Posted on: 07-05-04 15:49:47
Quote:
Orginally posted by DesiTiger
just visiting to get the PR status finalized and plans to move later,
Just a question. Once you get PR status, what US visa will you be working on when in the US. Or is it that you are on H1B and the expiry is still in the distant future, and this Canada Immigration is just so that you do not have to go back?
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wisernow
We will be moving to Toronto end July from India. I too have the same query. We have showed a particular 'X' amt as proof of funds. We would carry 75% of this amt with us and would it be OK to carry our bank statements for the balance 25%. This would then enable us to avoid breaking some of our Fixed deposits. We are a family of 5 and so would carry along with us more than the amt specified by the CHC website for a fly of 5. Will they consider Indian bank statements (ICICI bank) too ?
Awaiting some advice on this matter
Fernades
Fernandes,
What you need to carry is the minimum that is specified by immigration authorities (I am not aware about exact dollars, but you would be more familiar with that requirement I am sure). You do not have to bother about the rest - that you can bring whenever you want later in life - or not bring atall.
If you decide not to bring all funds before your first year end, and the funds lying outside Canada at that time (and any time in future) is more than C$100,000 in one name, all you have to do is to declare the same in your income tax return every year, and include the income derived from those funds in your income for the year.
I came here four years ago and brought with me only the minimum required - since then I have transferred monies in and out of Canada on a few occassions without any problem, and the funds lying in long term investments (like Resurgent India Bonds) have remained outside Canada for all these years. I have however, included the income derived from those funds in my returns every year and paid taxes accordingly.
Hope the above explanation helps.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
The above explanation were all very informative and useful. I am sure it will clear many a doubts on settlement funds. Great.
Quote:
Orginally posted by chandresh
I came here four years ago and brought with me only the minimum required - since then I have transferred monies in and out of Canada on a few occassions without any problem, and the funds lying in long term investments (like Resurgent India Bonds) have remained outside Canada for all these years. I have however, included the income derived from those funds in my returns every year and paid taxes accordingly.
Hope the above explanation helps.
Chandresh
Hi ! CB,
Thanks for the info, My question is : does it mean you end up paying taxes in both the countries ?
For e.g Suppose I have some investments in India in the form of Real Estates , Equity, Debt funds, Govt. Sec,Mutual funds & Fixed deposits. So, whatever income I earn , I pay tax on that. Now, when I move to Canada , I may or may not transfer these capital investments at all . And if I show these investments in my returns in Canada, do I have to again pay taxes on that.
And suppose if I do not show these Indian investment , in my returns in Canada & in future if I require to transfer these funds then what happens ?
I assume your investment in India is before coming to Canada & not as NRI
To put it in a simple way, I will be keeping my investments in India & might transfer the funds over a period of time, say seven years.
Please advise,
Tuk Tuk
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Some people make Things happen, Some watch Things happen, While others wonder what has happened.............
Yes Tuk Tuk, you have to pay taxes in both countries but you can claim an amount as foreign taxes paid in your return in Canada. Depending on which country has taxed you, the income tax dept will give you credit for taxes paid in other countries since it will depend on the treaty between two countries.
In my case, my investments in India do not attract income tax since they were NRI investments (I left India 20 years ago), and those in Singapore also do not attract taxes since they are in tax exempt instruments. So in my particular case, I only pay taxes in Canada (which unfortunately is very high!!!)
But remember, You have to pay taxes only on income out of those foreign investment. In case there is no income (say real estate in your name and your family living in that which does not generate a rental income), no tax is required to be paid here in Canada.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Quote:
Orginally posted by Tuk Tuk
And suppose if I do not show these Indian investment , in my returns in Canada & in future if I require to transfer these funds then what happens ?
To put it in a simple way, I will be keeping my investments in India & might transfer the funds over a period of time, say seven years.
Please advise,
Tuk Tuk
Well technically you would be evading taxes - and it is upto one whether or not he wants to take the risk of being caught or not!
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
