Canada is home to a significantly large population of Indian nationals, making India the highest source of immigration in the land. If you live in Canada as an NRI and continue to earn income in India through several sources, an NRO Savings Account is ideal for you. Manage income earned in India through bespoke wealth solutions from DBS Treasures and earn up to 5.5%* p.a. on NRO Fixed Deposits created with balances in your NRO Savings Accounts.
The second-largest country globally, Canada boasts fascinating geographical features. Its natural reserves have contributed towards making the country an economic goldmine. The Canadian economy also significantly depends on international trade, allowing major multinational companies to establish their bases. Thus, Canada attracts an increased overseas population every year.
The inception of the Indian Canadian community was a result of Indians moving to Canada in the late 19th for employment, many of whom were British Army veterans. Today, over a million Indians are residing in Canada for business, work, and education. If you are an Indian expatriate in Canada with ties to India, DBS offers a wide range of NRI Accounts to take care of your loved ones back home. Opting for an NRO Savings Account allows you to deposit earnings from India and avail attractive interest rates.
As an NRI, you have to pay taxes in Canada on the income earned there. You also have to pay income tax on your income sources in India. However, to ensure that you do not end up paying taxes on the same income sources, thereby increasing your tax burden – the Governments of India and Canada have entered into a special agreement called the Double Taxation Avoidance Agreement or DTAA. This agreement enables NRIs from paying taxes on the same income sources twice.
The DTAA agreement states that NRIs need to pay taxes once at a fixed rate. As such, you have to pay taxes in Canada on the income earned there, whereas the tax payable in India is on the income earned in India. As per the RBI guidelines, the DTAA Tax Deducted at Source (TDS) rate for NRIs in Canada is 15% on your income sources in India.
To open NRO Savings Account from Canada, you must be:
As per the RBI, you may repatriate up to USD 1 million (or its equivalent in other currencies) in a financial year from the funds parked in your NRO Account. You are also permitted to repatriate any income earned from sales of any assets you may have acquired through inheritance so long as you provide documents that support the inheritance claim.
As per RBI, NRIs can get loans with an NRO Account only in India and not outside India. DBS grants loans against deposits to account holders subject to the norms and capital requirements.
Yes. As an NRI, you can appoint a Power of Attorney to operate the NRO Savings Account. However, the operations are limited to withdrawals, remittances, and specific investments.
Yes, you can. You can open the NRE Account from Canada via the DBS Treasures website by uploading scanned copies of your documents attested by the Indian embassy in Canada. You can also consult your relationship manager for assistance with NRE Account opening.