Fund Transfer query

[Fuzzy Logic]

Hi all. I did soft landing in March 2020 and didn't transfer funds to Canada at that point in time. Now, I am planning to permanently move to Canada in April 2021 and would be transferring my funds from India to Canada. I wanted to ask if there is any tax implication on this considering the fact that i have already done soft landing.

 

[steaky]

You remain non resident for tax purposes until you are establish tax residency.

 

[Fuzzy Logic]

Thanks for the revert Steaky. Request your inputs in following scenario. Suppose I transfer all my funds in April 2021 and then shift permanently to Canada in the same month and start working and file my tax for FY21-22. In that case, would i be liable for tax?

 

[steaky]

FY21-22

What do you mean?

 

[gurpreet.ts]

Thanks for the revert Steaky. Request your inputs in following scenario. Suppose I transfer all my funds in April 2021 and then shift permanently to Canada in the same month and start working and file my tax for FY21-22. In that case, would i be liable for tax?

Transferring your own money doesn't lead to any tax liability - you are required to disclose your worldwide income when you become a tax resident of Canada, but your existing savings transfer is fine.