qorax said:
1. The B4 is for listing goods - not funds.
2. U can bring-in as much amount* as u desire after landing -till time infinite, no problem.
*There's no duties/levies/taxes. But, it'll be automatically reflected to Fintrac by the banks - whether wired, cash/draft deposited. End of the yr, when u file-in your Tax Returns - u'd need to report the funds as overseas income. And the interest component it earned @ bank is taxable for Capital Gains.
Qorax
Dear Qorax,
First, many thanks for posting much-needed useful info. "Qorax indexed" has become our daily read as my wife and I make efforts to move to Canada. By grace of God we have our PR visas and are planning to move to Vancouver (I know, not recommended but...) around the end of next month.
We have some qs relating to finance / taxes and hope you can help us here. We are just looking for off-hand advice and know that we should consul a Tax Professional, so won't hold yourself (or anyone else here) for replying with useful info.
- Can we leave some funds in our banks here in India. i.e., continue our savings bank a/c here and transfer the funds, say yearly, later on? Of course we would be bringing some funds to Canada upon landing.
- We have real property in India that is earning some rent that we don't want to sell now, but may sell 8-9 years down the road. Is it ok to do so? How / what would we have to declare when filing taxes?
- From your above post "u'd need to report the funds as overseas income". To understand correctly, any money brought into Canada upon landing is considered "overseas income" and is taxed at the end of the year as "income"?
- Can our parents give us monies later on in India and can we transfer the same to Canada? Would this attract any taxes in Canada?
Again, just looking for off-hand advice. Any help greatly appreciated.