bringing money to Canada
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Posted on: 09-05-13 22:02:39
We opened a Bank a/c in Canada in the beginning of year 2012, even though we were just visiting our daughter - resident of Canada(were surprised they opened account for people like me with Visit visa only- though I have a normal resident account with same bank in UAE)
Now at start of year 2013, we landed in Canada as sponsored parents; believe 2013 will be considered as our First Tax year? We stayed in Canada for 10 days and will return there in 3 months or so for good.
We own an apartment in Mumbai, at present market value should fetch US$ 200,000/- and about US$ 40,000 equivalent Indian Rs in our NRO accounts(mainly transferred from our previous Resident accounts)
Besides our balances in UAE to our Canadian a/c, which may be easy, how do we proceed to transfer our Indian money to Canada.
Appreciate ideas/suggestions.
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Many
Quote:
Originally posted by Many
We opened a Bank a/c in Canada in the beginning of year 2012, even though we were just visiting our daughter - resident of Canada(were surprised they opened account for people like me with Visit visa only- though I have a normal resident account with same bank in UAE)
Now at start of year 2013, we landed in Canada as sponsored parents; believe 2013 will be considered as our First Tax year? We stayed in Canada for 10 days and will return there in 3 months or so for good.
We own an apartment in Mumbai, at present market value should fetch US$ 200,000/- and about US$ 40,000 equivalent Indian Rs in our NRO accounts(mainly transferred from our previous Resident accounts)
Besides our balances in UAE to our Canadian a/c, which may be easy, how do we proceed to transfer our Indian money to Canada.
Appreciate ideas/suggestions.
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Repatriability of hitherto Non-Repatriable Amounts out of India. :
Foreign exchange has been a precious resource for INDIA's economy. In the recent years a lot of liberalization has taken place in the Indian economy. Money Flowing inwards has tremendously strengthened the foreign exchange reserves of the country. This has prompted the Government to go step by step for current account and capital account convertibility.
FEMA is the New Kid on the Block. Even before the introduction of Foreign Exchange Management Act, of the year 1999, NRI's current account income has been granted almost a total convertibility. The Reserve Bank of India has further liberalized the Rules for convertibility and has gone a step further by declaring total convertibility of hitherto non-repatriable income mainly being principal amount of Non Resident Non Repatriable (NRNR) deposits and legacies to the tune of US$ 1,000,000.00 p.a. 1 Million that is.
The Reserve Bank of India has laid down procedures for repatriation of hitherto non-repatriable income such as rent, interest also sale of fixed properties...etc.
Here is the total write up.. : http://answers.wikia.com/wiki/What_are_the_features_of_FEMA_and_FERA
When you finish reading this rule book, you will not only will know how, you can tell us all how WE go about it, after that.
FH
FEMA and FERA
There are a lot of great Investments available within India and you can invest and pay 30% of the returns as Tax there and just take a sufficient amount to live here in Canada for the first year and a small cushion to take care of your immediate needs.
The balance you can bring as and when you need and try to live out of the investment returns from there. If you need more explanation on this subject matter, please drop in a note and I will expand upon the theme.
FH
Great advice Full House ! I need to read and think. The second idea of not bringing all the money at one into Canada at once; rather try to get income from investment in India sounds very nice/never thought it as practical. Makes more sense considering my age / past 60 and less chances of earning/job in Canada
Hope to do my home-work and revert.
Thanks FH
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Many
