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Buying home after getting PR

Discussion in 'Housing' started by ashishtams, Apr 5, 2019.

  1. Hello All,

    I have just got PR under CEC. I am planning to buy home soon. I wanted to know if i can transfer money from INDIA to Canada so that i can pay the down payment to buy a house here in ontario.

    If yes, what is easiest process? and who should i get in touch with? a lawyer? accountant?

    Thank You.
  2. There are no tax implications for transferring the money. OP simply needs to keep a record of the source of funds if asked in future.
  3. You need to connect with a CA in India who will fill out the necessary forms ( Form 15 CA/CB) for you and then you will have to visit your Indian bank and thru their foreign exchange dept get the transfer to your Canadian bank account.
  4. Talk to your accountant before transferring large funds. Tax rules do apply. I'm not saying you'll have to pay tax, but there is paperwork to be done because next time you file your taxes it may come up as a question so best to have it sorted through your accountant ahead of time.
  5. Also ensure you keep a good paper trail on where the money was back home (accounts, assets, any powers of attorney, documents, etc.), and where it is coming into the country (your account).

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