Posted on: 13-07-04 08:27:28
landed in July 2003 and live in Toronto. I have filed income tax return for 2003. When I landed I had brought only the landing money. I still have my savings India. I am planning to bring my savings now to Canada to buy house.
I want to know, whether I have to show this as earning in my tax return for this year? What is the legal procedure involved? Can anyone advise me?
Thanks in advance for your response and advise.
If it is in Cash ,You should have reported this as a savings account in India and if there was any tax , it should have been paid on this and then you could have got this from India without much worries .
If it is in form of property , it needed to have been declared also
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Quote:
Orginally posted by Smiley
If it is in form of property , it needed to have been declared also
Even if it is only worth say C$ 25,000?
Also, please identify where it should have been declared? At the entry point in immigration?
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
On the tax return form - it says clearly for property if it exceeds 100K cdn
Cash - All foreign savings bank accounts
All in Tax return
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We will find a way or we will make one
Quote:
Orginally posted by Smiley
Cash - All foreign savings bank accounts
Really - even if it say only Rs 5,000? Or is there any minimum above which it has to be reported?
What about other things like shares/bonds/ fixed deposits/metals (gold) or other precious good like paintings etc?
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
When you file as a resident you have to disclose everything .That is what "world income " means . There is no difference between local and foreign . You may not pay taxes on those but they need to be declared as foreign income /dividend .I hope I had a T1 to put here but search the CCRA web site and you will get the details .
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We will find a way or we will make one
Smiley,
Correct me if I am wrong - the responsibility of declaration is for income earned - not what you hold in the account. Which would mean if I earn interest of Rs 4000 on a deposit of 1 lakh, I have to report Rs 4,000 equivalent in C$ as income - NOT the amount of deposit unless the total value of my property/assets is more than C$ 100k.
By the way, the form in T1 says property - and that includes cash, shares, loans, interests in non-resident trusts, real property and other property. So when you said earlier that property above 100k, I think you meant real property, but the way property is defined in India and here in Canada is different. In India property means real estate - while in Canada, it means all the assets you have in different forms.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
