New PRs and Income Tax

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dp_jain
Member since: Jan 04

Posts: 418
Location: Brampton
Post ID: #PID

Posted on: 23-01-05 18:41:41

You must have to report your Canadian Income after landing. Income earned before you became Canadian Landed Immigrant is not to be reported and exempt. However, any income earned worldwide after becoming Canadian resident must have to be offered for tax. This is law. It includes interest earned outside Canada.

If you earned employement income, you can not conceal it.CRA would come to know based on the copy of T4 your employer going to file with CRA. You are likely to receive a notice from CRA, in case you do not file your tax return. Moreover, without filing tax return you can not claim CTB and GST refunds.

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Val
Member since: Oct 03

Posts: 189
Location: Toronto
Post ID: #PID

Posted on: 23-01-05 22:43:40

Quote:
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\"You must have to report your Canadian Income after landing. Income earned before you became Canadian Landed Immigrant is not to be reported and exempt. However, any income earned worldwide after becoming Canadian resident must have to be offered for tax. This is law. It includes interest earned outside Canada. \"

Thanks for your reply.

I understand that income earned on the deposits are taxable after becoming a PR.

However my question was What about the money earned before becoming a PR i.e the Principle amount. Do I have to pay tax on it at any point of time. say after 7 or 10 years or it's permanently free of any kind of tax.

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 23-01-05 23:22:42

The principal is always free of tax ...

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CATORMTL
Member since: Jan 05

Posts: 58
Location: Toronto
Post ID: #PID

Posted on: 03-02-05 20:21:17

This website is really helpful. You could try it. http://www.ufile.ca/

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It was time to go
Though the fields lay golden
Something whispered, "Snow"
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Contributors: Val(2) bison(2) Smiley(2) dp_jain(1) CATORMTL(1) Pramod Chopra(1) jago_desi(1) crenshaw(1)

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