Hi,
I moved to Canada in Nov 2015 with a PR. Upon arrival here, we did not know we had to mention the funds in bank back in India. I had sold a house just before coming (Oct 2015) and the funds are in my savings account in India. I filed tax in 2016, while i was a student, and the H&R block consultant did not ask about funds abroad and therefore I did not declare (again). Looks like i made the biggest mistake, out of ignorance.

Now the problem is that I want to bring those funds to Canada. I have paid the capital gains tax in India. However, I am not sure what is the implication of not having declared this sum earlier to CRA. Is there anyone who could advise and possible help professionally to manage the issue?

Thanks,
Gurpreet

It does happen to a few of us. We cannot throw the blame onto the Tax Return People who try and help you.

The best thing would have been is to keep the list of incomes, such as Mutual Funds, Stocks and Bonds, and then the Fixed Deposits and then the other incomes, also such as Rental, or Business etc., in an orderly fashion and tell it to the people who help you in getting your ' Tax-Return' ready for filing. Please do the calculations to end your year here in Canada to the 31st of December of EACH year.

Nothing is Remiss here. You still have time to rectify the same. To do that you will have to go back to the SAME location and make a request for an AMENDMENT for that return that was filed. ALL you will have to show is the INTEREST and OTHER Income that you might have made since you landed here. Nothing More. If you have INVESTMENTS outside of Canada worth more than $100,000, then you will have to say YES and give them the location where it is. (Just in case you would like to bring that into Canada and use it for personal spending.

Please do the same for the 2016 Return also. (You might have done the return by yourself.)

That should keep your Nose Clean.

Hope this helps you.


FH.
There are NO Penalties or Imprisonment. But they will watch you from here on.

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Quote:

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Originally posted by gsrnew

Hi,
I moved to Canada in Nov 2015 with a PR. Upon arrival here, we did not know we had to mention the funds in bank back in India. I had sold a house just before coming (Oct 2015) and the funds are in my savings account in India. I filed tax in 2016, while i was a student, and the H&R block consultant did not ask about funds abroad and therefore I did not declare (again). Looks like i made the biggest mistake, out of ignorance.

Now the problem is that I want to bring those funds to Canada. I have paid the capital gains tax in India. However, I am not sure what is the implication of not having declared this sum earlier to CRA. Is there anyone who could advise and possible help professionally to manage the issue?

Thanks,
Gurpreet

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Thank you FH.

Would you be able to advise me about how to change the returns? I was reading up and found out about the voluntary disclosure - which comes with a penalty? Do you have any contacts who can help me settle this issue please?

Don't listen to nonsense.

Just bring the money in small installments of less than $ 10,000 over a period of time and nothing will happen.

This is your hard earned money from India. A broke ass country like Canada has nothing to do with. Its not their money. Don't give them a penny of it. As it is more than 50 % of your income is going in various taxes in Canada. Why pay these fools more ?

Canada likes to prey on immigrants money and International student's money. That's pretty much their only economy, besides selling natural resources like oil from the dirty tar sands of Alberta.

Don't pay any penalties and taxes on your hard earned Indian money in Canada.

YOU ARE NOT A MONEY LAUNDERER NOR A CRIMINAL HIDING THE FUNDS FROM THE GOVERNMENT.

All they are asking is to pay taxes on the world income after you land here and start earning an income. So, my input into it asking you to prorate it from the date of landing. Just to give you an example, if you have an earning in Interest say Three Lakhs sixty five thousand for the year you landed from 1st of April to 31st of March, then you have an interest earnings here of Rs.1000 per day. If you landed here on the first of November and made Rs.61000 in 61 days till the end of the year, then you have to report that in your return as Interest income. Which will be $1220.00 CAD. Your exemption prorated will be $1,912.00. (11740 /12 X 2) Which is Personal exemption for the year $11740-, Divided by 12, for a month MULTIPLIED BY TWO, for the two months that you were in Canada from 1st of November to 31st of December of that year) To be in fact it is free and there fore NO TAXES are to be paid or due on this sum.

You will have to approach H & R Block people, who you deputed to file on your behalf for that year and ask for an Amended Return by giving them the Interest income and/or other income that was with held from them and ask that it be included in their calculations and file the AMENDED RETURN. They will ask you for a second fee. Please pay them. That should save you the Tax Hassles. That will be for the year 2015.

Do the same for the year 2016 too.

TAX ADJUSTMENT REQUEST..: Materials to read..
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/change-your-return.html

https://www.canada.ca/content/dam/cra-arc/migration/cra-arc/E/pbg/tf/t1-adj/t1-adj-16e.pdf

FROM..: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1-t1-adjustment-request.html

DECLARATION..: https://turbotax.intuit.ca/tips/declaring-foreign-property-on-your-tax-return-6217

The above instructions are excerpts from the CRA Websites and published columns in News Papers. It is only a suggestion and a small help in getting you out of a sticky situation. They will appreciate your filing of the Tax amendment and coming clean with your explanation. There will be NO Penalties nor any imprisonment etc., due to this. So, be guided by this. AND if you fail to do that it might impede in your obtaining your Permanent Resident Status and other consequences in the future, associated with failing to report world income.

You being the OP asking for help surely do have the right to tell any other poster who asks you to with hold, HIDE or NOT Report your income, to BUTT OUT of the link and stay away. Also make a request to the Moderators to REMOVE such Non Advice and false information, detrimental to your existence.

Good Luck and take it easy. It is part of living here in Canada.

FH.

https://beta.theglobeandmail.com/globe-investor/personal-finance/you-screwed-up-your-taxes-now-what/article1371813/?ref=http://www.theglobeandmail.com&

https://turbotax.intuit.ca/tips/declaring-foreign-property-on-your-tax-return-6217

Tax Brackets. FED..: https://www.canada.ca/en/financial-consumer-agency/services/financial-toolkit/taxes-quebec/taxes-quebec-2/5.html
http://en.planiguide.ca/tables/ontario/tax-table/

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Quote:

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Originally posted by gsrnew

Thank you FH.

Would you be able to advise me about how to change the returns? I was reading up and found out about the voluntary disclosure - which comes with a penalty? Do you have any contacts who can help me settle this issue please?

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Well Put by Full House

Here is what I believe in . There will be a lot of people who will tell you to do wrong thing in taxes for whatever biased reason they have . In the end you are putting your ass on line and not them so do the right thing as if you get questioned by CRA , these people will not go with you to the Tax office .

Also CRA will only tax you on income and not on your prinicipal so not a big deal and if you have already paid taxes in India on that income, I doubt you will pay anything more here .

Just go back and get a correction done on your taxes and you will be fine .

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We will find a way or we will make one

Again some really foolish advice to pay taxes on your hard earned money to this broke ass country, which preys on Immigrants money to run their economy.

One of the guy giving advice ran away from this broke ass country and is living in USA and telling people to pay taxes to Canada on their hard earned money in India..LMAO.

These people are not going to come with you to the tax office & pay taxes to CRA on your hard earned Indian money. Its your sweat & hard work & money on the line, not their ass on the line.

Keep the money in India at 8 % - 9 % in Fixed Deposit. Then slowly & steadily bring the money into Canada. Right now the exchange rate is bad anyways, so don't convert INR to CAD.

Broke ass Canada won't even give you 2 % interest on your money.

I have personally brought large amount of money into Canada in installments of less than $ 10,000 & didn't pay a penny to these fools. Nothing happened to me & nothing will happen to me.

No way I was going to pay this Frozen Tundra taxes on my hard earned Indian money.