost if I deposit in India.
Any suggestions?
Quote:
Originally posted by KumarM
Yesterday I received my CRA tax refund cheque. Good chunk of refund. Wondering how to go abt it. Should I deposit in my NRE a/c or send to my bank in Canada (I still have an a/c there) and then move it from there. My bank mgr here is a dud, dont know how much commission it would cost if I deposit in India.
Any suggestions?
Congratulations on getting a good amount of refund.
You would be better off depositing the check in your bank account in Canada and then transfer it to India to your NRE account to save on the commission costs and delay in processing a Canadian check in India. Also, this way you would have better control on the exchange rate and transfer funds only when exchange rate is in your favor.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Location: God's own country
Posted on: 08-08-11 01:31:45
My SBI NRE account manager has told me that I am not eligible for holding an NRE (NRI) account after coming permanently to India. He told me to close it.
However I have been lethargic to close it.
If I were you, I would put into my local account. but then I am not sure if you explicitly told Canada that you will not be a resident of Canada for IT purposes. I have already declared that and also got a letter stating that I will no longer be a resident of Canada for Income tax purposes (This was based on filling up a CRA form indicating that I no longer wanted to be a resident of Canada ever)
Peace
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I am a Gents and not a Ladies.
Quote:
Originally posted by KumarM
Yesterday I received my CRA tax refund cheque. Good chunk of refund. Wondering how to go abt it. Should I deposit in my NRE a/c or send to my bank in Canada (I still have an a/c there) and then move it from there. My bank mgr here is a dud, dont know how much commission it would cost if I deposit in India.
Any suggestions?
At first stage you could have requested for direct diposit into your Canadian Bank a/c. You can still update online and request for direct deposit. Keep your account active at least until July 2012. You may get a few more HST/GST refund payments if you qualify for.
Best option to deposit in Canadian bank a/c but send a written permission along with cheque so your bank would accept deposit on your behalf by your friend or relative. Or talk to your bank rep in advance to make hassel free deposit if you are sending directly to bank. (If cheque get misplaced CRA won't issue another until 6 months, better you courier it).
Bank in India won't cash this check even it is isssued by CRA. It is as same as personal cheque. They will pay you after recovering fund from Canadian Bank.
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