NRI - New immigrant - How to bring money to Canada

[vermas]

Dear friends,

I immigrated to Canada in Aprl 2013 and have been here for almost a year. I left approx CAD 12.0K in the bank fixed deposit and apprx CAD 13.0 in Mutual Funds in India. Till date, I have not notified the bank and the mutual funds AMCs regarding change of my status from "Resident Indian" to "Non Resident Indian". My father is the joint holder in the bank account. On maturity, the FD amount will be creditted to my bank account next month. I also intend to redeem my mutual fund holdings at the same time, redeemed amount will also come in to the same bank account.

I want to know how can I have this money belonging to me repatriated to myself in Canada. What could be the tax implications in India and Canada on this apprx CAD 25.0K amount.

Also, can my father gift some money to me, if yes, how to go about it?

Help and guidance from the seniors and tax professionals will be greatly appreciated.

Regards,

Sunny

 

[explorer101]

Dear friends,
I immigrated to Canada in Aprl 2013 and have been here for almost a year. I left approx CAD 12.0K in the bank fixed deposit and apprx CAD 13.0 in Mutual Funds in India. Till date, I have not notified the bank and the mutual funds AMCs regarding change of my status from "Resident Indian" to "Non Resident Indian". My father is the joint holder in the bank account. On maturity, the FD amount will be creditted to my bank account next month. I also intend to redeem my mutual fund holdings at the same time, redeemed amount will also come in to the same bank account.
I want to know how can I have this money belonging to me repatriated to myself in Canada. What could be the tax implications in India and Canada on this apprx CAD 25.0K amount.
Also, can my father gift some money to me, if yes, how to go about it?
Help and guidance from the seniors and tax professionals will be greatly appreciated.
Regards,
Sunny

When the money is in a bank account, your father can wire transfer the money to your bank account in Canada. He will need your Passport copy and copy of PR card and his passport copy or any other residency proof. The reason of transfer can be your maintenance. Nothing else is required.
tax advice is always personal , so rest in sent to you by pm-

 

[vermas]

Dear explorer101, thank you for your reply here as well as PM. Its much appreciated.

Regards,

When the money is in a bank account, your father can wire transfer the money to your bank account in Canada. He will need your Passport copy and copy of PR card and his passport copy or any other residency proof. The reason of transfer can be your maintenance. Nothing else is required.
tax advice is always personal , so rest in sent to you by pm-

 

[thomas78]

Dear friends,

I immigrated to Canada in Aprl 2013 and have been here for almost a year. I left approx CAD 12.0K in the bank fixed deposit and apprx CAD 13.0 in Mutual Funds in India. Till date, I have not notified the bank and the mutual funds AMCs regarding change of my status from "Resident Indian" to "Non Resident Indian". My father is the joint holder in the bank account. On maturity, the FD amount will be creditted to my bank account next month. I also intend to redeem my mutual fund holdings at the same time, redeemed amount will also come in to the same bank account.

I want to know how can I have this money belonging to me repatriated to myself in Canada. What could be the tax implications in India and Canada on this apprx CAD 25.0K amount.

Also, can my father gift some money to me, if yes, how to go about it?

Help and guidance from the seniors and tax professionals will be greatly appreciated.

Regards,

Sunny

hi sunny,

when filing tax in canada for the first time i believe you have to mention the assets or funds you hold in india because i remember filling it. As per the rbi guidelines NRI's should not hold any more resident savings account in india. existing account should be converted to NRE savings account. The FD that you started before becoming an NRI is okay. that can be send (wire transfer by bank/forex services like thomas cook) to your account in canada as "family maintenance/ living expenses etc" by your parent. However there is a limit that a canadian resident can receive from other country as gift.