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Y
Yverma
March 27, 2020
Question

Receiving funds from overseas account

  • March 27, 2020
  • 1 reply
  • 0 views

I want to transfer my own money from my Indian bank chequing account to my Canadian bank account using. In this scenario are there any any tax implications?

 

The source of funds is my savings before immigrating to Canada.

1 reply

H
helkady
March 27, 2020

If the Account has funds that originally were $100,000 CAD even before you immigrated to Canada, then any money you transfer to your Canadian Bank is considered income. You also should file a T1135 for your foreign income if the cost of the property is $100,000 CAD in total. 

 

Check the CRA link:

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/foreign-income-verification-statement.html

 

I hope this information was helpful 

 

Y
YvermaAuthor
March 27, 2020

Thank you so much for your reply!

The funds are less than 100,000 CAD so it should be fine.

 

The reason of concern was when I recently transferred some 7,000 CAD using Western Union and it was shown as Payroll Deposit in my bank statement

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