I am an Indian national working in Singapore for past 15 years as Permanent Resident. Recently got Canadian PR.

I have a huge amount of S$ in my Singapore CPF account and as Fixed deposits in India in NRE (Tax free) account. I will be landing in Canada by early next year.

Since I intend to retain my Singapore PR till its expiry 2025 or till I get Canadian Citizenship whichever earlier. I have a few questions to clarify:

  1. I intend to transfer all my S$ from Singapore to Indian NRE account by 2025. In that case do I need to declare and pay tax to Canada. If yes, start from which year?
  2. Since all these earnings are before I get Canadian PR (already taxed in Singapore) can I choose not to show when I file for Canadian Tax?

1 Answer 1


This is a typical question from someone from India where presumably there is a wealth tax, levied on assets, as opposed to income tax which is levied on income. Many countries do not have a wealth tax, and whether a person has assets held in Singapore or India or Canada, or are transferred between these countries or to any other countries, has no bearing on the income tax that must be paid to Canada. Assets are not income: the huge sum in Singapore dollars that the OP holds is all post-income-tax money (unless of course the OP doing illegal activities and all that money is untaxed profits!) and are not income-taxed again in Canada.

If Canada or Singapore assess wealth tax, the OP will need to declare the existence of those assets and pay those wealth taxes appropriately. (The NRE deposits in India are not subject to wealth tax, if any, in India). If Singaporean laws require permanent residents of Singapore to pay wealth tax on the assets that they hold worldwide, the OP will need to pay those taxes to Singapore too until such time as the OP gives up his permanent residency in Singapore in 2025 or so.

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