Recent content by TFBTAX
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Reporting UAE FAB bank balance and transfers to Canada for tax purposes
Transferring your own savings to Canada is not income, so there is no tax on the transfer itself and you do not report it as income on your return. Two things to watch though. First, any interest the FAB account earned after you became a Canadian tax resident counts as taxable income in Canada...- TFBTAX
- Post #8
- Forum: Canadian Finance and Taxation
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Clarification Regarding Tax Obligations for Foreign Income
Good questions — and the key one to sort out first is whether you were actually a tax resident of Canada during those two years. Tax residency isn't the same as PR status. CRA decides it based on your residential ties: a home in Canada, a spouse or partner in Canada, dependants in Canada (the...- TFBTAX
- Post #2
- Forum: Canadian Finance and Taxation
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PR with 1,300+ days, but I have an unreported foreign income problem. How do I fix it before applying for citizenship?
You're asking the right question, and wanting to fix this before the citizenship application is exactly the right instinct. As a Canadian tax resident, you report your worldwide income no matter where it was paid or whose account it passed through. The family-account routing doesn't change what...- TFBTAX
- Post #4
- Forum: Canadian Finance and Taxation