Hello Canadian Desi's!!
I landed in the end of 2015 on a student visa and now with all my canadian work experience I got my CoPR and will be landing as a PR next month.
Can you let me know if I need NRI NRO accounts as I dont intend to deposit money regularly into them. And what should I do about my income that my family earns in my name in India.Should I declare that too to CRA. Will I be taxed twice as I pay all the taxes in both the countries but I haven't declared my canadian income to Indian IT dept and my Indian income to CRA.
Thanks
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If it comes, let it
If it goes, let it
So far as I know, they have not linked a TRV- Student Visa to PR. Since your legal requirement for TAX Filing with CRA will be required after your landing and becoming a PR., you can start fresh from the time of landing as the start for your Indian Income reporting etc., and you can conveniently and of course comfortably OMIT all of the previous years earnings out for now. But please have it on you or make it available in case you want to access the same anytime. Some people store it in the CLOUD.
It will be good to inform your Banks and Brokers also that you are leaving India and will be an NRI for Tax purposes from such and such date. (Provide them with the copy of the E-Ticket.) NRE A/c will be ideal to have. Let your FAMILY enjoy the income and please transfer the same over to some one you want to, and for them to enjoy.
Normally the Tax in India is lot more than it is in Canada, as the first $11000 or so is exempt here. You can use this figure as a guide. (Approx $1000/month is free) India has an agreement with Canada and if you pay income tax in one country, the other country will consider that amount paid and might demand only the excess amount. (Please see a tax consultant) Once you leave India, you can stop filing a tax return. They might ask you for a TAX Clearance certificate, before leaving. (Again speak with an Auditor)
Hope this helps.
FH.
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Quote:
Originally posted by reddevil
Hello Canadian Desi's!!
I landed in the end of 2015 on a student visa and now with all my canadian work experience I got my CoPR and will be landing as a PR next month.
Can you let me know if I need NRI NRO accounts as I dont intend to deposit money regularly into them. And what should I do about my income that my family earns in my name in India.Should I declare that too to CRA. Will I be taxed twice as I pay all the taxes in both the countries but I haven't declared my canadian income to Indian IT dept and my Indian income to CRA.
Thanks
Thank You for the insights. This helps a lot
I shall talk to tax consultant soon
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If it comes, let it
If it goes, let it
Do Open NRO accounts if you Hope to have and Continue to have indian income of atleast Rs100,000 anually. This is to make it cost-effective. There will be tax deduction at source which you can get Refund to your account if you file indian Tax-returns.
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Many
@many
Thank you for the reply
Ok So 1 lac is tax exempt and anything above that is taxable and and then gets refunded completely is that what you mean to say...
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If it comes, let it
If it goes, let it
Quote:
Originally posted by reddevil
Thank you for the reply
Ok So 1 lac is tax exempt and anything above that is taxable and and then gets refunded completely is that what you mean to say...
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in general rs 2.5 lakhs is Exempt. But for NRIs tax deduction happens even for rs5 income; you get refund later only if you file Tax returns cause annual income upto rs2.5 lakhs is supposed to be exempt. I gave you rs 1 lakh example for cost-effectiveness because you may have to engage CA to file I-T returns; so income of say rs 800 a month, you may choose to forego the Tax deducted at source.
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Many
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