Hi Seniors,
My parents recently got their PR. Their home country is India.
Could someone please clarify what should be handled back home in order to have a clean transition to starting life here?
What needs to be reported on their first Income Tax here? How much can they transfer of their income here? Can they bring any amount of jewelry etc., and are there any reporting requirements? They own a flat and an office back home, what needs to be declared here? Is there a time period that they need to transfer funds etc. to Canada after receiving their PR.
Also in Canada the taxes run Jan - Dec, but this isn't the case in India. So how can we accurately declare income tax paid in India if the taxation cycle is different?
Sorry for the many questions, but hoping if someone has been through this and could please point me in the right direction.
Even if there is an accountant you can refer me that specialization in this area, it would be appreciated.
Thank you in advance to all seniors.
My parents recently got their PR. Their home country is India.
Could someone please clarify what should be handled back home in order to have a clean transition to starting life here?
What needs to be reported on their first Income Tax here? How much can they transfer of their income here? Can they bring any amount of jewelry etc., and are there any reporting requirements? They own a flat and an office back home, what needs to be declared here? Is there a time period that they need to transfer funds etc. to Canada after receiving their PR.
Also in Canada the taxes run Jan - Dec, but this isn't the case in India. So how can we accurately declare income tax paid in India if the taxation cycle is different?
Sorry for the many questions, but hoping if someone has been through this and could please point me in the right direction.
Even if there is an accountant you can refer me that specialization in this area, it would be appreciated.
Thank you in advance to all seniors.