File Tax for money came through wire transfer

[OCT2014]

Hi,
I am on work permit and I have full time job.I also have filled for Permanent residency of Canada under CEC class.
If i want to transfer money from India to my bank in Canada through wire transfer up to $25000,do i have to file in the tax or will it affect my PR process.
Do i need any documentation/proof why I need this much money here?
Thanks in Advance

 

[chimney007]

If you are deemed to be a resident of Canada for tax purposes then you have to include worldwide income on your tax return. You have a job in Canada and you are applying for permanent residency seems to suggest that you may be a resident for tax purposes. Ring up the CRA or send in an email to find out.

For remittance of monies from India, if it is from your assets there is no need to pay Canadian tax. However if you are a resident you may have to file T1135 along with your Canadian tax return listing all your worldwide assets at cost and income generated from them.

Simple principle - tax is paid on income and not on assets.

 

[chimney007]

Oct 2014,

In case you need any clarifications email me.