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
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
Thank you Sir; very useful advice.
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Many
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
