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Bringing money from overseas

cjdakota

Newbie
Jul 21, 2020
5
1
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.
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.
 

cjdakota

Newbie
Jul 21, 2020
5
1
Hi Experts
Can someone help me with a similar scenario?
1. I am a Canadian citizen and have no secondary ties at present except bank account which is non-interest. I am currently residing outside Canada and wanted to transfer money from the Middle East country to my Canadian account TD bank. I am planning in the future to live in Canada but for time being depositing money to my Canadian bank to buy property in Canada later. My Questions are
1. Any channel thru which I transfer, bank to bank charges a lot, Western Union transfer only twice per month, as there is a limit to transfer.
2. Can I transfer more than 10K?
Thanks for your read.
CIBC lets you transfer and they deal with a much better program called Transferwise. This bank is great with overseas money and transfers they help you and work with you to set up what you need. They also do higher transfers depending on what you need.
 

cjdakota

Newbie
Jul 21, 2020
5
1
You could have just brought all your money with you when you moved to Canada. Why do you need to transfer 10k at a time I don't understand.
You could have just brought all your money with you when you moved to Canada. Why do you need to transfer 10k at a time I don't understand.
If you move to Canada and have money from another country look at going with CIBC because they can transfer all of your money for you to Canada rather then doing small amounts at a time. You have to only declare at customs the money you have on you under 10K If you have more you have to declare how much this is only for fraud reasons they want to be sure it is legitimate money. When there is an issues is when people lie about the money. You see in Canada transferring or brining in money it is not taxed unless it is from work or viewed as income from within Canada. CIBC can help you with this stuff they are great and no I don't work for them or try to advertise they are a great bank that i have dealt with for years and i have worked with all the Canadian banks and this was is the best
 

cjdakota

Newbie
Jul 21, 2020
5
1
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.
No this money from India is yours it is not income made within Canada so it is not taxed. The reason Canada is like this is because we welcome money into the country they want you to spend your money here and build your life. It is strange i know because we may be one of the only countries that do this but why would Canada tax you so you have to pay twice on money you earned in another country. This can happen when you work outside of Canada though so watch the rules on that one, When you work outside of Canada but live here you then have to declare your income in both countries.
 

rehman_naveed

Full Member
Mar 23, 2018
33
8
CIBC lets you transfer and they deal with a much better program called Transferwise. This bank is great with overseas money and transfers they help you and work with you to set up what you need. They also do higher transfers depending on what you need.
Thank you so much. Much Appreciated.
 

Jane2019

Star Member
Jun 2, 2019
76
22
You are resident when you established significant ties in Canada. I suggest you read the Canada Revenue Agency website for details. As explained in that website, your bank account in Canada alone is just one secondary ties and it would not make you a Canadian taxpayer (you would not be taxed on your non-Canadian income). Just make sure you opened a non resident bank account or a bank account with no interest accrued.
What do you mean by non-resident bank account? As a PR holder, wouldn't we open a bank account suitable for permanent residents? Also, if having a bank account is a secondary tie, then does the nature of it really matter? I am asking all these questions because I have no clue about their answers. Many thanks in advance!
 

steaky

VIP Member
Nov 11, 2008
10,399
722
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What do you mean by non-resident bank account? As a PR holder, wouldn't we open a bank account suitable for permanent residents? Also, if having a bank account is a secondary tie, then does the nature of it really matter? I am asking all these questions because I have no clue about their answers. Many thanks in advance!
One as a PR holder can be non resident for tax purposes, so they told the bank about their non resident status.
 

Mmaindak

Full Member
Jul 19, 2017
36
3
Is it okay to have savings transferred from your wife's account as I shall be settling first and family will follow later?
If it is not okay then should I transfer from a joint account?

If it is okay should I ask my Canadian bank to convert my account to non resident status before transfer?
 

steaky

VIP Member
Nov 11, 2008
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Is it okay to have savings transferred from your wife's account as I shall be settling first and family will follow later?
If it is not okay then should I transfer from a joint account?

