proby said:
Dear Friends,
I understand that we have to declare the funds that we are carrying using form E677 at the time of landing.
My question is what should you do if you have some funds that you want to be transferred later in your canadian a/c from india. Lets say i have a Fixed Deposit which will mature in lets say a year's time,& then i will get them transferred in my canadian a/c.So what should i do? Should i declare these kind of investments now at the time of landing?
If yes, in which form?
Also will these transfers invite some form of transfer tax?
Proby
You are not required to declare funds you will be bringing in at a later date as part of your landing process.
There is no transfer tax for money. However please be advised that in addition to the charges you pay in India to transfer your money, the banks in Canada also charge a fee for receiving funds from abroad.
However, after becoming a PR, you are required to declare
all foreign
income when you file your annual income tax each year. It is premature to say if you will end up paying any tax on this amount or end up getting some income tax refund, as the final tax payable each year is dependent on many factors including your annual income the amount of tax that is automatically deducted from your salary, etc.
If you will be getting multiple remittances (legally 8) ) from India after becoming a PR, I would strongly advise going to a tax consultant so he can correctly account for this money in your tax filing, so you don't end up paying any unnecessary tax.
Regards,