dreamcanada
Star Member
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« on: April 27, 2011, 11:11:05 pm » |
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Hi ,
everyone , i just want to know while making b4 list of goods to follow , should i declare all the cash that I have in my bank accounts in India, so that they will not charge any taxes later , if i bring that cash to Canada.
also I am having a apartment on mortgage . should i declare that also , because in future i gonna sell the house and bring that money to Canada.
Please advice
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odin2404
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« Reply #1 on: April 27, 2011, 11:13:30 pm » |
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Yes, I think you should.
Also, find out the tax free window from the officials there - there might be a time limit on when you can take all of it tax free. I say might coz im not sure, I've tried to find out from various sources but there's all sorts of conflicting info.
Cheers,
O!
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Life is easy , life is FUN !
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dreamcanada
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« Reply #2 on: April 28, 2011, 01:12:43 am » |
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any one else.. any comments
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qorax
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« Reply #3 on: April 28, 2011, 09:21:12 am » |
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Hi ,
everyone , i just want to know while making b4 list of goods to follow , should i declare all the cash that I have in my bank accounts in India, so that they will not charge any taxes later , if i bring that cash to Canada.
also I am having a apartment on mortgage . should i declare that also , because in future i gonna sell the house and bring that money to Canada.
Please advice
The Form B4 is for ' goods' being brought inside Canada... not for Cash or Property/ies. In any case, any amount that u bring into Canada isn't taxed. One is free to bring-in millions, provided s/he has gained it thru legitimate sources. Qorax |
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odin2404
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Posts: 588
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Category........: FSW1
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App. Filed.......: 21-09-2010
Doc's Request.: sent with application
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AOR Received.: 27-01-2011
IELTS Request: sent with application
File Transfer...: 23rd Feb 2011
Med's Request: 03rd March 2011
Med's Done....: 30th March 2011
Interview........: Waived
Passport Req..: 03rd March 2011 PPR/RPRF sent: 13th April 2011 RPRF encashed: 29th April 2011
VISA ISSUED...: 05th May 2011
LANDED..........: 19th July 2011
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« Reply #4 on: April 28, 2011, 09:38:26 am » |
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The Form B4 is for 'goods' being brought inside Canada... not for Cash or Property/ies.
In any case, any amount that u bring into Canada isn't taxed. One is free to bring-in millions, provided s/he has gained it thru legitimate sources.
Qorax
Finally, I get some clarity on this. Thanks Qorax. If you're still around a quick question, is there a time limit to bring this in tax free? Do you have to declare this at any point in advance? Thanks Again |
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Life is easy , life is FUN !
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qorax
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« Reply #5 on: April 28, 2011, 10:05:17 am » |
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Finally, I get some clarity on this.
Thanks Qorax.
If you're still around a quick question, is there a time limit to bring this in tax free? Do you have to declare this at any point in advance?
Thanks Again
NOPE. Everytime u deposit the drafts/wire transfer -- it'd be automatically reported to Fintrac by the bank... if the amounts r huge - CRA might question us... else, that's about it. Qorax |
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dreamcanada
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« Reply #6 on: April 29, 2011, 01:17:05 am » |
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but in case i am planning to bring at soem later stage may be after 2-3 years , will it be taxed. bcoz i know some of my co workers who are Canadian, they dont send money home as it wil be taxed
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hondubai
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« Reply #7 on: April 29, 2011, 03:41:16 am » |
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but in case i am planning to bring at soem later stage may be after 2-3 years , will it be taxed. bcoz i know some of my co workers who are Canadian, they dont send money home as it wil be taxed
The money itself is not taxed. However, any interest you gain from depositing this money in saving accounts or whatsoever will be taxed. |
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qorax
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« Reply #8 on: April 29, 2011, 11:27:58 am » |
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The money itself is not taxed. However, any interest you gain from depositing this money in saving accounts or whatsoever will be taxed.
That's right. |
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dreamcanada
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« Reply #9 on: April 30, 2011, 12:24:38 am » |
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another thing after getting PR , I will be working abroad. do i have to file income tax returns in Canada.. they place where i live has no income tax..
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aspire
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« Reply #10 on: April 30, 2011, 12:35:28 am » |
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Captain Qorax, Kindly specifiy the exact amount where CRA considers as "huge". Thank you. NOPE.
Everytime u deposit the drafts/wire transfer -- it'd be automatically reported to Fintrac by the bank... if the amounts r huge - CRA might question us... else, that's about it.
Qorax
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qorax
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« Reply #11 on: April 30, 2011, 12:42:09 am » |
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another thing after getting PR , I will be working abroad. do i have to file income tax returns in Canada.. they place where i live has no income tax..
If u have residential ties here - YES. Else, No. Qorax |
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qorax
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« Reply #12 on: April 30, 2011, 12:44:11 am » |
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Captain Qorax,
Kindly specifiy the exact amount where CRA considers as "huge". Thank you.
No specific figure/s r found anywhere... nonetheless, anything around $50K+ could raise a red-flag. Qorax |
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aspire
Champion Member
Posts: 1026
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Category........: FSW1
Visa Office......: London
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Job Offer........: Yes
App. Filed.......: 22-02-2009
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Med's Done....: 17-02-2011
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« Reply #13 on: April 30, 2011, 12:47:02 am » |
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Captain, Do you have any advise on what are the preparatory things that needs to be done for someone who will be bringing in amount more than $50K? Thank you. No specific figure/s r found anywhere... nonetheless, anything around $50K+ could raise a red-flag.
Qorax
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"Not my will but God's will be done..."
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qorax
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« Reply #14 on: April 30, 2011, 08:45:42 am » |
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Captain,
Do you have any advise on what are the preparatory things that needs to be done for someone who will be bringing in amount more than $50K? Thank you.
Nothing... just carry the 'source' documentation. Qorax |
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