Newcomer - Income Tax

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Many
Member since: May 13

Posts: 113
Location:
Post ID: #PID

Posted on: 20-11-13 12:47:17

I have retired and just taken-up permanent residence in ON ( I am 62 years of age; staying with my daughter in GTA)
I have put my savings into a normal Savings a/c and a TFSA a/c with two financial institutions, in the name of my spouse and myself.
I came in Sept'2013; in the 4 months of year 2013 my interest income would be CAD 220 approx.

Do I need to pay income tax for Y2013?
Grateful for advice.

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Many

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 20-11-13 18:55:36

Quote:
Originally posted by Many

I have retired and just taken-up permanent residence in ON ( I am 62 years of age; staying with my daughter in GTA)
I have put my savings into a normal Savings a/c and a TFSA a/c with two financial institutions, in the name of my spouse and myself.
I came in Sept'2013; in the 4 months of year 2013 my interest income would be CAD 220 approx.

Do I need to pay income tax for Y2013?
Grateful for advice.

Interest earned on your TFSA is tax free. The interest income earned on your other savings after you become a permanent resident of Canada would b considered your income and you should file a tax return but you would not have to pay taxes on this paltry interest income as you would be getting prorated personal deduction. In fact, filing the tax return may get you some other benefits such as GST credit etc.

You should read thoroughly from this http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nwcmr-eng.html

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

Many
Member since: May 13

Posts: 113
Location:
Post ID: #PID

Posted on: 21-11-13 12:07:32

Thank you Sir; very useful advice.

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Many

Amadan123
Member since: Oct 13

Posts: 53
Location: Mississauga
Post ID: #PID

Posted on: 25-11-13 10:39:28

Very nice response, Pramod. A good link as well. Thank you.

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Madan Chartered Accountant team
http://www.madanca.com" rel="nofollow">LINK

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