I have Fixed Deposits [Term Deposits] in HDFC NRE account in India. If I take loan against it and transfer loan funds in Canadian dollars to Canada, do I need to pay any taxes in Canada?

Do I need to declare it as income in Canada although it is a loan against Term Deposits sourced outside of Canada?

  • Taking out a loan is not income. – keshlam Oct 15 '16 at 17:05

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