shud i declare the cash that i have in bank In India also in B4 list -->Qorax

[dreamcanada]

Hi ,

everyone , i just want to know while making b4 list of goods to follow , should i declare all the cash that I have in my bank accounts in India, so that they will not charge any taxes later , if i bring that cash to Canada.
also I am having a apartment on mortgage . should i declare that also , because in future i gonna sell the house and bring that money to Canada.

Please advice

 

[odin2404]

Re: should i declare the cash that i have in bank In India also in B4 list

Yes, I think you should.

Also, find out the tax free window from the officials there - there might be a time limit on when you can take all of it tax free. I say might coz im not sure, I've tried to find out from various sources but there's all sorts of conflicting info.

Cheers,
O!

 

[dreamcanada]

any one else.. any comments

 

[qorax]

Hi ,

everyone , i just want to know while making b4 list of goods to follow , should i declare all the cash that I have in my bank accounts in India, so that they will not charge any taxes later , if i bring that cash to Canada.
also I am having a apartment on mortgage . should i declare that also , because in future i gonna sell the house and bring that money to Canada.

Please advice

The Form B4 is for 'goods' being brought inside Canada... not for Cash or Property/ies.

In any case, any amount that u bring into Canada isn't taxed. One is free to bring-in millions, provided s/he has gained it thru legitimate sources.

Qorax

 

[odin2404]

The Form B4 is for 'goods' being brought inside Canada... not for Cash or Property/ies.

In any case, any amount that u bring into Canada isn't taxed. One is free to bring-in millions, provided s/he has gained it thru legitimate sources.

Qorax

Finally, I get some clarity on this.

Thanks Qorax.

If you're still around a quick question, is there a time limit to bring this in tax free? Do you have to declare this at any point in advance?

Thanks Again

 

[qorax]

Finally, I get some clarity on this.

Thanks Qorax.

If you're still around a quick question, is there a time limit to bring this in tax free? Do you have to declare this at any point in advance?

Thanks Again

NOPE.
Everytime u deposit the drafts/wire transfer -- it'd be automatically reported to Fintrac by the bank... if the amounts r huge - CRA might question us... else, that's about it.

Qorax

 

[dreamcanada]

but in case i am planning to bring at soem later stage may be after 2-3 years , will it be taxed. bcoz i know some of my co workers who are Canadian, they dont send money home as it wil be taxed

 

[hondubai]

but in case i am planning to bring at soem later stage may be after 2-3 years , will it be taxed. bcoz i know some of my co workers who are Canadian, they dont send money home as it wil be taxed

The money itself is not taxed. However, any interest you gain from depositing this money in saving accounts or whatsoever will be taxed.

 

[qorax]

The money itself is not taxed. However, any interest you gain from depositing this money in saving accounts or whatsoever will be taxed.

That's right.

 

[dreamcanada]

another thing after getting PR , I will be working abroad. do i have to file income tax returns in Canada.. they place where i live has no income tax..

 

[aspire]

Captain Qorax,

Kindly specifiy the exact amount where CRA considers as "huge". Thank you.

NOPE.
Everytime u deposit the drafts/wire transfer -- it'd be automatically reported to Fintrac by the bank... if the amounts r huge - CRA might question us... else, that's about it.

Qorax

 

[qorax]

another thing after getting PR , I will be working abroad. do i have to file income tax returns in Canada.. they place where i live has no income tax..

If u have residential ties here - YES. Else, No.
Qorax

 

[qorax]

Captain Qorax,

Kindly specifiy the exact amount where CRA considers as "huge". Thank you.

No specific figure/s r found anywhere... nonetheless, anything around $50K+ could raise a red-flag.
Qorax

 

[aspire]

Captain,

Do you have any advise on what are the preparatory things that needs to be done for someone who will be bringing in amount more than $50K? Thank you.

No specific figure/s r found anywhere... nonetheless, anything around $50K+ could raise a red-flag.
Qorax

 

[qorax]

Captain,

Do you have any advise on what are the preparatory things that needs to be done for someone who will be bringing in amount more than $50K? Thank you.

Nothing... just carry the 'source' documentation.
Qorax