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