If it is okay should I ask my Canadian bank to convert my account to non resident status before transfer?
Is it about money laundering that you need to use one's wife account to make such transaction?
 

Mmaindak

Full Member
Jul 19, 2017
36
3
Is it about money laundering that you need to use one's wife account to make such transaction?
The country where I'm cancelling my residence visa usually freeze bank accounts as protocol to check for debts...which is why I transferred my savings to my spouse account as her visa is still valid.... what has money laundering got to do with it...??
I do not wish for my funds to be stuck in procedural limbo...
 

steaky

VIP Member
Nov 11, 2008
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what has money laundering got to do with it...??
I do not wish for my funds to be stuck in procedural limbo...
Look at the original post you wrote - you clearly wrote "your wife" that is another member's wife.
 

Canadianimmi

Member
May 23, 2019
12
3
So, can someone help with understanding the bottom line.
a) I have 100,000 CAD with me in my home country that I earned before setting foot in Canada and becoming a PR. This money is earned tax-free for instance let's say from UAE and placed into an NRE account in India where again it's tax-free. But the bottom line it was earned before becoming PR.
b) I take 10,000 CAD with me to Canada while landing and live there permanently.
c) 90,000 CAD stays back in my home country while generating interest every year for the next years.
d) Interest income from the 90,000 CAD is taxed every year. We are aware of this fact and it is fine.
e) After 5 years I want to transfer 90,000 CAD to my Canadian bank account as is. Would this 90,000 be taxed then? My understanding is that 90K CAD was earned before I became PR so no tax is levied on it.

appreciate some clarity and if anyone has any official CRA links on this matter would help us. Been searching but could not get anything concrete.
 

steaky

VIP Member
Nov 11, 2008
10,399
722
Job Offer........
Pre-Assessed..
So, can someone help with understanding the bottom line.
a) I have 100,000 CAD with me in my home country that I earned before setting foot in Canada and becoming a PR. This money is earned tax-free for instance let's say from UAE and placed into an NRE account in India where again it's tax-free. But the bottom line it was earned before becoming PR.
b) I take 10,000 CAD with me to Canada while landing and live there permanently.
c) 90,000 CAD stays back in my home country while generating interest every year for the next years.
d) Interest income from the 90,000 CAD is taxed every year. We are aware of this fact and it is fine.
e) After 5 years I want to transfer 90,000 CAD to my Canadian bank account as is. Would this 90,000 be taxed then? My understanding is that 90K CAD was earned before I became PR so no tax is levied on it.

appreciate some clarity and if anyone has any official CRA links on this matter would help us. Been searching but could not get anything concrete.
5 years is a long period of time. Post again in 4 years.
 

Lazymon82

Hero Member
Jan 9, 2020
210
90
Montreal
Category........
QSW
So, can someone help with understanding the bottom line.
a) I have 100,000 CAD with me in my home country that I earned before setting foot in Canada and becoming a PR. This money is earned tax-free for instance let's say from UAE and placed into an NRE account in India where again it's tax-free. But the bottom line it was earned before becoming PR.
b) I take 10,000 CAD with me to Canada while landing and live there permanently.
c) 90,000 CAD stays back in my home country while generating interest every year for the next years.
d) Interest income from the 90,000 CAD is taxed every year. We are aware of this fact and it is fine.
e) After 5 years I want to transfer 90,000 CAD to my Canadian bank account as is. Would this 90,000 be taxed then? My understanding is that 90K CAD was earned before I became PR so no tax is levied on it.

appreciate some clarity and if anyone has any official CRA links on this matter would help us. Been searching but could not get anything concrete.
My understanding is that Canada's Tax treaty with UAE is only for UAE citizens whom do not have to pay taxes on tax-free income from UAE. As you mentioned you were indian citizen at the time of earning the income "may" be considered as indian income (needs correction) and as you said you will be paying canadian income tax after you become canadian PR on the 90k interest as world income. 90k when transfered "might" be considered as canadian income for the taxation year.