Have a Tax Question? Ask a Tax Expert
Hello and thank you for using Just Answer,You have become a resident for Canadian tax purposes when you have applied for and received your Permanent Resident status. You have to report your world income (income from all sources, both inside and outside Canada) earned after becoming a resident of Canada for income tax purposes on your Canadian tax return.
For the part of the year that you were a non resident (pre card date) you are to only report the income that is Canadian sourced.
Even if you have no income to report or tax to pay, you may want to file a tax return to apply for the goods and services tax/harmonized sales tax (GST/HST) credit, or if you or your spouse wants to begin or continue receiving the Canada child tax benefit and payments from certain related provincial or territorial programs.
but for almost 18 months i did not have any tie with canada me my family where outside so is this period considered as resident tax wise , do i have to file tax for 2011 and 2012
When you received your card you became resident the 10 days you were in Canada for 2011 established you for the year. As you were outside Canada till Aug of 2013 the time you were not in Canada you would have been nonresident for tax purposes until you returned in 2013. From Aug 2013 to Dec you were in Canada and resident there so the income earned worldwide from Aug on would be income taxable to Canada
Sorry I had to work through your situation, took me a sec to figure it out straight
Are you in the US when outside Canada
no i am egyptian
Let me get that tax treaty, one sec
You were nonresident while you were outside Canada and so no tax would be owed and no filing unless you had received Canada sourced income during that time.
ok now what i have to do when i have to file a tax file is it now or in April and how i could receive my child tax benefit
You would certainly want to file because even if you owed no tax you would apply for the child benefit.
ok so kindly advice me how to file and what world income to declare
i am in Alberta
All income you received from any source after you returned. You would need to prorate any amount from the date in Aug to the end of the year.The Canada Revenue Agency (CRA) administers the Alberta family employment tax credit. here is no need to apply separately to qualify under these programs. The CRA will use the information from your Canada child benefits application to determine your eligibility for these programs. If you are eligible, the amount of any payments will be calculated automatically based on information from the income tax returns you and your spouse or common-law partner file.
Use the above to apply
yjis mean i have to estimate how much i will get till dec and file a tax file with CRA and then they will decide the payment , do you know a good office to help me in Alberta and how much they will charge
That is correct. I am afraid Just Answer does not allow me to endorse any specific company.
I can check if the CRA has a list
CRA offers advice on help for filing through the Volunteer programhttp://www.cra-arc.gc.ca/tx/ndvdls/vlntr/menu-eng.html
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hi my line get disconected thanks for reply what proof i have to give for my worldwide income and could i make a trust
i am on private business so usually no proof for so only i have one rented house with income also i am paying back my expired father loans which are obligatory by a court verdict
if the only benefit from tax is get child benefit i will not do till i got canadian income actually i am afraid to give wrong income more than what i am getting also
i need to go for a new discussion regarding how to make an offshore trust i heard it could give me a tax holiday for 5 years
i gave excellent if you know my question for ofshore trust kindly send me link to start new question
i am facing a problem in access in this site it is mentioning currency is not accepted
how to open immigration trust
The following is a brief summary of the steps and you would need to work with a competent adviser to make sure all is correctly handled : Residence of the international trust must be outside of Canada, therefore the trust must be settled in an offshore jurisdiction by way of a gift from non- residents of Canada. Although an immigration trust enjoys a period of tax-free status in Canada, the tax regime in the trust’s country of residence must be considered. The majority of trustees must be non-resident and a protector would be appointed. The trust would be irrevocable and would be discretionary. All investment decisions in respect of the trust and meetings of the trustees would occur outside of Canada in the tax haven jurisdiction or elsewhere. Income earned by the trust must be foreign sourced income. If the income is generated from Canadian sources, it will be subject to Canadian tax. The trust indenture would provide that the annual income of the trust be accumulated and that the trustees would have the discretionary power to make capital distributions to the beneficiaries.
You can try this:
I am guessing that since you are back to this thread for the new question Customer Service could not correct your problem. I guess it will be alright to rate a second time.
I had give a second rating and paid the fees but need more clarification , i am new so i need to under stand what is trust is it income from business or from rentals and as I have a tax holiday could i not report my tax now and report it when the trust is ready say within 20 month from now also this trust will allow me to transfer money beyound 100,000 CAD also do my wife whichis a PR enter in this
You can transfer property that is income producing property to the trust. Most benefits from doing this will be if the property placed in the trust is $1mil or more. This is because the cost to set up the trust and the fees to pay are not cheap. You cannot receive payments from the trust income because the payments to you would be taxable in Canada. This type of trust protects the income for the prescribed time but not if you receive a distribution. That would be taxable to you. You would have to take capital from the trust. Income earned by the trust will be taxed in a beneficiary’s (your)hands if it is allocated to them as income. I have to do some research to see if you and your spouse can both be beneficiaries of the same trust. Yes you and your spouse can both be beneficiaries.
could you kindly advice how much is the cost of trust...
I understand that trust is value of property & not income (yes/No)
again i will return to world wide income if i declare zero would i be subject to proof presenting and if I declare 10000 CAD would i be required to give a proof it is income coming from rent collection and some times I face difficuilty in collection so no fixed value
My last question do you have a form pf trust still i could not grasp how it looks
this mix me up , i have less than 100000 money in posession before i came to canada which i will be using to spend till i settle down , suppose that this year pass and i did not file a tax will be any problem for me i dont know if i just say i earn 100000 per year fromworldwide and then i get 12000 I will be in a problem i prefer to sell my property and transfer the 100,000 which i dont think will require a trust but this will take time so i might not file a tax file this year kindly advice on this
let me put it more clear i have a bank account money earned before getting PR status around 100000 and yearly income 6000 so how to declare
hi i sent you my querry , i have bank money earned before i came to canada 100, 000 and yearly income of 6000
ok my last question how much money i could transfer to canada for example to buy a house could i transfer 100000 or i could transfer more i mean what is the limit
hi i asked a question yesterday but no answer came , how much money i could transfer to canada without tax is it 100,0000 or more
during my first landing i reported money in possesion 100000 US is this enough or could you give more details on reporting rule
could i report now more money other than i reported earlier during landing as for 18 months I was not a tax resident also could i do this reporting without the expensive trust , actually i dont see a value of making a trust if transferring money is untaxable
still i dont get what is the value of limit
if i did not file a tax file at least for one year to finalize my property & stop the world wide income i mean i will sell the property that generates income and transfer money to canada , if this took a year and i did not file a tax file what will be the penalty
ok and what is the last date to report for 2013 income