Bringing money from overseas

[M@st3r]

Case 1:
I have some doubts about bringing money to Canada from India. Please note that the money in India is not legal, it is totally cash. Are there any ways no taxes to be paid in Canada? Also what kind of ways I can find to get that money into my account?


Case 2:
If I can find someone who is willing to pay me in Canadian Currency and one of my family members gives an equal amount of Indian currency how does that works? Is it taxable for me because I am taking it into my account?

Note: I came as a student and I got an invitation to apply for PR. I will get my PR within few months.

 

[steaky]

Case 1:
I have some doubts about bringing money to Canada from India. Please note that the money in India is not legal, it is totally cash. Are there any ways no taxes to be paid in Canada? Also what kind of ways I can find to get that money into my account?


Case 2:
If I can find someone who is willing to pay me in Canadian Currency and one of my family members gives an equal amount of Indian currency how does that works? Is it taxable for me because I am taking it into my account?

Note: I came as a student and I got an invitation to apply for PR. I will get my PR within few months.

Case 1) Totally cash is not legal in India?
Case 2) You mean you find someone for currency exchange instead of going to some financial institutions?

 

[hyong1991]

Case 1:
I have some doubts about bringing money to Canada from India. Please note that the money in India is not legal, it is totally cash. Are there any ways no taxes to be paid in Canada? Also what kind of ways I can find to get that money into my account?


Case 2:
If I can find someone who is willing to pay me in Canadian Currency and one of my family members gives an equal amount of Indian currency how does that works? Is it taxable for me because I am taking it into my account?

Note: I came as a student and I got an invitation to apply for PR. I will get my PR within few months.

case 1 : generally Gifts are non-taxable , unless it's a large amount, the transaction probably would not be flagged by the bank/CRA. But do you have foreign property / assets under your name ?? , when you file your taxes you'd have to declare them, if they're > 100k cad

case 2 : Same as case 1 , financial gifts are usually non taxable.

https://www.fbc.ca/knowledge-centre/whats-cras-position-family-gifts

 

[rower]

Case 1:
I have some doubts about bringing money to Canada from India. Please note that the money in India is not legal, it is totally cash. Are there any ways no taxes to be paid in Canada? Also what kind of ways I can find to get that money into my account?


Case 2:
If I can find someone who is willing to pay me in Canadian Currency and one of my family members gives an equal amount of Indian currency how does that works? Is it taxable for me because I am taking it into my account?

Note: I came as a student and I got an invitation to apply for PR. I will get my PR within few months.

For case 1, say, you have a bank account to do the transfer, it would still be difficult. Banks flag deposits in cash becasue they cannot trace the origin of the money. This is especially true if you are trying to make an outward remittance. They won't care much about resident accounts.

From the site of an Indian bank: https://www.icicibank.com/Personal-Banking/faq/account-and-deposit/outward-remittance-faqs.page
Please note: Cash deposits are not eligible for NRO repatriation.

 

[micheal_tye]

You need to put money in account only and justify that the money you got is in the form of gifts to avoid tax.

 

[8494193]

Case 1:
I have some doubts about bringing money to Canada from India. Please note that the money in India is not legal, it is totally cash. Are there any ways no taxes to be paid in Canada? Also what kind of ways I can find to get that money into my account?


Case 2:
If I can find someone who is willing to pay me in Canadian Currency and one of my family members gives an equal amount of Indian currency how does that works? Is it taxable for me because I am taking it into my account?

Note: I came as a student and I got an invitation to apply for PR. I will get my PR within few months.

Sounds like money laundering/tax evasion. I would be careful and consult a tax professional prior to proceeding in either case.

 

[8494193]

For case 1, say, you have a bank account to do the transfer, it would still be difficult. Banks flag deposits in cash becasue they cannot trace the origin of the money. This is especially true if you are trying to make an outward remittance. They won't care much about resident accounts.

From the site of an Indian bank: https://www.icicibank.com/Personal-Banking/faq/account-and-deposit/outward-remittance-faqs.page
Please note: Cash deposits are not eligible for NRO repatriation.

Very much this. Unless you can prove the source of funds, you cannot move money out of the country. They're very strict about that.

 

[Lillianxama]

I'm not an expert on tax laws, but I can give you some general information. Please note that tax laws can vary and it is always best to consult a professional for advice specific to your situation.

In Case 1, if you're bringing money from India to Canada, it's important to note that you must declare all funds you bring with you when you arrive in Canada, whether in cash or in another form. Canadian authorities may impose taxes on undeclared amounts or amounts of unknown origin. To avoid any problems, we recommend that you declare your funds correctly.

When it comes to taxes, it's best to consult a tax expert for specific advice. Tax rules can be complex and vary according to many factors. A professional can help you understand the tax implications of your specific situation and advise you on the steps to take.

In Case 2, if you receive a payment in Canadian currency and a family member gives you an equivalent amount in Indian currency, this may be considered a transfer of funds between family members. Transfers of funds between family members may be tax-free, but this also depends on the country's specific tax laws. It is important to check the tax regulations applicable to your situation.

 

[steaky]

I'm not an expert on tax laws, but I can give you some general information. Please note that tax laws can vary and it is always best to consult a professional for advice specific to your situation.

In Case 1, if you're bringing money from India to Canada, it's important to note that you must declare all funds you bring with you when you arrive in Canada, whether in cash or in another form. Canadian authorities may impose taxes on undeclared amounts or amounts of unknown origin. To avoid any problems, we recommend that you declare your funds correctly.

When it comes to taxes, it's best to consult a tax expert for specific advice. Tax rules can be complex and vary according to many factors. A professional can help you understand the tax implications of your specific situation and advise you on the steps to take.

In Case 2, if you receive a payment in Canadian currency and a family member gives you an equivalent amount in Indian currency, this may be considered a transfer of funds between family members. Transfers of funds between family members may be tax-free, but this also depends on the country's specific tax laws. It is important to check the tax regulations applicable to your situation.

But this is an old thread.

 

[Andreas Munzer]

I'm not an expert on tax laws, but I can give you some general information. Please note that tax laws can vary and it is always best to consult a professional for advice specific to your situation.

In Case 1, if you're bringing money from India to Canada, it's important to note that you must declare all funds you bring with you when you arrive in Canada, whether in cash or in another form. Canadian authorities may impose taxes on undeclared amounts or amounts of unknown origin. To avoid any problems, we recommend that you declare your funds correctly.

When it comes to taxes, it's best to consult a tax expert for specific advice. Tax rules can be complex and vary according to many factors. A professional can help you understand the tax implications of your specific situation and advise you on the steps to take.

In Case 2, if you receive a payment in Canadian currency and a family member gives you an equivalent amount in Indian currency, this may be considered a transfer of funds between family members. Transfers of funds between family members may be tax-free, but this also depends on the country's specific tax laws. It is important to check the tax regulations applicable to your situation. anyway, you could keep your usdt in ownrwallet and pay zero taxes.

To put it short, you advise to consult a professional before making transactions, don't you? That is brilliant, thanks!