Carrying 100,000 CAD at first Landing, advice needed

[Peace05]

Hi all,

We are a family of three and are planning to land in Nov 2010 from India. I am seriously thinking of selling my home in India and want to take the money, approx 100,000CAD to Canada. I am concerned about the security of my property and want to sell it now and take the money to Canada. I have some questions in my mind such as;

1. Is there any problem with that amount of money at landing?
2. Will there be any tax involved?
3. What if i sell my property some time later on, with in or after a year and bring the money to Canada?
4. Would it be accounted as a foreign income and will have to pay tax on the amount, if brought after a year?
5. How much CAD a person, with a PR, can carry money (cash/other forms) from India on a one-way ticket?

Al suggestions are welcome.

Regards

Peace05

 

[explorer101]

1. Is there any problem with that amount of money at landing?
>>> No problem. Canada wants money from immigrants and you are bringing it, so they will all be smiling.

2. Will there be any tax involved?
>>> No tax.

3. What if i sell my property some time later on, with in or after a year and bring the money to Canada?
>>> No tax

4. Would it be accounted as a foreign income and will have to pay tax on the amount, if brought after a year?
>>> That is not income. You sell one house to buy another house. No tax.

5. How much CAD a person, with a PR, can carry money (cash/other forms) from India on a one-way ticket?
>>>> Per year $1,00,000 per applicant. About house it should be more than 10 year old then no tax is applicable on its sale proceed in India.
>>>>Cash is limited to $3000.
>>>>You dont need to have more than this money in cash.
>>>>DD in CAD payable in the city where you will deposit is better idea of bringing money.

 

[jacob333]

1. Is there any problem with that amount of money at landing?
>>> No problem. Canada wants money from immigrants and you are bringing it, so they will all be smiling.

2. Will there be any tax involved?
>>> No tax.

3. What if i sell my property some time later on, with in or after a year and bring the money to Canada?
>>> No tax

4. Would it be accounted as a foreign income and will have to pay tax on the amount, if brought after a year?
>>> That is not income. You sell one house to buy another house. No tax.

5. How much CAD a person, with a PR, can carry money (cash/other forms) from India on a one-way ticket?
>>>> Per year $1,00,000 per applicant. About house it should be more than 10 year old then no tax is applicable on its sale proceed in India.
>>>>Cash is limited to $3000.
>>>>You dont need to have more than this money in cash.
>>>>DD in CAD payable in the city where you will deposit is better idea of bringing money.

hi explorer... thanks for the advice but i have a question here that its ok that canada will wecome us with 1 lac cad with no tax over it but (1) how one can justify indian govt for such huge amt, i have heard that we have to pay 30 % as tax before leaving for canada as tax to ind govt? so how to save this money from tax ?
(2) what if the property owned is less than 10 year old ?
thanks in advace

 

[explorer101]

hi explorer... thanks for the advice but i have a question here that its ok that canada will wecome us with 1 lac cad with no tax over it but (1) how one can justify indian govt for such huge amt, i have heard that we have to pay 30 % as tax before leaving for canada as tax to ind govt? so how to save this money from tax ?
(2) what if the property owned is less than 10 year old ?
thanks in advace

India is away from economic shackles. Banks dont ask any questions. Enough $$$'s with RBI and Indian Banks. The bank will take just copy of passport and CoPR and will make DD of any denomination in 1/2 hour. No prior or after permission is required to make such drafts in $$. Purpose : Migration.

Canada - first you are bringing money for which you had already paid tax in ur country, so no tax in Canada, you have not earned that money,it came from sold property , property for which you paid from the already taxed money. No dual taxation.

If House is less than 10 years old, then tax is to be paid in India for the wealth gain. Wealth gain - talk to taxman. It is long assessment depending upon what you invested, refurnished, repaired and % increase each year of that money and subtract it from this sale money. Long calculations, file it with return and it is surely going to come in income tax scruitney. If you wish you can sell , make DD and come to Canada.

 

[sk.aggarwal]

I think it is not very safe to bring 100K$s cash with you anywhere. I would advice that you bring only the money that you need for landing. For rest, open a NRE/NRO account with any of the banks and deposit the money in NRO account. You should be able to withdraw NRO funds anywhere in the world. regarding tax issues, I would suggest talk to a CA. I know that Indians are allowed to repatriate upto 100K USD per year as family maintenance. I have SBI visa atm/debit/credit card which I can use anywhere and it takes money from my Indian account. Talk to a CA or Bank they should be able to help you out.

 

[jacob333]

thank you explorer and sk.aggarwal. ur advise is appritiable. thank you

 

[humtum143]

When are you landing with the cash?????? wich aeroport what time please tell me I need dumb people like you so i can make some quick cash

 

[destinationBC]

vowwww vowwww go to your CA Buddy otherwise you had it ,IF You are a salaried person going in the category you have applied for

remember a few things

First You cannot carry cash,you can only Transfer with a CA Attested reason why the money is being transferred.

second there is a Limit By RBI on how much you can carry without their prior approval ask your bank in one financial year.

Third That money will be taxed in canada you will be in high bracket

Fourth You cannot sell your house and carry the cash unless you pay wealth/Capital gain tax in India unless you never want to come to India Again.


Dont Mind my abrupt language but If You dont consult consult a financial adviser , forget canada Return you wont even be Airport return.


Now the ball is in your court

Hi all,

We are a family of three and are planning to land in Nov 2010 from India. I am seriously thinking of selling my home in India and want to take the money, approx 100,000CAD to Canada. I am concerned about the security of my property and want to sell it now and take the money to Canada. I have some questions in my mind such as;

1. Is there any problem with that amount of money at landing?
2. Will there be any tax involved?
3. What if i sell my property some time later on, with in or after a year and bring the money to Canada?
4. Would it be accounted as a foreign income and will have to pay tax on the amount, if brought after a year?
5. How much CAD a person, with a PR, can carry money (cash/other forms) from India on a one-way ticket?

Al suggestions are welcome.

Regards

Peace05

 

[Peace05]

Hi all (except Humtum123)

Thank you for your kind inputs. By the way, i am already an NRI for past many years. So, not much of hassles seen on this issue.

AND FOR HUMTUM123, I DAILY COME ACROSS GUYS LIKE YOU AND I DO KICK THEIR A..... You dumber, think before you say any thing.

Peace05

 

[humtum143]

Peace is what i like about you

Yeah happy Eid Mubarak wohoooo i love being called dumb and being kicked its what i like :'(

lol ;D

I LOVE THIS WAITING GAME

 

[humtum143]

IM HIGHHHHHHHHHHHHHH WOOOOHOOOOOOOOOOOOOOOOOOOO