Canada Insurance Help

[dskairon]

Hi I am starting this topic for people who have questions regarding any suggestions needed for Insurance & Investments in Canada. Any help to understand RRSP's, RESP's, Term, Whole Life, Super Visa Insurance, Auto, Home in Ontario. Immigrants who are landing in Canada from India, I can also assist you how to plan for your investments in India. all questions are welcome.... Happy to help

 

[hanin142]

Hi I am starting this topic for people who have questions regarding any suggestions needed for Insurance & Investments in Canada. Any help to understand RRSP's, RESP's, Term, Whole Life, Super Visa Insurance, Auto, Home in Ontario. Immigrants who are landing in Canada from India, I can also assist you how to plan for your investments in India. all questions are welcome.... Happy to help

Hi , I appreciate if you could guide me with the below queries. All of them are on taxes as we had no tax in Dubai;

1. Once I start living in canada, till when am I allowed to bring in foreign earned income and savings without any tax? Do need declare it anywhere beforehand?

2. I am planning to dispose my Indian property once I decide to buy a house in canada. Can I bring these funds in without tax?

3. We are currently in Dubai and the plan is for me to move first and then my wife and son follows in a few months time as soon as I get settled. She will continue to work in the meantime in dubai. Any tax implication for her earned income?

 

[dskairon]

Hi hanin

Your situation is quite similar to one I faced

1. There is no Tax on Foreign Assed Income ( In World Income category from Countries who are in agreement with Canada for avoidance of dual Tax )
2. The investments / foreign assets which will be declared at landing port will never be taxed in Canada for Landed Immigrant
3. No Tax implications for your wife's Income in Canada if she is working abroad and sending money to family in Canada for support / investments from her Income

Once you land contact a CPA for professionally planning for your wealth, further all investments can be very well managed in Canada. Stay in touch

Hope the above suggestions helped

 

[torontosm]

Hi hanin

Your situation is quite similar to one I faced

1. There is no Tax on Foreign Assed Income ( In World Income category from Countries who are in agreement with Canada for avoidance of dual Tax )
2. The investments / foreign assets which will be declared at landing port will never be taxed in Canada for Landed Immigrant
3. No Tax implications for your wife's Income in Canada if she is working abroad and sending money to family in Canada for support / investments from her Income

Once you land contact a CPA for professionally planning for your wealth, further all investments can be very well managed in Canada. Stay in touch

Hope the above suggestions helped

I disagree with a number of your points, and would request that you refrain from passing on erroneous information.

1. You can bring in funds from overseas without any taxes forever. However, if you do have assets abroad that are valued at more than $100k, you will have to declare these on your first tax filing. Further, you will have to pay taxes on any income earned on these assets.
2. you can bring in proceeds from the sale of your house. However, you will be subject to capital gains tax on the increase in value of your Indian property between the time you landed and the time of sale.
3. As you will be living in Canada, your wife will be considered to be a resident of Canada for tax purposes and must pay income tax on her Dubai earnings.

 

[dskairon]

Hi Hanin

Your information is mixed up and you asked a vague question ,let me correct you -
Two different scenarios - one before landing
second is after landing - ( But you may be resident tax payer overseas ) you have not become Non Resident Indian in Indian Tax laws though you have immigrated.You are just reading it on CRA website and posting reply.
you are mixing laws of Canadian Income Tax with that of foreign country, when you become landed immigrant all assets have to be declared to the govt of Canada at FMV and those assets could be brought in Tax free ( consult CPA ) but you need to pay taxes back home, Your knowledge on the subject is very limited and mixed up. I have posted in my previous post that you consult your CPA. Canada has dual tax avoidance treaty with some countries and India is one of them. If you have filed your income tax return in India ( Resident Tax return in India ) you declare it as world Income.

Dear consult CPA and then arrive at some conclusion- I have world income I am paying only tax in India and not being subject to dual taxation. Please edit your post and delete the first line after checking "wold Income" on CRA website.. Thanks

 

[steaky]

Hi Hanin

Your information is mixed up and you asked a vague question ,let me correct you -
Two different scenarios - one before landing
second is after landing - ( But you may be resident tax payer overseas ) you have not become Non Resident Indian in Indian Tax laws though you have immigrated.You are just reading it on CRA website and posting reply.
you are mixing laws of Canadian Income Tax with that of foreign country, when you become landed immigrant all assets have to be declared to the govt of Canada at FMV and those assets could be brought in Tax free ( consult CPA ) but you need to pay taxes back home, Your knowledge on the subject is very limited and mixed up. I have posted in my previous post that you consult your CPA. Canada has dual tax avoidance treaty with some countries and India is one of them. If you have filed your income tax return in India ( Resident Tax return in India ) you declare it as world Income.

Dear consult CPA and then arrive at some conclusion- I have world income I am paying only tax in India and not being subject to dual taxation. Please edit your post and delete the first line after checking "wold Income" on CRA website.. Thanks

I think you got mixed up too and I second Torontosm that you should refrain to passing on erroneous information.

