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Author Topic: does having a canadian bank account make me a tax resident  (Read 906 times)
Namelessone77
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Posts: 13
Ratings: +0

« on: September 14, 2011, 12:43:07 pm »

other than my pr and sin card i dont have anything else?shall i close my account to be on the safe side

i do not currently live in canada. i plan to come back next year to fulfil my residency requirements
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steaky
Champion Member
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Posts: 2860
Ratings: +63

« Reply #1 on: September 14, 2011, 01:35:11 pm »

By telling the bank you are non resident, you don't have to close your account in order to a non resident for tax purpose.
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toby
Champion Member
******

Posts: 1649
Ratings: +85
Category........: FAM
Visa Office......: Hong Kong
App. Filed.......: November 2009
Med's Done....: October 2009 and  15 April 2011
Interview........: 4 April 2011
Passport Req..: 4 April 2011
VISA ISSUED...: 7 July 2011
LANDED..........: 15 July 2011

« Reply #2 on: October 03, 2011, 07:59:21 pm »

Telling the bank you are a non-resident is a good idea, Steaky.

However, whether you tell the bank or not, having a Canadian bank account will not in iteslf make one a taxpayer.  There are a host of "secondary" criteria, such as having a Canadian driver's licence, bank account, membership in a club, etc etc that are not in themselves determinative, but if you have enough of them CRA might consider you a taxpayer anyway.

If you have one or two secondary ties to Canada, but none of the major three ties, you should be OK (i.e not a taxpayer).

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Nov 09 Application to Mississauga
Nov 09 Approved; sent to Hong Kong.
Interview April 4, 2011 (so slow!!). Passed.
15 April 2011 New medical done.
7 July 2011  COPR received.
15 July 2011 landed in Vancouver. At last.
Jonboy
Star Member
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Posts: 94
Ratings: +4
LANDED..........: 29-07-1999

« Reply #3 on: October 03, 2011, 08:39:58 pm »

It is what goes through the bank account that can help establish tax-residency.

If your UK (or any foreign country) bank account is credited with your salary, and frequently debited with such items as insurance premiums, cash withdrawals, restaurant expenses, club memberships, tax payments etc it suggests you are resident in that country.  And if, in contrast, your Canadian account has a balance all year with very few transactions this is quite persuasive evidence that you are not resident in Canada for tax purposes.
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toby
Champion Member
******

Posts: 1649
Ratings: +85
Category........: FAM
Visa Office......: Hong Kong
App. Filed.......: November 2009
Med's Done....: October 2009 and  15 April 2011
Interview........: 4 April 2011
Passport Req..: 4 April 2011
VISA ISSUED...: 7 July 2011
LANDED..........: 15 July 2011

« Reply #4 on: October 15, 2011, 06:03:01 pm »

I usually commend Jonboy for his knowledgeable answers, but forget to make it official with a positive mark. I am hereby correcting that lapse. 

One + for you, Jonboy!
Logged

Nov 09 Application to Mississauga
Nov 09 Approved; sent to Hong Kong.
Interview April 4, 2011 (so slow!!). Passed.
15 April 2011 New medical done.
7 July 2011  COPR received.
15 July 2011 landed in Vancouver. At last.
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