Tax implications on outward Remittance (self NRE account to self Canadian account transfer)

[Rinku-Ind]

I transferred 20k CAD from my Canadian account to my NRE account (received around 10L at the rate of 1CAD@50INR) back in 2019. Of course, it was my Canada employment income so all the tax on it has been paid to CRA.
Now, I want to bring this money into Canada. Now, this INR amount has become 12L due to interest earned on FD in last four years. But, I will get back same 20k CAD after outward remittance due to change in exchange rate (1CAD@60INR). So, it is no gain no loss scenario.
My questions are :

1. what are my options for this outward remittance?
2. Do I need to report this 20CAD to CRA which I received as a result of outward remittance?
3. Do I have to pay tax on this 20KCAD in Canada ?, Considering it is the same 20K CAD which I transferred to my NRE Account in 2019 and now I am getting back same 20KCAD.

 

[canuck78]

I transferred 20k CAD from my Canadian account to my NRE account (received around 10L at the rate of 1CAD@50INR) back in 2019. Of course, it was my Canada employment income so all the tax on it has been paid to CRA.
Now, I want to bring this money into Canada. Now, this INR amount has become 12L due to interest earned on FD in last four years. But, I will get back same 20k CAD after outward remittance due to change in exchange rate (1CAD@60INR). So, it is no gain no loss scenario.
My questions are :

1. what are my options for this outward remittance?
2. Do I need to report this 20CAD to CRA which I received as a result of outward remittance?
3. Do I have to pay tax on this 20KCAD in Canada ?, Considering it is the same 20K CAD which I transferred to my NRE Account in 2019 and now I am getting back same 20KCAD.

You need to report the gains you made on the 20k once the FD reaches maturity. The interest you made on the 20k is considered capital gains and is taxable. If the maturity was reached in 2023 you’ll pay interest on the taxable gains next year.