Transfer all my savings from Indian Bank to Canada

[andy_aps]

I will be shifting to Canada by end of August 23. I have around 60lac INR in my account back in India which I am planning to transfer in my Canadian account.

1. Do I need to pay tax on this amount in Canada (All taxes on this amount is already paid in India)
2. As per recent Union Budget 2023, 20% TCS is charged for Foreign Remittance. Is there any way to get away from this as both accounts are going to be on my name only.
3. What is the best way to transfer funds to my Canadian account.

 

[steaky]

I will be shifting to Canada by end of August 23. I have around 60lac INR in my account back in India which I am planning to transfer in my Canadian account.

1. Do I need to pay tax on this amount in Canada (All taxes on this amount is already paid in India)
2. As per recent Union Budget 2023, 20% TCS is charged for Foreign Remittance. Is there any way to get away from this as both accounts are going to be on my name only.
3. What is the best way to transfer funds to my Canadian account.

1) Maybe if you are Canadian resident for tax purposes for 2022.
3) Wire

 

[iSaidGoodDay]

I will be shifting to Canada by end of August 23. I have around 60lac INR in my account back in India which I am planning to transfer in my Canadian account.

1. Do I need to pay tax on this amount in Canada (All taxes on this amount is already paid in India)
2. As per recent Union Budget 2023, 20% TCS is charged for Foreign Remittance. Is there any way to get away from this as both accounts are going to be on my name only.
3. What is the best way to transfer funds to my Canadian account.

2. No, you can't! I transferred very large amounts during June to make sure I only pay 5% TCS (vs 20% TCS after July 1). The only way is to transfer your funds when you file your tax returns, which would be March next year.
3. I used a transfer service for these as you won't be able to wire these amounts. I used Money2world from HDFC.

 

[Canada2020eh]

I will be shifting to Canada by end of August 23. I have around 60lac INR in my account back in India which I am planning to transfer in my Canadian account.

1. Do I need to pay tax on this amount in Canada (All taxes on this amount is already paid in India)
2. As per recent Union Budget 2023, 20% TCS is charged for Foreign Remittance. Is there any way to get away from this as both accounts are going to be on my name only.
3. What is the best way to transfer funds to my Canadian account.

1/ No, you are allowed to bring funds into Canada without paying taxes, the bank here will record the amount and if over $10k will report it but that is only for anti money laundering purposes, no taxes payable.
2/ Not a Canadian thing, no idea.
3/ Talk to your current bank in India for that info.

 

[andy_aps]

1/ No, you are allowed to bring funds into Canada without paying taxes, the bank here will record the amount and if over $10k will report it but that is only for anti money laundering purposes, no taxes payable.
2/ Not a Canadian thing, no idea.
3/ Talk to your current bank in India for that info.

Thanks for clarifying 1. point. I would be transferring around 100k from my Indian Bank account to Canadian bank account.

Does it require me to declare about this transaction beforehand to bank or it needs to be declared sometime during filing Tax returns?

 

[donkyhote]

@Car Games
2. No, you can't! I transferred very large amounts during June to make sure I only pay 5% TCS (vs 20% TCS after July 1). The only way is to transfer your funds when you file your tax returns, which would be March next year.
3. I used a transfer service for these as you won't be able to wire these amounts. I used Money2world from HDFC.

Glad to hear that you found a lot of useful information on (canadavisa)

 

[Canada2020eh]

Thanks for clarifying 1. point. I would be transferring around 100k from my Indian Bank account to Canadian bank account.

Does it require me to declare about this transaction beforehand to bank or it needs to be declared sometime during filing Tax returns?

I don't think you have to advise them but you can check with them to be sure if you want to. You do not have to report on your taxes, it isn't income that is taxable.

 

[iSaidGoodDay]

Glad to hear that you found a lot of useful information on (canadavisa)

you are replying to the wrong person.