Seeking advise on Distribution of Funds

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dushetty
Member since: Sep 04

Posts: 16
Location: dubai
Post ID: #PID

Posted on: 07-02-05 01:05:59

Hi we are coming to Toroto in the next 2 months from Dubai.
Can anybody advise whether it is better to transfer only a part of our savings into a canadian current account and the rest of the savingds to be maintained in an offshore account at Jersey for example - due to taxes etc ??

Does anyone have any experience in dealing with HSBC Jersey??

faisal
Member since: May 04

Posts: 661
Location: in the heart of Mrs Saga
Post ID: #PID

Posted on: 07-02-05 05:17:11

Quote:
Orginally posted by dushetty

Hi we are coming to Toroto in the next 2 months from Dubai.
Can anybody advise whether it is better to transfer only a part of our savings into a canadian current account and the rest of the savingds to be maintained in an offshore account at Jersey for example - due to taxes etc ??

Does anyone have any experience in dealing with HSBC Jersey??

If you are not coming to Canada for good at the moment, then now is not the best time to convert your Non CAD funds to CAD.

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Deal With Reality or Reality Will Deal With You

dushetty
Member since: Sep 04

Posts: 16
Location: dubai
Post ID: #PID

Posted on: 07-02-05 07:24:15

Quote:
Orginally posted by faisal

Quote:
Orginally posted by dushetty

Hi we are coming to Toroto in the next 2 months from Dubai.
Can anybody advise whether it is better to transfer only a part of our savings into a canadian current account and the rest of the savingds to be maintained in an offshore account at Jersey for example - due to taxes etc ??

Does anyone have any experience in dealing with HSBC Jersey??

If you are not coming to Canada for good at the moment, then now is not the best time to convert your Non CAD funds to CAD.

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 07-02-05 10:43:20

Canada offers a tax shelter (Canada.tax shelter?????have I gone mad???????) for new immigrants for a period of 60 months from date of landing if they are able to plan things before landing. There are some specific rules regarding this (unfortunately I had read some 4 years ago AFTER I landed in Canada so I do not recollect now) which you can search on the web.

If I remember, income on these funds kept in specific account will be free from tax for 60 months. May be our other members like Daks, DP Jain, Smiley, Sathish Subramanium etc can shed a light on this.

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

dushetty
Member since: Sep 04

Posts: 16
Location: dubai
Post ID: #PID

Posted on: 08-02-05 08:00:58

I have heard that it is not necessary to declare about the accounts that may be held outside canada. is this true??

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 09-02-05 17:13:25

Quote:
Orginally posted by dushetty

I have heard that it is not necessary to declare about the accounts that may be held outside canada. is this true??

Once you become a resident of Canada then you have to pay taxes on your world income which include the interest income earned on money elsewhere. You may chose not to declare it on your own risk as you might face problems later when you try to transfer these funds to Canada and the amount is quite significant.

If you are coming to Canada and you have significant funds then why not invest them in real estate by buying a house property as you would need a house to live in. The money invested in house property (principal residence) is not subjected to any taxes even if there is subsequent increae in the value of the house at the time of sale. In the time of booming property market you might actually make more money that way and would save the rent too.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

dushetty
Member since: Sep 04

Posts: 16
Location: dubai
Post ID: #PID

Posted on: 10-02-05 01:06:03

the govt of india has already introduced a 30 % taxes on interests on fixed deposits. so if we are paying taxes already on NRI deposits in india do we still get taxed on these deposits if we declare them to the canadian govt??

If yes, then where is it best to hold these funds - in india or transfer them to canada ?? to avoid paying double taxes!!

Also could you please advise if it may be worth it to transfer funds into an savings account in jersey??

Contributors: dushetty(5) Pramod Chopra(2) faisal(1) chandresh(1) New Guy(1)

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