My Parents are immigrating permanently in the month of July. As they own a house in India and rented a portion of it, how to transfer the rental income each month/year to here in Canada to their accounts? What would be the best option:

- Open an NRI account in SBI or ICICI? I have heard the interest is really good on NRO/NRI accounts in India, true? How could they (my parents) benefit from the one and ensure the lowest taxes in India and/or Canada?

- Open one NRI account in ICICI (or SBI) in India and one Chequing in Canada. Transfer funds monthly or yearly from India to here within the same bank?

- What would be the tax implications in India and Canada?

- Any other option?

Any advice is appreciated. Thanks

You can do following.
1. Make sure that your parents have PAN card .
2. They should open NRE and NRO account.
3. I prefer to open account in SBI specialized NRI branch .
4. They must pay tax on their indian income .
5. Take service of CA in india and CA will manage your parent's income tax concern and can issue certificate that the income tax is paid on amount to be transferred to canada.
6. Your parents can open account in canada and ask SBI NRI branch to transfer fund.
7. No idea about tax implication in canada . I guess that your parent's rental income may not be more than $12k so no worry , any how canadian CA can better answer it

My experience .......
I purchased house here in canada last year . So I transferred around 20 Lakh Rs. to canada . For that I contacted CA and show him that I have paid income tax on that amount . He checked and issued me a certificate . Same certificate I submit to my bank and they issue me draft for canada .
Aslo SBI specialized NRI branch's service is very good . 2 months back I need some money in canada so I simply send them a scanned copy of my signed letter by email requesting them to transfer said amount from my NRE account to my canadian bank account . They did it in 3 days .

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DSD

Any income from Indian source, cannot be deposited in NRE account.
It can only be deposited in NRO accounts, & only after paying fair share of taxes to Govt. of India, it can then be repatriated outside India.

Hi Febpreet,

Since your parents are immigrating as well, my parents are also coming next month. I am worried about the health care (Drug plan, purchasing drugs) since both of them have chronic diseases which requires regular medicines. Medicines here are expensive and I cant afford them, what are the options available. Can we have a quick chat?I will send you a PM.

Sure Vivek,

Will talk to you. Good, you raised it as I didn't think about it myself. It's time to ponder upon it.

I am sure there may be some drug plans that could be explored.

Hi Febpreet, just sent you a PM with my contact details, please feel to call me


Other CD's
If you guys have any suggestions, please help us.

Hi Febpreet, just sent you a PM with my contact details, please feel to call me


Other CD's
If you guys have any suggestions, please help us.