Moving $200,000 CAD from India to Canada (New Immigrant)

[Delhi_Indian]

Hi Seniors,

Posting my question here as I couldn't find specific thread. I became Canadian PR in November 2019, stayed there for 10 days, applied SIN and opened bank account. I planned to go back in March 2020 but struck in India due to Covid-19.

I will be moving to Canada once the situation normalizes. I want to move my 14 years of savings, which I have invested in mutual funds in India, which are little less than $200,000 CAD. I have following questions:

1) Do I have to pay taxes in Canada for 2019? I only stayed for 10 days and do not have significant ties with Canada other than SIN and bank account.

2) What is the best way to transfer money $200,000 CAD from India to Canada? How long would it take to reflect the money in Canadian bank account?

3) I will be paying taxes in India. Do I also need to pay taxes in Canada? Also, do I need to mention about this money, while filing tax return next year?

4) What is the process/ steps involved of transferring the money to Canada? Do I just need to ask for Swift information from my Canadian bank account and initiate transfer or is there a specific process? Seniors/ those who have done similar transactions, please advise.

5) Do I need to declare the source of funds anywhere in Canada? If yes, where do I need to declare this information? As previously mentioned, this is my savings of last 14 years of job in India.

6) What are RBI regulations on transferring your hard earned savings to Canada?

7) How to find a good tax accountant in Canada? Or can I do these formalities myself? If yes, what the best way?

I will highly appreciate your response. Thank you.

 

[steaky]

1) Depends how much interest income in your Canadian bank account you made
2) HSBC global transfer. Instant transfer
3) Same question as no. 1
4) At HSBC website, logon your internet banking, go to global transfer - add country, at move money select the bank account in India for debit and select the bank account in Canada for credit, input the amount, and then hit confirm / proceed.
5) No, the bank should inform the tax authority

 

[canuck78]

Hi Seniors,

Posting my question here as I couldn't find specific thread. I became Canadian PR in November 2019, stayed there for 10 days, applied SIN and opened bank account. I planned to go back in March 2020 but struck in India due to Covid-19.

I will be moving to Canada once the situation normalizes. I want to move my 14 years of savings, which I have invested in mutual funds in India, which are little less than $200,000 CAD. I have following questions:

1) Do I have to pay taxes in Canada for 2019? I only stayed for 10 days and do not have significant ties with Canada other than SIN and bank account.

2) What is the best way to transfer money $200,000 CAD from India to Canada? How long would it take to reflect the money in Canadian bank account?

3) I will be paying taxes in India. Do I also need to pay taxes in Canada? Also, do I need to mention about this money, while filing tax return next year?

4) What is the process/ steps involved of transferring the money to Canada? Do I just need to ask for Swift information from my Canadian bank account and initiate transfer or is there a specific process? Seniors/ those who have done similar transactions, please advise.

5) Do I need to declare the source of funds anywhere in Canada? If yes, where do I need to declare this information? As previously mentioned, this is my savings of last 14 years of job in India.

6) What are RBI regulations on transferring your hard earned savings to Canada?

7) How to find a good tax accountant in Canada? Or can I do these formalities myself? If yes, what the best way?

I will highly appreciate your response. Thank you.

https://www.finder.com/ca/taxes-regulations-on-large-money-transfers-to-canada

Make sure to keep all your records about where the funds originated just in case.

 

[Delhi_Indian]

1) Depends how much interest income in your Canadian bank account you made
2) HSBC global transfer. Instant transfer
3) Same question as no. 1
4) At HSBC website, logon your internet banking, go to global transfer - add country, at move money select the bank account in India for debit and select the bank account in Canada for credit, input the amount, and then hit confirm / proceed.
5) No, the bank should inform the tax authority

I have less than $10,000 CAD in Canadian bank account. I am hardly earning any interest.

My 3rd point is regarding when I sell my mutual fund, I need to pay tax on the Capital gains in India. I am hoping there is a dual tax treaty and I won't be taxed twice. Now, once I wire transfer the funds to Canada. Do I need to declare it anywhere? Thanks

 

[Delhi_Indian]

https://www.finder.com/ca/taxes-regulations-on-large-money-transfers-to-canada

Make sure to keep all your records about where the funds originated just in case.

I have salary slips and income tax return of India of last 4-5 years. I can also get the historical bank statements from my bank. Do you think I will be requiring anything else?

Since I am new to Canada, I am not sure about the Canadian tax system. Should I reach out to tax consultant regarding moving of funds or is it simple to handle on your own?

Thanks for your help.

 

[steaky]

I have less than $10,000 CAD in Canadian bank account. I am hardly earning any interest.

My 3rd point is regarding when I sell my mutual fund, I need to pay tax on the Capital gains in India. I am hoping there is a dual tax treaty and I won't be taxed twice. Now, once I wire transfer the funds to Canada. Do I need to declare it anywhere? Thanks

No, you don't need declare the funds movement. The bank will do it for you.