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
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
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
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
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
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
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Try overtaking child's imagination
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
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We will find a way or we will make one
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 ...
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