Do I have to pay Canadian tax on funds repatriated from Indian NRE accounts?

Question

I have deposits in an NRE (Non resident External) account in India. I am now a resident of Canada and wish to transfer this money from the NRE account to my bank account in Canada. Will I have to pay Canadian tax on this amount?

Answer 1

yes if it was income from the current year

but no if its just a transfer of money from that account to your account here.  You pay tax on income you earned or gained from investments, but if it was already your money just sitting there and you transfer it, its not really income.  

You could be taxed on the interest or dividends you earn from investing that money in an interest-paying account or investment or dividend paying investment, or any other kind of growth you get from that money.