Coming to Canada after 3 years of PR status; world income liable to tax??


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goldie   
Member since: Mar 04
Posts: 70
Location:

Post ID: #PID Posted on: 13-10-06 17:34:42

Yes dp_jain it really depends on how well you put your case forward, as there is no proper definition of 'Residential ties' in their Articles. Diferent interpretations are applied to different cases. As long as you can convince Income Tax dept. that you were away from Canada, they do not trouble you. It helps if you can prove that there was no acoount activity in your bank accounts and no claims were made on your health card.
Again I don't think this will be an issue as I have also seen this in many similar cases involving people who migrated here from the Gulf.
Ciao.


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goldie


goldeneye   
Member since: Mar 05
Posts: 454
Location: London, ON

Post ID: #PID Posted on: 14-10-06 09:47:17

The very premise that a person became a PR or citizen also means that he/she is subject to taxation of worldwide income , regardless.

bank account . OHIP , licence are all considered 'ties'.

a lot of people land and go back without realizing that tey are obliged to declare worldwide income from the day they have landed.



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Non illigitamus carborundum


newboyo   
Member since: Nov 05
Posts: 253
Location: TO

Post ID: #PID Posted on: 17-10-06 15:01:18

Dear all,

The views of CD members on this topic are varied. Do you think I should ask for an advance ruling from CRA or "take it as it comes"?

Rgds,

newboyo



chandresh   
Member since: Mar 03
Posts: 2606
Location: Toronto

Post ID: #PID Posted on: 17-10-06 15:41:05

Quote:
Originally posted by newboyo

Dear all,

The views of CD members on this topic are varied. Do you think I should ask for an advance ruling from CRA or "take it as it comes"?

Rgds,

newboyo




I think the view is same - experience is different.

And then it is very easy to 'hide' too!

Chandresh


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Chandresh

Advice is free – lessons I charge for!!


newboyo   
Member since: Nov 05
Posts: 253
Location: TO

Post ID: #PID Posted on: 18-10-06 01:22:24

"Hiding" is possible - but not preferred eg - how does one explain an inward transfer of a sum, in case one wants to buy a property or a business or make an investment. A review of account statement will reveal just what has happened.

My view is - tax management is my birthright but tax evasion is a strict no-no.

My request for advise re advance ruling is really to figure out if any other CDs have done so and what their experience been.

rgds,

newboyo



Indian   
Member since: Nov 03
Posts: 147
Location: Vancouver

Post ID: #PID Posted on: 27-12-06 07:14:55

Dear All

I have almost similar situation. Please guide me.

- Obtained PR cards for self, wife and one year old son in August 2006.
- Returned back to India after staying there for around 40 days.
- Getting child tax benefit every month.
- Got G-1 for self, SIN and PR Cards for all members. OHIP not applied for.
- Returning to Canada in April 2007.

I am open to disclosing my Indian income and file return.

I have two questions:

1. Do I need to pay taxes in Canada when I am already being taxed in India?
2. When I tell them that I am in India, will they stop the Child Tax Benefit?

Please help!!


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gforacle   
Member since: Oct 05
Posts: 103
Location: Brampton

Post ID: #PID Posted on: 27-12-06 21:56:38

Goldie,

I had landed in 2003, and returned back this year.

Do I have to give any specific explanation why my world income should not be taxed, when I file the return for 2006.

Regards
Chetan



Contributors: dp_jain(4) newboyo(3) Indian(3) goldie(3) chandresh(2) goldeneye(1) gforacle(1) windsor_boy(1) yellowknife(1)



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