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Tax Implications On Receiving Employees Provident Fund (EPF)

logic_bomb

Full Member
Nov 3, 2015
25
0
Hello,

I am about to apply for withdrawal of my EPF (Employees Provident Fund) in India , This amount is tax free in India. Any idea if I have to declare this as my income while filing tax returns ? Anyways if I can make it tax free ?
 

logic_bomb

Full Member
Nov 3, 2015
25
0
I have decided not to withdraw my EPF and earn interest on it in India, I think this is better of option than loosing 34% in tax for no reason...
 

karmayogi

Full Member
Jun 6, 2016
24
0
Category........
Job Offer........
Pre-Assessed..
Doc's Request.
23-01-2017 [IMM5475E]
AOR Received.
09-01-2017
:eek: 34% Tax!!

You mean, this will be taxed in Canada? could you elaborate and help us understand how you arrived your decision so that it benefits others in similar dilemma?
 

deerestlovelybear

Hero Member
Jan 20, 2015
712
203
karmayogi said:
:eek: 34% Tax!!

You mean, this will be taxed in Canada? could you elaborate and help us understand how you arrived your decision so that it benefits others in similar dilemma?
Depend on your annual income, it will be taxed at your marginal rate in Canada, for some it can be up to 50% tax
 

softwaretesting

Champion Member
Apr 7, 2013
1,075
271
Category........
NOC Code......
2171
Job Offer........
Pre-Assessed..
Yep all income earned in home country any other foreign country is taxed in Canada...
Hi,

Do you (or anyone else) have more details on this? Since it is not technically an income in that year. It was our income during the years it was deposited into account. This is similar to money kept in bank once we leave job.

Keeping money in EPF account after leaving job is not advisable as interest earned after you leave the job is taxable.

Thanks in advance.