NRE & NRO accounts closure on Return back to India permanently. Question???


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MITRON   
Member since: Sep 17
Posts: 249
Location:

Post ID: #PID Posted on: 11-11-19 10:32:22

If a Canadian citizen with Canadian passport & OCI card returns back to India, how long can they keep their NRE and NRO account with the Indian bank open?

Do they immediately have to convert the NRE & NRO account back to the Indian resident account?

Or can they wait for 182 days or whatever it is before converting the NRE and NRO accounts to Indian resident accounts?

They have NO intention of coming back to Canada and will reside in India permanently as a Canadian citizen with OCI card. They might just make a couple of trips in the next 2 years during the Canadian summer, just to wind up things in Canada.

They were Indian citizens i.e Person of Indian origin who came to Canada as PR. They took Canadian citizenship, after coming here, hence they lost their Indian citizenship and Indian passport had to be cancelled. After that they took OCI.



MITRON   
Member since: Sep 17
Posts: 249
Location:

Post ID: #PID Posted on: 11-11-19 10:33:29

What are the taxation issues? From CRA?



GlobalIndian   
Member since: Apr 07
Posts: 171
Location: NB

Post ID: #PID Posted on: 12-11-19 13:22:49

Obviously, if you live less than 180 days in India after your return (tax year), you don't need to file Indian taxes but you will have to pay the Canuck taxes. After this first tax year, if you make even one dollar a year in Canada, or you keep health card driver's license, etc.... you remain a resident of Canada and hence you owe taxes forever! I get a provincial and some Federal pension for the rest of life so I have no luxury of thinking about ever not paying or owing a to CRA. For this reason, and for the filth that India is, I preferred coming back; even though I miss South Indian food dearly. I am preparing to go back to India sometime this summer but will stay there less than 6 months. I think it is better to wait for 180 days to lapse for converting NROs to local accounts. That way, you won't be slammed with Indian taxes during the first year. All taxes are a painful drain on precious few dollars so I don't care what country you live in, it is always best to make sure you pay the least to the tax man. India is terminally corrupt system that pumped out more than 1.5 trillion dollars in black/illicit monies to Swiss and other Euro bank systems. Modi made a few worthless promises to appease the gullible and get their votes while campaigning but the fact is: his admin never even tried to ask the Swiss to reveal the owners of the stolen Indian wealth. This is for the obvious reasons: he and his clowns are propped by the crooks when it comes to campaign financing.

India is a pitiful place that is never ever going to get better. The demographic issue alone should scare the living daylights out of any rational mind. Pollution and water scarcity are other major issues. Trilateral commission in the US was so worried about India's people bomb that they actually debated how to reduce its population by, let us say, 80-100 crores. It is essentially, a gutter culture there but one could eke out a living, even if it is about living in despair. Literally every person I met was curious about how to escape from that god-forsaken place. I told them to find a way... but I couldn't help anyone, being poor as I am.



Full House   
Member since: Oct 12
Posts: 2676
Location:

Post ID: #PID Posted on: 12-11-19 18:04:45


NRE Accounts. : A Non-Resident External (NRE) Account is a specific account that needs to get opened with banks, cooperative banks, and authorized dealers by the RBI that once opened and maintained by NRIs using foreign funds stays as a link. The accounts can be held as a savings account, current, recurring or fixed deposits. The account is held in India and is maintained in rupees. It is a LIVING Link for a NRI to his Finances in the other parts of the world.

NRO.: Specifies that it is a ORDINARY RUPEE Account one that an NRI can open and hold after he intends to settle down and could be maintained for a period of 180 days after landing. May get closed or needs to be closed if residence is not maintained. If he resides there for good, it becomes an ordinary rupee account.

These TWO accounts indicate that the holder of these is an NRI. Lately, they get run with a clock and has become mandatory to get renewed when they run out of its time. To keep that account active they want a deposit once every six months or once an year.

Could vary from Bank to Bank.

FH.
To open it might call for an Employment letter or a Foreign Passport.
----

Quote:
Originally posted by MITRON

If a Canadian citizen with Canadian passport & OCI card returns back to India, how long can they keep their NRE and NRO account with the Indian bank open?

Do they immediately have to convert the NRE & NRO account back to the Indian resident account?

Or can they wait for 182 days or whatever it is before converting the NRE and NRO accounts to Indian resident accounts?

They have NO intention of coming back to Canada and will reside in India permanently as a Canadian citizen with OCI card. They might just make a couple of trips in the next 2 years during the Canadian summer, just to wind up things in Canada.

They were Indian citizens i.e Person of Indian origin who came to Canada as PR. They took Canadian citizenship, after coming here, hence they lost their Indian citizenship and Indian passport had to be cancelled. After that they took OCI.





Full House   
Member since: Oct 12
Posts: 2676
Location:

Post ID: #PID Posted on: 12-11-19 18:14:56



There was a proposal to streamline the Taxation year from 1st January to 31 December of each year. If it becomes a reality, then, Taxation periods will get SYNCed. Otherwise it gets to be painful to prorate it for the filing periods.

CRA always looks forward to your paying them a few bucks and they extend your filing by TWO Extra months.

FH.
You could be exempt in India for Capital Gains BUT NOT IN CANADA.
---

Quote:
Originally posted by MITRON

What are the taxation issues? From CRA?





sudesingh   
Member since: Jul 04
Posts: 2085
Location: Toronto

Post ID: #PID Posted on: 12-11-19 22:53:10

Quote:
Originally posted by MITRON

What are the taxation issues? From CRA?



When filing your taxes with CRA, you have to indicate to them that you're leaving for good, which means severing all ties with Canada, filing out the departure / exit date and more. Here are more details:

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/leaving-canada-emigrants.html


-----------------------------------------------------------------
SS
Reiki Grand Master


MITRON   
Member since: Sep 17
Posts: 249
Location:

Post ID: #PID Posted on: 13-11-19 23:03:24

Cool. Thanks guys.





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