It doesn't matter before or after landing. In Canada, it depends on his residency status for tax purposes. If he did not become a tax resident of Canada, there is no point of declaring FMV to CRA, he can sell his asset in India and bring those cash to Canada to buy a house. If the Canadian property is made as an investment, he can elect to file a tax return as non resident of Canada for tax purposes.

Btw, there's nothing wrong with Hanin's first line.

 

[dskairon]

That's what I am saying steaky, Canada has dual Tax avoidance treaty with some countries particulary with India
http://www.treaty-accord.gc.ca/text-texte.aspx?id=102409

As for tax laws you are better of consulting a CPA ( should have read my email thoroughly before submitting replies )
Your knowledge also seems to be armature as of mine on the subject as it varies according to situations and countries

 

[steaky]

That's what I am saying steaky, Canada has dual Tax avoidance
As for tax laws you are better of consulting a CPA ( should have read my email thoroughly before submitting replies )
Your knowledge also seems to be armature as of mine on the subject as it varies according to situations and countries

That's why you shouldn't had discuss about tax in the first place. You should just tell Hanin to find an accountant to help him deal with taxation issues once he arrive in Canada.

What email? Do you know what's the difference between post and email? I read your post in this forum but not your email. You should also better of consulting a I.T. specialist.

 

[dskairon]

Steaky I think you should consult a phycologist instead ...... than me consulting a IT specialist and improve you discussion skills by consulting him, you must be very arrogant and angry person .. enjoy a bit.. remain cool man

 

[steaky]

Steaky I think you should consult a phycologist instead ...... than me consulting a IT specialist and improve you discussion skills by consulting him, you must be very arrogant and angry person .. enjoy a bit.. remain cool man

No, actually I'm good. Do you know what's the difference between phycologist and psychologist? In university, I had a minor in psychology. I studied behaviour and mental processes in animals (primates). Although I'm not a biologist, I know that a phycologist is a person who specialize in the study of algae. You should really consult a I.T. specialist and improve your internet skills (and perhaps, a psychologist to evaluate your mental health). You must be silly ... enjoy your life man.

 

[hanin142]

I disagree with a number of your points, and would request that you refrain from passing on erroneous information.

1. You can bring in funds from overseas without any taxes forever. However, if you do have assets abroad that are valued at more than $100k, you will have to declare these on your first tax filing. Further, you will have to pay taxes on any income earned on these assets.
2. you can bring in proceeds from the sale of your house. However, you will be subject to capital gains tax on the increase in value of your Indian property between the time you landed and the time of sale.
3. As you will be living in Canada, your wife will be considered to be a resident of Canada for tax purposes and must pay income tax on her Dubai earnings.

Thanks torontosm for the reply but I have further questions :

1. I can declare the assets that I have abroad which I assume includes my FDs and properties. But do I need to submit any documents for them? Eg. A property valuation certificate or a FD certificate? If not , how will they know that I have not put in a higher figure to avoid taxes when I sell and make a capital gain?

3. I feel its unfair to tax my wifes income as she just earns the bare minimum to support herself and my son in dubai till they fly to canada. What are the implications if I do not declare her income and show her as not working.

 

[pie_vancouver]

Are you a CPA dskairon?

 

[torontosm]

Thanks torontosm for the reply but I have further questions :

1. I can declare the assets that I have abroad which I assume includes my FDs and properties. But do I need to submit any documents for them? Eg. A property valuation certificate or a FD certificate? If not , how will they know that I have not put in a higher figure to avoid taxes when I sell and make a capital gain?

3. I feel its unfair to tax my wifes income as she just earns the bare minimum to support herself and my son in dubai till they fly to canada. What are the implications if I do not declare her income and show her as not working.

1. Like the entire tax system in Canada, the deceleration of value is based on trust where the government expects you to be honest. In the event that you are audited, and the CRA reviews documents and figures out you lied, you will be subject to severe financial and criminal penalties. Given you are just starting your life in Canada, I would advise you to follow the laws of the country and not start off by trying to lie and cheat.

3. Whether you think it's fair or not, it's the law. Again, if you wish to break the law by lying and cheating, it's your call as only you will be subject to the eventual repercussions.

 

[pie_vancouver]

Income prior to moving to Canada permanently does not need to be reported when filing ITR the next year unless it's from Canadian sources.

 

[hanin142]

1. Like the entire tax system in Canada, the deceleration of value is based on trust where the government expects you to be honest. In the event that you are audited, and the CRA reviews documents and figures out you lied, you will be subject to severe financial and criminal penalties. Given you are just starting your life in Canada, I would advise you to follow the laws of the country and not start off by trying to lie and cheat.

3. Whether you think it's fair or not, it's the law. Again, if you wish to break the law by lying and cheating, it's your call as only you will be subject to the eventual repercussions.

Thanks for info man. But I have no intention to break the law. I was just checking on any additional documents required to submit before hand. Property evaluation for a prior date for one cannot be obtained I guess.