bringing money to Canada

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gktaurus
Member since: Oct 08

Posts: 174
Location:
Post ID: #PID

Posted on: 27-10-08 21:43:23

I am a Canadian citizen and worked in US for a couple of years and would like to bring my money into Canada as I am planning to return for good.
Will I be taxed in Canada again? I am thinking of bringing about CAD$100K. Any suggesttion is greatly appreciated.

Thanks

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 28-10-08 06:35:39

In simplified terms, you will be taxed on the earnings (dividends, interest and capital gains), not on the principal.

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Dimple2001

gktaurus
Member since: Oct 08

Posts: 174
Location:
Post ID: #PID

Posted on: 28-10-08 10:04:06

Thanks a lot dimple2001.

Do I need to inform anybody about this like Canada revenue, customs etc or I just deposit a cheque in my Canadian bank account?

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 28-10-08 10:13:30

I would think you could simply deposit the money in the bank. You may have to notify US customs since you are bringing more than $10k from the US to Canada.

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Dimple2001

ftfl
Member since: Jul 06

Posts: 2335
Location:
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Posted on: 28-10-08 10:17:16

Please tell us how long you stayed out of India. The date you left India for good.

Then how many times you visited India and how long you stayed there in India. Exact number of days.

Where are you pulling the money out of. 401k - Roth Ira, or from investments such as mutual funds, stocks, bonds and savings accounts.

Is it out of insurance policies.

Now for your age and pensions and other benefits...

Give us a good picture to provide you with a direction and orientation or a guide towards a financial planner.

If you have stayed out of India for more than SEVEN Years, you have a lot of room to play with.

It takes a little time to do all of the calculations and hence the queries.

Please get started and then drop a note back to us.

Good Luck.

Freddie.

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 28-10-08 13:22:29

Freddie,

I am unable to understand the connection between his wanting to bring money from USA to Canada and his leaving India. Enlighten me.

Quote:
Originally posted by ftfl

Please tell us how long you stayed out of India. The date you left India for good.

Then how many times you visited India and how long you stayed there in India. Exact number of days.

Where are you pulling the money out of. 401k - Roth Ira, or from investments such as mutual funds, stocks, bonds and savings accounts.

Is it out of insurance policies.

Now for your age and pensions and other benefits...

Give us a good picture to provide you with a direction and orientation or a guide towards a financial planner.

If you have stayed out of India for more than SEVEN Years, you have a lot of room to play with.

It takes a little time to do all of the calculations and hence the queries.

Please get started and then drop a note back to us.

Good Luck.

Freddie.

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Chandresh

Advice is free – lessons I charge for!!

gktaurus
Member since: Oct 08

Posts: 174
Location:
Post ID: #PID

Posted on: 28-10-08 14:04:24

Chandresh,

You hit it right on. I am totally confused about staying away from India, coming back from India and all that.

Freddie,
Please read my question again. Thanks,

Contributors: gktaurus(11) dimple2001(8) chandresh(8) ftfl(7) Pramod Chopra(3) lucky284(2) Full House(2) GlobalIndian(2) tigercanada(2) khpsrj(2) Many(2) tamilkuravan(1) meitsme(1) kpv343(1) Iceberg(1)

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