Dear All,
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After selling my plot in Lahore, I want to transfer about 6 million PKR from Lahore, to Toronto, Canada. Please advice which is the best way of doing that.
Many thanks in Advance.
Regards,
bilal replied on Wednesday, July 18, 2012 07:08 PM
U should have a foreign currency account in pakistan. and then u can transfer money to ur bank in toronto..
for a hassle free transaction, its convenient if the remitter and beneficiary account title (i.e. ur name) is the same.
in the comments, mention the remittance is from ur personal account to ur own account.
If u send it thru western union etc they charge u a lot and the amount is held for many days and they start asking u about ur IDs, source of income etc and sometimes they tell u ur name is black listed :)
one more tip is to transfer money in smaller bits lets say 2mn each to see if it goes thru fine. |
Essam replied on Wednesday, July 18, 2012 08:11 PM
hi cont me my email address is |
Kashif Chohan replied on Thursday, July 19, 2012 01:41 AM
As per Canadian govt.laws any remittance more then $10,000 needs to be declared otherwise it will be assumed as criminal activity. |
dxb replied on Thursday, July 19, 2012 04:24 AM
I wish you good luck on your Canadian venture and feel sorry to hear that you have to sell your property to settle there. Very few Pakistanis get a good professional job and I hope you are one of them. Rest are all taxi drivers, and poor labourers. |
Khair replied on Thursday, July 19, 2012 04:25 AM
Open a Can dollar acct in Pak Bank.Convert rupees to Can dollars.All bankers can give u baazar rate sitting in the bank.They do have their connections for clients likeu.Dont take this money into baazars.Once converted,put the money in ur acct,get a checque book,deposit the cheque in Canada,it will take 3 weeks that money would be at Toronto.
Else get international draft prepared in Can dollars from your bank and bring it along.
May discuss with a banker.
Zardari say bachna bhai. |
Wajhi replied on Thursday, July 19, 2012 05:38 AM
Send money to abroad by Dollar east.It is quick way to send money from Pakistan to any country in the world. just contact to a person over there and give him money and with in few hours get money in Toronto. |
Habib replied on Thursday, July 19, 2012 06:29 AM
It is Not that simple You have to declare the Amount in Canada and then Pay Tax as Per rules, Liquidation of assessts overseas amount to about 30% payable as Tax I vagely remember one of My friend living in US was in big Trouble to Transfer money after selling his forefathers property. If You Consult some Tax Consultant in canada it is better for You.
I remeber a Candian Doctor working in UAE he earned and saved a Lot of Money and at retirement he went to Mexico, as per him if he would transfer money legally to Canada he will lose lot. Most of Professionala working and living in Gulf try to spend last penny of their Hefty saving before repatriation. Tax system is so cruel in west that even a small Violation cost you many years in Jail. |
Onlooker replied on Thursday, July 19, 2012 03:48 PM
Just open a USDollar account in Pakistan and a PKR account in the same branch. Arrange a money changer to come in the branch and provide US Dollar against PKR. Just remit from your Fx account to your Canadian bank account. The bank will probably ask for a trail of where the money came from which you can give by providing copies of Sale documents. Cant comment on Canadian taxation and disclosures required. |
Kashif Chohan replied on Thursday, July 19, 2012 06:26 PM
If you have already declared your foreign property to CRA ( Canada revenue agency )in your annual tax returns then you can transfer the money by filling declaration form available with Canada Border and security agency. No tax will be imposed on you.
Otherwise they may question you on misrepresentation and evasion of tax charges. |
A.Akram replied on Thursday, July 19, 2012 07:21 PM
Many thanks to all of you for your kind and valuable advice. I will get some advice from a Tax consultant before transferring the money.
dxb: I 100% agree with you. I am a Petroleum Engineer currently working in Statoil Norway and I have some other plans being a Canadian Permanent resident.
Kashif Chohan, I have talked with you couple of years back when you were in Canada (2010). Can you please give me your mobile number, so that I can contact with you.
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LRE Hot Topics replied on Sunday, July 22, 2012 05:42 PM
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