Moving money from India to Canada

[SP88]

Please need help.
Got immigration to Canada a few years ago now going back to India to bring funds less than $1,00,000 canadian.
Taxes paid on Indian money as applicable.
1) will i have to pay any tax again? How much?
Or will the bank just convert money to Canadian dollars (make draft or wire transfer).
2. Any RBI restrictions?
Plz help

 

[lossada]

Please need help.
Got immigration to Canada a few years ago now going back to India to bring funds less than $1,00,000 canadian.
Taxes paid on Indian money as applicable.
1) will i have to pay any tax again? How much?
Or will the bank just convert money to Canadian dollars (make draft or wire transfer).
Plz help

go to your bank to get more information
talk to a accounting consultant

 

[Bs65]

Please need help.
Got immigration to Canada a few years ago now going back to India to bring funds less than $1,00,000 canadian.
Taxes paid on Indian money as applicable.
1) will i have to pay any tax again? How much?
Or will the bank just convert money to Canadian dollars (make draft or wire transfer).
2. Any RBI restrictions?
Plz help

So maybe clarify the amount , is there a typo, one too many commas or zeroes so you mean less than 10000. Or you actually mean 100k or a million. If either of the latter then obviously a probable tax issue consult a tax advisor but if less than 10k maybe just bring back cash.

 

[SP88]

Thanks for the reply.
Amount equivalent is less than Canadian $60k.

 

[lossada]

Thanks for the reply.
Amount equivalent is less than Canadian $60k.

you should wire transfer from India to Canada if there is not ban to withdraw money from India
keep your paper to inform to Canadian Bank where founds come from, how did you get that money in India, living in Canada (old savings,
heritage)

 

[SP88]

Savings money.
Actually first time I went to Canada just took $9k but now need to take savings.

 

[lossada]

Savings money.
Actually first time I went to Canada just took $9k but now need to take savings.

talk to your bank branches in Canada and India for more detailed explanation, be careful with suspicious money laundry

 

[Bs65]

talk to your bank branches in Canada and India for more detailed explanation, be careful with suspicious money laundry

Agreed talk to your Canadian bank to notify them that the money is post immigration money and when they should expect it. As per some other posts better to transfer as one amount as opposed to multiple given multiples can look suspicious.

 

[sabharishj]

Your case is completely dependent on the method you earned the money as far as Indian regulations are concerned.

You are planning to move around 52 lakhs INR to Canada. If the amount is a sale of assets or a saving amount which has been created as wealth creation for a long period of time, then there would be sufficient records to prove your fund movement is genuine.

If your method of wealth creation varies, please mention your case for a better suggestion.

As far as Indian laws are concerned, you are free to take your own hard earned money where ever you wish. But before attempting such transfers, please consult a well known auditor in your place. I am not sure about Canadian laws, You may be asked for explanation of bringing a huge volume of money from another country...

Please need help.
Got immigration to Canada a few years ago now going back to India to bring funds less than $1,00,000 canadian.
Taxes paid on Indian money as applicable.
1) will i have to pay any tax again? How much?
Or will the bank just convert money to Canadian dollars (make draft or wire transfer).
2. Any RBI restrictions?
Plz help