Hello all,
I have the following problem which I'm afraid may be serious! Any feedback
would be greatly appreciated.
I am an international grad student in Ontario. I moved in Canada and
started my master's in September 2008 and since then I've been a student
(now a Phd). My income in Canada is a few scholarships (non-taxable), and
research and teaching assistantships. My taxable income has never been more
than CAD 20,000 per year and I've been receiving tax returns every year.
Now, I do have world income: I receive around 36,000 euros per year from
renting some apartments and stores in my home country. These are all
declared back there and I pay all the taxes that I'm supposed to. However
I never declared that world income since I came in Canada. The reason is
lack of knowledge and proper research from my side as well as failure of
the tax filing company guys to bring up the subject of world income when I
was filing the taxes with them.
This year I thought about filling my taxes myself and I very quickly
realized that I was supposed to be declaring the above-mentioned income in
the first place.. I will most probably go find an accountant and talk about
this and my options, but I'm very stressed and anxious right now and I'd
really like some opinion:
Do you think I'm in trouble? Can I now declare the income that I failed to
declare the previous years? If so, am I going to have to pay some penalty
for not doing so in the first place?!
Thank you in advance for your time..
I have the following problem which I'm afraid may be serious! Any feedback
would be greatly appreciated.
I am an international grad student in Ontario. I moved in Canada and
started my master's in September 2008 and since then I've been a student
(now a Phd). My income in Canada is a few scholarships (non-taxable), and
research and teaching assistantships. My taxable income has never been more
than CAD 20,000 per year and I've been receiving tax returns every year.
Now, I do have world income: I receive around 36,000 euros per year from
renting some apartments and stores in my home country. These are all
declared back there and I pay all the taxes that I'm supposed to. However
I never declared that world income since I came in Canada. The reason is
lack of knowledge and proper research from my side as well as failure of
the tax filing company guys to bring up the subject of world income when I
was filing the taxes with them.
This year I thought about filling my taxes myself and I very quickly
realized that I was supposed to be declaring the above-mentioned income in
the first place.. I will most probably go find an accountant and talk about
this and my options, but I'm very stressed and anxious right now and I'd
really like some opinion:
Do you think I'm in trouble? Can I now declare the income that I failed to
declare the previous years? If so, am I going to have to pay some penalty
for not doing so in the first place?!
Thank you in advance for your time..