Help needed from Dimple2001,Vault, Ray S., mercury6 and other experts !

deepred

Registered Users (C)
#1
Hi folks,

Thanks for your help on this forum. I look forward to your advice:

I plan to land in Vancouver in a week's time. I'm working on the goods-to-follow list and getting cashier's checks for settlement funds.

My concerns are:
1) From a tax point of view, is it good to show more or less (value) in the goods to follow list ? and why ?

2) For settlement funds, is it a good idea to show MORE funds available in the bank at the time of landing ? let's say if I show a part of my savings as being brought into Canada, then go out of Canada for a year and then return, can I bring in more funds later without having a problem ? what is more desirable from a tax point of view, if there IS an impact on taxes ?

Please help. I would appreciate any advice on this.

Thanks....
 

vault

Registered Users (C)
#2
Originally posted by deepred
Hi folks,

Thanks for your help on this forum. I look forward to your advice:

I plan to land in Vancouver in a week's time. I'm working on the goods-to-follow list and getting cashier's checks for settlement funds.

My concerns are:
1) From a tax point of view, is it good to show more or less (value) in the goods to follow list ? and why ?

If you are landing for the first time, and if you include all the items that you plan to bring into Canada, then you do not have to pay any customs or taxes. You do not have to put a value against the goods. It would be a good idea to take pictures of the jewelery that you have, so that there are no hassels at a later time.

2) For settlement funds, is it a good idea to show MORE funds available in the bank at the time of landing ? let's say if I show a part of my savings as being brought into Canada, then go out of Canada for a year and then return, can I bring in more funds later without having a problem ? what is more desirable from a tax point of view, if there IS an impact on taxes ?

When I landed in 2001 with my family, I showed a Cashiers check for $15k (U.S). Thats about it. The amount was written in my Landing paper. Later on I transfered all of my funds from US to Canada via wire transfer.

Please help. I would appreciate any advice on this.

Thanks....
 

mercury6

Registered Users (C)
#3
True what vault said...

1) The value is academic...you can bring in anything....
2) I did exactly what vault did.

I am not sure what happens if you say sell a house in India and try to bring in all the amount. I am facing his issue now as My mother is thinking of selling our house there but I am not sure what obligations I have towards RBI or Canada Govt...whether to declare it or just transfer it. As you see I am no expert and have more questions than can answer...
 

rzz1gv

Registered Users (C)
#4
Originally posted by mercury6
True what vault said...

1) The value is academic...you can bring in anything....
2) I did exactly what vault did.

I am not sure what happens if you say sell a house in India and try to bring in all the amount. I am facing his issue now as My mother is thinking of selling our house there but I am not sure what obligations I have towards RBI or Canada Govt...whether to declare it or just transfer it. As you see I am no expert and have more questions than can answer...
Its more an income tax issue than anything else. You can sell ancestral property in India and remit funds abroad but you obviously have to pay all your taxes. It may pay to get a legal opinion of the issue in India. Finding out revenue Canada's treatment is easier because its so well documented.
 

vault

Registered Users (C)
#5
Originally posted by mercury6
True what vault said...

1) The value is academic...you can bring in anything....
2) I did exactly what vault did.

I am not sure what happens if you say sell a house in India and try to bring in all the amount. I am facing his issue now as My mother is thinking of selling our house there but I am not sure what obligations I have towards RBI or Canada Govt...whether to declare it or just transfer it. As you see I am no expert and have more questions than can answer...

Didn't your mother just become a PR? If so , no problems. If she wants to sell the property, she can convert the INR to C$, by showing her Canadian PR to RBI. However, I think she will have to pay some taxex in India though!! There are loopholes even for this. If you are serious about it, get hold of a good CA in India.
 

deepred

Registered Users (C)
#6
Hi,
Thanks for your replies.

So I guess, it doesn't really matter if I declare less while landing and then bring in more later (as long as I declare amounts more than CDN$10k to customs) ?? If anyone knows if there is some special advantage to declaring MORE while landing, then please share info with us.....

(Regarding selling the house in India is concerned, there should be some facilities for NRI's and some tax exemptions, specially if you are dealing through an NRE account or selling to another NRI. You should double-check all this with a good CA in India as suggested by vault. I'm also looking into this. I'm sure there are some "legal loopholes".

If any of us finds out more info, please let us share it for each other's benefit. )

Thanks.
 

vault

Registered Users (C)
#7
Originally posted by deepred
Hi,
Thanks for your replies.

So I guess, it doesn't really matter if I declare less while landing and then bring in more later (as long as I declare amounts more than CDN$10k to customs) ?? If anyone knows if there is some special advantage to declaring MORE while landing, then please share info with us.....

The real deal is that you have specified an amount on the application that you will bring along when you migrate to Canada. So, as long as the amont is same or more, no issues. Unless, you stated on the application that you have 20k and bring in half a million :D, then if I was inspecting you, I will begin to scratch my head, and start thinking...

(Regarding selling the house in India is concerned, there should be some facilities for NRI's and some tax exemptions, specially if you are dealing through an NRE account or selling to another NRI. You should double-check all this with a good CA in India as suggested by vault. I'm also looking into this. I'm sure there are some "legal loopholes".

If any of us finds out more info, please let us share it for each other's benefit. )

Thanks.
 

deepred

Registered Users (C)
#9
Originally posted by IAmTiredOfThis
Do you actually have to mantain the money you declared at the time of landing in a Canadian bank ??

Good luck for your landing Deep Red !

Thanks...from what I've read so far, No...you don't have to maintain a min balance. but I guess it pays to show more while landing, as vault said, at least above the estimated min. requirement for an individual/dependents, as the case may be.....

though I'm still not clear about the income-tax stuff if you show more while landing versus depositing more money at a later stage... what if one declares a big amount while landing...not as big as half a million :D ... but a considerable amount....one may not be asked to show proof of funds on hand (sometimes they ask, sometimes they don't, as far as I've read here), and then actually deposit a small amount while opening a new bank a/c... does that mean someone can bring in the rest of the money later without a possible tax implication in the future (which could possibly happen if one declares and deposits that larger amount separately at a later stage ?)

i'm purely speculating here....but if someone can provide more direction, it would be great....

thank you.
 

pradeeps60

Registered Users (C)
#10
Processing Time after paying Landing Fees

Could any one of you there help me in finding out howmuch time should I be waiting for going to the next stage of the PR process after paying the Landing Fees.

Any help on this is greatly appreciated.

Thanks
Pradeep
 
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