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Val
Member since: Oct 03

Posts: 189
Location: Toronto
Post ID: #PID

Posted on: 22-01-05 19:52:16

I landed in Canada in 15 July 2004, which makes less than 180days of stay here in Canada.

1. Am I supposed to file tax for the year 2004 if yes. Do I have to delcare my whole year income or Income that I earned after my landing here in Canada.

2. I have some Fixed deposits with the money I earned in Gulf.As I understand, the interest earned in this deposits are only considered for tax. Can someone advise me is there any time limit on this say 5 years or so. For eg. If I have CAD 100000 and I do not use this for anything but only earn interest on it, Is it tax free for the rest of life or only for some period.

Thanks

Pramod Chopra
Member since: Sep 03

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

Posted on: 22-01-05 20:12:11

Quote:
Orginally posted by Val

I landed in Canada in 15 July 2004, which makes less than 180days of stay here in Canada.

1. Am I supposed to file tax for the year 2004 if yes. Do I have to delcare my whole year income or Income that I earned after my landing here in Canada.

2. I have some Fixed deposits with the money I earned in Gulf.As I understand, the interest earned in this deposits are only considered for tax. Can someone advise me is there any time limit on this say 5 years or so. For eg. If I have CAD 100000 and I do not use this for anything but only earn interest on it, Is it tax free for the rest of life or only for some period.

Thanks

Val,

Follow this link:

http://www.cra-arc.gc.ca/tax/nonresidents/individuals/newcomer-e.html#d

and read all the publications and pamphlet mentioned therein and you will get answers to all of your questions.

It is in your benefit always to file Income Tax Return in order not only to get Income Tax refunds but to become eligible for other benefits such as GST refund, Child Tax Benefit etc.

-----------------------------------------------------------------

Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

bison
Member since: Nov 04

Posts: 306
Location: Toronto, da BEST!!!
Post ID: #PID

Posted on: 22-01-05 20:35:30

Also, a lot of good books on taxation and tips are available in bookstores (Chapters/Indigo,etc...).

Knowledge is power....

I've personally been using them for the last couple of years, and suggest you spend some time going thru 'em.
I would say, U have to read atleast one to proactively know how ur actions and decisions can have a taxual impact.

bison

bison
Member since: Nov 04

Posts: 306
Location: Toronto, da BEST!!!
Post ID: #PID

Posted on: 22-01-05 20:40:50

Some useful links for Personal Taxes:

http://www.kpmg.ca/en/services/tax/tnfc0428.html

http://www.kpmg.ca/en/services/tax/taxnewsflashcanada.html

bison

jago_desi
Member since: Sep 04

Posts: 591
Location: canada
Post ID: #PID

Posted on: 22-01-05 22:34:12

Quote:
Orginally posted by Val

I landed in Canada in 15 July 2004, which makes less than 180days of stay here in Canada.

1. Am I supposed to file tax for the year 2004 if yes. Do I have to delcare my whole year income or Income that I earned after my landing here in Canada.

2. I have some Fixed deposits with the money I earned in Gulf.As I understand, the interest earned in this deposits are only considered for tax. Can someone advise me is there any time limit on this say 5 years or so. For eg. If I have CAD 100000 and I do not use this for anything but only earn interest on it, Is it tax free for the rest of life or only for some period.

Thanks

Friend,
It is your first year however you are required to file income tax and spouse too but do it to earn extra money from Canadian Govt. If your income in Canada for last 6 months is on a very low side then don't show yourself to be a rich man. By no means Canadian govt. can find what you earned in first 6 months before coming to Canada. Show your income very low like CND 4000 (before landing) to get maximum benefits atleast for the coming year. Try to project yourself poor. Rest is your choice.

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Try overtaking child's imagination

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 23-01-05 00:53:04

Quote:
Orginally posted by Val

I landed in Canada in 15 July 2004, which makes less than 180days of stay here in Canada.

1. Am I supposed to file tax for the year 2004 if yes. Do I have to delcare my whole year income or Income that I earned after my landing here in Canada.

2. I have some Fixed deposits with the money I earned in Gulf.As I understand, the interest earned in this deposits are only considered for tax. Can someone advise me is there any time limit on this say 5 years or so. For eg. If I have CAD 100000 and I do not use this for anything but only earn interest on it, Is it tax free for the rest of life or only for some period.

Thanks

1) Declare all Income you had in 2004 and dedcut the one that was earned before you landed . Your Income tax consultant should be able to do that for you .

2) all interest income is subject to tax ...

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We will find a way or we will make one

crenshaw
Member since: Sep 04

Posts: 914
Location: Toronto
Post ID: #PID

Posted on: 23-01-05 01:32:30

Quote:
Orginally posted by Smiley
1) Declare all Income you had in 2004 and dedcut the one that was earned before you landed . Your Income tax consultant should be able to do that for you .

2) all interest income is subject to tax ...

The link that Pramod provided leads to a PDF document. Page 12 of that document defines income. According to that definition, income earned from employment outside of Canada is NOT to be reported as income.

Contributors: Val(2) bison(2) Smiley(2) dp_jain(1) CATORMTL(1) Pramod Chopra(1) jago_desi(1) crenshaw(1)

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New PRs and Income Tax

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