bringing money to Canada
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Location: Western Hemisphere
Posted on: 28-10-08 14:54:53
gktaurus,
Another thing you could consider is not bringing the money from the US, instead keep it in the US (unless you need them for other reasons, of course). While some institutions do not allow accounts with a non US address, many do.
This option might help grow the money in USD or potentially maintain a diverse portfolio. If you do have any IRA accounts, you will not be able to contribute further as a non-resident, but will be able to maintain as is.
Since most institutions offer online access, you are only as far away as the nearest computer if you need to access your accounts. As a Cdn resident for tax purposes, you will be taxed on worldwide income, i.e, all earnings from the money in US institutions are taxed in Canada.
Hope this helps.
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Dimple2001
Hi,
You dont need to tell US customs as you are leaving not entrying but you have to tell canadian customs only if you are bring certified check with you.
if you come here and simply deposit your personal check then you dont need to tell any one.( thats the way i did it).
Thanks guys/gals for all your suggestions.
I will simply come here, deposit a US cheque in a Canadian Bank.
I am just trying to take advantage of low Canadian currency rate now.
I would like to invest this money on a long term basis for my retirement. Any advice on long term investments for Retirements palns? appreciate it.
Thanks,
__________________________________________________________
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 suggestion is greatly appreciated.
Thanks
__________________________________________________________
The O.P.'s question was interpreted as him returning BACK FOR GOOD TO INDIA* for good. Canada was an intermediate stop or a haven for the money, and then back to India.
Yes some of us write the question in a clear fashion for all of us to understand. I tried to read it as if he is returning back to India. Hence all of the questions that I asked for him to respond back to us.
It is clear that he is trying to make his home here in Canada?
Boy do we have a long thread on this..
Freddie.
Location: Western Hemisphere
Posted on: 28-10-08 18:06:03
Quote:
Originally posted by tigercanada
Hi,
You dont need to tell US customs as you are leaving not entrying but you have to tell canadian customs only if you are bring certified check with you.
if you come here and simply deposit your personal check then you dont need to tell any one.( thats the way i did it).
I am afraid, you need to declare while leaving US. Please see link...
http://help.cbp.gov/cgi-bin/customs.cfg/php/enduser/std_adp.php?p_faqid=447&p_created=1043364939&p_sid=lV48dvhj&p_accessibility=0&p_redirect=&p_lva=&p_sp=cF9zcmNoPSZwX3NvcnRfYnk9JnBfZ3JpZHNvcnQ9JnBfcm93X2NudD02NDUsNjQ1JnBfcHJvZHM9JnBfY2F0cz0mcF9wdj0mcF9jdj0mcF9zZWFyY2hfdHlwZT1hbnN3ZXJzLnNlYXJjaF9ubCZwX3BhZ2U9MQ**&p_li=&p_topview=1
Text reads...
"Customs and Border Protection (CBP) does not collect duty on currency. However, travelers leaving or entering the U.S. are required to report monetary instruments (i.e. currency or checks) valued at $10,000 or more on a "Report of International Transportation of Currency or Monetary Instruments" form FinCEN 105.
You can obtain the form in advance and download it from here FinCEN 105, or a CBP officer can give it to you upon your departure or return to the U.S.
Failure to declare currency in amounts of over $10,000 can result in its seizure.
Information on the FinCEN 105 is provided to the IRS, and they determine whether or not the importation of monies constitutes income subject to taxation.
The requirement to import currency on a FinCEN 105 does not apply to imports of gold bullion."
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Dimple2001
I would like to know about bringing money from India.
1) What is the best legal way to bring my own money (about $50K) from India to Canada while I am in Canada? There should not be the tax on this money. Am I right?
2) How much maximum I can bring without notifying RBI or CRA?
3) What about tax if my father transfers his 25 Lakh Rupees to me in Canada?
4) There is the check box to select if owning foreign property more than $100K in tax return form. I have transfered some money to India this year and invested in property. Now, I am owning total property more than $100K. What would be the effect on tax return if I'll select this check box? What could be the negative impact if not selecting this check box?
Thanks in Advance.
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Success is Never Ending and Failure is Never Final.
Quote:
Originally posted by meitsme
I would like to know about bringing money from India.
1) What is the best legal way to bring my own money (about $50K) from India to Canada while I am in Canada? There should not be the tax on this money. Am I right?
2) How much maximum I can bring without notifying RBI or CRA?
3) What about tax if my father transfers his 25 Lakh Rupees to me in Canada?
4) There is the check box to select if owning foreign property more than $100K in tax return form. I have transferred some money to India this year and invested in property. Now, I am owning total property more than $100K. What would be the effect on tax return if I'll select this check box? What could be the negative impact if not selecting this check box?
Thanks in Advance.
_____________________________________________________________
4) when you took the money out of Canada and deposited that into an NRI account at a bank, you will have the Instrument that you took out of Canada. Such as Banker's Check, International Money Order or a Bank Draft etc., You will have a copy for your files when you do these papers and instruments. You can also transfer directly through some of the banks. They will have records of the transfer for you. You normally keep a copy for your files. That is a proof that you have taken money out of Canada to India and in a legal way.
The money that you took into India, you can bring back, by depositing the same or similar amount into the bank. An accountant or the Bank will give that much lee way in the return of the Capital that you took in from here.
Now after you bring back the $50,000, you will have a balance of another $50,000 and you are under the wire of $100,000. So you don't have to report or check that box, say that you have any investments above that stipulated sum. And if it exceeds, then split it between two people to bring the sum down below that.
1) Transfer it back the same way you took it out of Canada. Back to the source. And deposit back into the same account. That reconciles the two transactions.
2) CRA wants to know any amounts above $10,000 and they keep track of it through FINTRAC. No penalties or Taxes on the sum received or transferred.
RBI will permit you to take out if an accountant certifies that the sum was your own in India and you are entitled to take that out with out penalty. Approximately a Million per year. Check with an Indian Accountant and FEMA. A Few Bank Managers will help you accomplish this with ease.
3) Father to Son , No gift taxes in India. Here in Canada NO taxes on GIFTS.
Hope this helps you a little.
Freddie.
