+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

What to do now with my Settlement Funds that's in my Indian Bank account?

bishgop

Star Member
May 30, 2015
132
7
123
Bangalore
Category........
NOC Code......
1123
Job Offer........
Pre-Assessed..
App. Filed.......
24-02-2016
Doc's Request.
03-12-2016
Nomination.....
17-12-2016
AOR Received.
18-08-2016
Med's Request
Medicals Passed
Me & my wife landed in Canada on April 19...wasn't much of a hassle at the Pearson Airport, it took around 70 minutes for all the formalities to complete.

I have a few questions that bother me now...

1) The minimum settlement fund for two i.e. CA$ 15300 is in my ICICI Bank account in India. What should I do with it now? Can I transfer it to my TD Canada Chequing account..without any tax implications, other legal obligations?

2) If i want to transfer some amount of money to my father/friend/relatives in India through internet banking...can I do it? Is it legal? Will I have to report that now or in the future to Canadian authorities?

I know this is a lot of queries in one..but I seek this answers from experienced PRs who are settled in Canada for years now and have faced similar situation.

Thank you in Advance.
 
Last edited: