I transferred 20k CAD from my Canadian account to my NRE account (received around 10L at the rate of 1CAD@50INR) back in 2019. Of course, it was my Canada employment income so all the tax on it has been paid to CRA.
Now, I want to bring this money into Canada. Now, this INR amount has become 12L due to interest earned on FD in last four years. But, I will get back same 20k CAD after outward remittance due to change in exchange rate (1CAD@60INR). So, it is no gain no loss scenario.
My questions are :
1. what are my options for this outward remittance?
2. Do I need to report this 20CAD to CRA which I received as a result of outward remittance?
3. Do I have to pay tax on this 20KCAD in Canada ?, Considering it is the same 20K CAD which I transferred to my NRE Account in 2019 and now I am getting back same 20KCAD.
Now, I want to bring this money into Canada. Now, this INR amount has become 12L due to interest earned on FD in last four years. But, I will get back same 20k CAD after outward remittance due to change in exchange rate (1CAD@60INR). So, it is no gain no loss scenario.
My questions are :
1. what are my options for this outward remittance?
2. Do I need to report this 20CAD to CRA which I received as a result of outward remittance?
3. Do I have to pay tax on this 20KCAD in Canada ?, Considering it is the same 20K CAD which I transferred to my NRE Account in 2019 and now I am getting back same 20KCAD.