I have two crucial questions which will interest the new immigrants from India:-
Q.1- Whether one is required to produce Income Tax Clearance certificate
before the custom officials at the airport while immigrating to
Canada ?
Q.2- While its true that one can carry an X amount of money to Canada
subject to 1 lac dollar ceiling per individual and this money
will not
attract tax in canada but if we bring more money from India after
a couple of years within the overall ceiling of 1 lac then will
this additional remittance attract any income tax in Canada.And
whether this will amount to qualify as settlement money......
You can transfer through legal channels any amount when you are emigrating and it will not attact any tax but you will have to declare to canadian authorties that you have assets left in India and in future time (usually one year) you will be be importing it. Then it will be tax free. If you do not declare and get it to Canada at a later time, you will be asked about the source of this money and it will be considered as your income for the year and taxed according to Canadian income tax rules.
thanx for your reply but can you really include the future sale proceeds of your house in the goods to follow list ....can we really declare that to custom canada
