My suggestion to you is to deal with CIBC they are very experienced with this and help many from places like yours set up what they need and help them with the transfers and understanding how it all works. They have great programs for new comers to Canada as well. They are the only bank i find that is good with this stuff. TD is too stuff and they flag you for the tiniest thing you do because they themselves are not an honest bank and have been caught in many scandals so to make themselves look good they go after everyone and they lose good honest customers because they are too strict. This is after all our money not theirs.I have some doubts about bringing money to Canada from India.
I talked to one local agent regarding this and his answer made me curious. He said that can be easily done and everything will be done in such a way that I do not have to pay any taxes in Canada.
Please note that the money in India is legal on which proper taxes have been paid.
I am wondering if he has some escape route or are there really no taxes to be paid in Canada.
Can the experts please shed some light on this?
On another note, is there a possibility to give that money(in INR) to a friend's relative in India and in return take CAD from the Canadian friend?
Are there any tax implications for any of us in this transaction?
Thanks in advance.