Questions on only family living in Canada while I reside abroad (Tax related)

[gd]

Hi experts,


My current plan is for me to return to my job outside Canada after settling my family in Canada this summer. By doing this, I may lose my PR status after the first 5 years while the family will fulfil the requirements to secure their PR status. I have no problem with that. We will be renting an apartment for the family's stay.

My questions are :

a) I being the principal applicant, is the above arrangement workable? (Or is it a must that I should reside with the family in Canada if they need to extend their PR status or apply for citizenship after fulfilling residency requirements?

a) We will be renting an apartment for the family's stay. Obviously, I need to send them money for their expenses on monthly basis. My son who is already in a Canadian University already maintain a Canadian Bank Account. Is there any limit I need to observe when I transfer money to my son's account monthly for the family's monthly expenses?

b) When the family starts living in Canada, as PRs they need to file a tax return every year as I understand. My two sons are above 18 years of age and are students. My wife may or may not do a job in Canada. Are all three of them need to file a tax return at the end of the year?

c) Since they start residing from September 2011, do they need to file tax at the end of this year? i.e in January 2012.

d) Being a Canadian Permanent Resident and employed outside Canada, I will not earn an income within Canada. Therefore, I do not require to file a tax return. Am I right???? If I am wrong, please guide me.

I thank you in advance for your valuable guidance on the above.

Regards


gd

 

[steaky]

I'm not an accounting major but I can try to answer your questions:
a) Many newcomers do that arrangement and is workabble.
b) There is no limit but I can only transfer US$100K daily between my global accounts at HSBC. Other nations (like China) may have monetary restrictions that limits the amount of money remitted overseas each year. Other banks might impose different limits than HSBC. You would have to find out yourself for your country and banks.
c) It depends on your two sons and wife situation whether they need to file the tax returns. For example, if they are working, then they need to file
d) It depends ... there are certain loopholes and tax treaties. Generally, resident for tax purpose is taxable for worldwide income and is based on individual residency ties. if your family need to file, it is not in Jan 2012 but usually in the end of April 2012.

Read the following link for more details about residential ties:

http://www.canadavisa.com/canada-immigration-discussion-board/-t71517.0.html;msg767378#msg767378