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Got PR but came back home. Do I have to file taxes ?

19

Full Member
Nov 16, 2015
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Hello,

I moved to Canada this October with plans to settle down but had to leave after about 45 days due to family commitments back home. While I was there I opened a bank account and transferred about 500,000 in CAD and USD as I intended to buy a home. However I could not do that and flew back home leaving the funds in the account till I move back permanently a few months later.

Please advise me if I need to pay any taxes or do I need to file a return even if I don't ?

I have no other ties, since I could not get a health card/driving license and own no businesses or properties there currently and spent a total of 45 days in Canada after landing.

Any detailed answers by seniors would be appreciated. Thanks.
 

MidoRafa

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19 said:
Hello,

I moved to Canada this October with plans to settle down but had to leave after about 45 days due to family commitments back home. While I was there I opened a bank account and transferred about 500,000 in CAD and USD as I intended to buy a home. However I could not do that and flew back home leaving the funds in the account till I move back permanently a few months later.

Please advise me if I need to pay any taxes or do I need to file a return even if I don't ?

I have no other ties, since I could not get a health card/driving license and own no businesses or properties there currently and spent a total of 45 days in Canada after landing.

Any detailed answers by seniors would be appreciated. Thanks.
Hello 19,

With only a bank account in Canada and a short stay, you are not yet a resident of Canada for tax purposes. Therefore, no tax reporting is needed, unless you derive a Canadian-source income during the year, in which case you will be taxed, most probably, as a non-resident.

Reference: http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html
 

APPNOV2014NY

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Did you deposit 500k CAD in some savings account. If Yes , then you would be taxed on the interest income.

http://www.huffingtonpost.ca/tea-nicola/types-of-investment-taxes-canada_b_8192974.html
 

19

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Nov 16, 2015
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@MidoRafa Thanks.

No I did not deposit it in a savings account. Left it in checking account as I was planning on buying a home or business immediately.

Do new immigrants have any first year tax breaks or anything of the sort and when do taxes need to be filed ?
 

APPNOV2014NY

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Nov 21, 2014
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19 said:
Do new immigrants have any first year tax breaks or anything of the sort and when do taxes need to be filed ?
No tax break. Tax ( if any) are due by 30th April.

Since you put money in Checking , you might not have gained any interest income. However if you did earn some money ( over $50 ) from Interest , your bank will generate a Income slip and send it to you.
 

19

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Nov 16, 2015
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@APPNOV2014NY Thank you

Does anyone have any idea what an accountant should charge to file personal taxes for a year and if I need to be in Canada to file them ?
 

steaky

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19 said:
Does anyone have any idea what an accountant should charge to file personal taxes for a year and if I need to be in Canada to file them ?
Talk to your accountant and you don't need to be in Canada to file them.
 

19

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Nov 16, 2015
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steaky said:
Talk to your accountant and you don't need to be in Canada to file them.
Dont have an accountant in Canada that's why asking how much does one charge typically for filing returns ?
 

torontosm

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19 said:
Dont have an accountant in Canada that's why asking how much does one charge typically for filing returns ?
It can range anywhere from $50 to $500, depending on how complicated your personal return is.
 

specialmary

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Jun 18, 2012
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19 said:
Dont have an accountant in Canada that's why asking how much does one charge typically for filing returns ?
If your tax situation is not complex, try ufile.ca or similar tax software as it is much cheaper (around CAD$10), unless your taxable income is large,