Hello,

My parents will be landing in 2 week as a PR for the first time. They would like to bring some money from India. Is there any special benefit for bringing money for first time PR entry? Or would that be the same as bringing money any time. (tax benefit)


Thank you

Individual don't have to pay any taxes on when you bring the money while initial landing. It is in your best interest to have them bring the max amount either as Cash or TC. TC is secured way.

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Originally posted by callingcard

Hello,

My parents will be landing in 2 week as a PR for the first time. They would like to bring some money from India. Is there any special benefit for bringing money for first time PR entry? Or would that be the same as bringing money any time. (tax benefit)


Thank you

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Growing Old Is Mandatory ..Growing UP is Optional

Reports have it that a couple of days ago a Canadian Dollar could be sold for Rs.70 and a US Dollar for Rs.100. That goes to show that the value of Indian Rupees is headed low.

Nevertheless, it will be nice to bring in the most of what you want to bring into Canada when you first land here.

Today, Friday the 25th Nov., 2016, the Indian Rupee was 69 to a US$ and 51 to a CAN$, at the close of the day.

AND, if you can afford to leave on deposit there at 7.5% or 8.0% per annum, since there is NO Tax for NRI's, you only pay a nominal or NO tax in Canada. (I.e. for your Parents here in Canada when they file their return. So, consider this as a suggestion, if you can hold it there and derive a good interest on its deposit. But you will have to face the vagaries of the Foreign Exchange fluctuations. (Upto 5 points down will be O.K. i.e., 1 us $ 75 Rupees is O.K.)

Hope this helps.

FH.

More if you want to know how?! Please post it under this. (2nd edit.)

EDIT. : http://www.moneycontrol.com/fixed-income/company-deposits/