Options for seniors with 250000 CAD in the kitty

[Copingwithlife]

The form for ITN has the following line

"Before you start: • Do not submit this form if you have, or are eligible to obtain, a social insurance number (SIN)"

As a non resident citizen you probably had SIN. Not sure how ITN was issued to you unless rules have changed recently.

One is to file a income tax return (ITN) as stated on the link I posted .
Example if you were undocumented and could not get a work permit to declare your earnings you could get a ITN to file taxes.
The CRA doesn’t care if you’re without status , their mandate is too collect taxes
Not all individuals filing a tax return can get a work permit
SIN is used for workers and filing tax returns

 

[newcanadian2700]

I would recommend that you speak to an investment specialists. I don't think annuities are possible for your parents since they are only visitors to Canada and don't have SINs. Annuity income is taxed and they would need to be able to file taxes annually on the income recieved.

That sucks.
They are on a super Visa and their PR will take enternity..

 

[newcanadian2700]

Your income ,investments and tax rates paid to the Government are irrelevant.
By law an investment company and or bank MUST request a SIN # when a income generating account is opened, and it’s MANDATORY the account holder provide it .
At the end of the tax year a T5 will be generated showing amount paid and that’ll be filed with the individuals personal income tax. Since the non resident won’t have a SIN they won’t able to open an annuity.
And this would not just involve annuities. This would encompass any income or dividend generating stock. I get dividends monthly . At the end of the year I get a T5, I then pay tax on said income . Quite a lot of tax . I don’t mind it because I’m doing my part to keep the benefit programs people depend upon functioning, and to help the less fortunate in this country.
I’d probably be looking at opening an investment that generates income in their home country , since their stay isn’t permanent.
Then get the funds transferred
https://www.canada.ca/en/employment-social-development/services/sin/protection.html

That is a good option.... Instruments in India are doing a lot better too.

Just having something local makes more sense.

Also considering buying a few cars and renting them to Truno....as an alternative

 

[newcanadian2700]

Right, exactly. My comments on the temporary SIN were for circumstances where an individual is a temporary resident (OP's parents aren't citizens or PRs). Where someone is a temp resident, they need to be holding a work permit or study permit to get the temp SIN.

They are retirees...and i somehow want to generate around 1500 CAD a month for them...so that they maintain a good state of mental health.....it's good to have their own source of income..at this age.. imo


Now the only problem is that my income already is nearly 180000 CAD a year and any more Instruments in my name will further lead to high taxation..

Worst case would be me managing their instruments back in india

 

[newcanadian2700]

Why are they moving such huge sum of money if they are here as temporary residents? As the above posts explain on a TRV they can't get a SIN and hence can't invest in Canada.

I see ..the SIN part is stil debatable...
But thanks a lot for your input.

My parents had a lot of real estate back home and this 250000 CAD is a result of their sale.

This money is already taxed in India...

It is an eventual process although...since there is a cap on remitting that income as well

 

[scylla]

Also considering buying a few cars and renting them to Truno....as an alternative

This would only work if you own the cars and then declare the resulting income in your own tax return. But it sounds like you don't want to go that way (i.e. want to avoid declaring any further income in your own return). IMO this isn't doable.

 

[newcanadian2700]

One is to file a income tax return (ITN) as stated on the link I posted .
Example if you were undocumented and could not get a work permit to declare your earnings you could get a ITN to file taxes.
The CRA doesn’t care if you’re without status , their mandate is too collect taxes
Not all individuals filing a tax return can get a work permit
SIN is used for workers and filing tax returns

So according to this..
My parents can hold a Canadian bank account..
Make a fixed deposit...
Buy an annuity as well..
And use money in this bank account for their daily expenses..
And yes ..pay taxes on the generated income,

 

[newcanadian2700]

This would only work if you own the cars and then declare the resulting income in your own tax return. But it sounds like you don't want to go that way (i.e. want to avoid declaring any further income in your own return). IMO this isn't doable.

Yes that is a big concern...since a big chunk would go to the government....beating the whole purpose..

 

[scylla]

Yes that is a big concern...since a big chunk would go to the government....beating the whole purpose..

IMO the investments (whatever they are) need to be out of their home country. I don't think there are any options for them here. They are only here as visitors.

 

[newcanadian2700]

IMO the investments (whatever they are) need to be out of their home country. I don't think there are any options for them here. They are only here as visitors.

Thanks for the input..
Appreciate it

 

[newcanadian2700]

Thanks for the input..
Appreciate it

Any other possibilities as well...?
Like investing in American stocks/Canadian stocks using a Canadian bank account???

 

[foodie69]

Yes that is a big concern...since a big chunk would go to the government....beating the whole purpose..

As you know, there are only two things in life that are 100%... Death and taxes. No escape.

 

[steaky]

Any other possibilities as well...?
Like investing in American stocks/Canadian stocks using a Canadian bank account???

Can you not invest in North American stocks using home country's bank account??

 

[canuck78]

That sucks.
They are on a super Visa and their PR will take enternity..

PR isn’t guaranteed. As I mentionned In your other post you seem to make longterm plans as if PR is guaranteed. PGP is only renewed annually with no guarantees and the demand for parent sponsorship far exceeds the number of spots. Not sure if you have been following the news but healthcare resources has become a major new item and is finally getting the attention it deserves. With the focus on millions without GPs,ER closures, nurses leaving the profession is huge numbers, a pandemic and an ageing population many already with status in Canada may be shocked to discover that PGP exists. If they do there will be a discussion about whether the PGP program is feasible and in such large numbers. Countries with similar immigration profiles and similar healthcare challenges, like Australia, don’t allow parent sponsorship with access to public healthcare.

 

[newcanadian2700]

PR isn’t guaranteed. As I mentionned In your other post you seem to make longterm plans as if PR is guaranteed. PGP is only renewed annually with no guarantees and the demand for parent sponsorship far exceeds the number of spots. Not sure if you have been following the news but healthcare resources has become a major new item and is finally getting the attention it deserves. With the focus on millions without GPs,ER closures, nurses leaving the profession is huge numbers, a pandemic and an ageing population many already with status in Canada may be shocked to discover that PGP exists. If they do there will be a discussion about whether the PGP program is feasible and in such large numbers. Countries with similar immigration profiles and similar healthcare challenges, like Australia, don’t allow parent sponsorship with access to public healthcare.

Will just pack my bags and head home then..
Family is love <3
Also health care in India is light years ahead of the Canadian system..