Resident individuals can remit up to $50,000

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Loser
Member since: Sep 04

Posts: 1052
Location: Nice ,USA
Post ID: #PID

Posted on: 06-11-06 19:34:34

From what i know once you are a citizen you have to file return whereever you are in the world. how the 20,000 Lebanese got away with paying income tax i do not know ?

Quote:
Originally posted by Val

Hi Chandresh

I would like to stretch this discussion little further and therefore seek your expert openion on the following.

My Understanding is that While resident Canadians are taxed on the worldwid income, Non residents Canadians are taxed only on Canadian Income and not World wide income, Am I right?

Under the circumstances. What happens?

If Mr. Joe migrates to Canada, stays here , gets his citizenship, and then goes back, say to Uae, overthere he earns a handsome salary makes money but remains as a non resident canadian.

What happens after 10 year he wants to come to Canada for good or he dies there !!!

Thanks

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chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 07-11-06 14:55:35

Quote:
Originally posted by Loser

From what i know once you are a citizen you have to file return whereever you are in the world. how the 20,000 Lebanese got away with paying income tax i do not know ?

I hope you do understand that citizenship is purely an immigration issue while resident can be both immigration and tax issue.

However, residence per immigration is quite a different issue when compared to residence per tax laws. And one can be a tax resident without being a resident as per immigration laws.

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

hchheda
Member since: Aug 05

Posts: 2245
Location: Woodbridge
Post ID: #PID

Posted on: 09-11-06 12:28:18

Please read:

http://ia.rediff.com/money/2006/nov/09perfin.htm?q=tp&file=.htm

Hiren

Contributors: hchheda(7) chandresh(6) alexm(4) Val(4) shankaracharya(1) LD(1) Loser(1)

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Resident individuals can remit up to $50,000

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