Hi everyone.
I've been a non-resident of Canada for a few years now, but never had worldwide income before.
This year I've made some money outside Canada. As a non-resident, I know I don't have to report this income to CRA; that is, they won't tax me on it.
But in the CRA guide, they say that although I don't report the income, the income MUST be entered on Schedule A (Statement of World Income).
Does anyone know the rationale why I should enter my world income? Does CRA just want to know for statistical purposes. And what happens if I just don't tell them for one or more years? Can I be penalized, or can my world income be audited?
Thanks to anyone who has some idea about this!!
I've been a non-resident of Canada for a few years now, but never had worldwide income before.
This year I've made some money outside Canada. As a non-resident, I know I don't have to report this income to CRA; that is, they won't tax me on it.
But in the CRA guide, they say that although I don't report the income, the income MUST be entered on Schedule A (Statement of World Income).
Does anyone know the rationale why I should enter my world income? Does CRA just want to know for statistical purposes. And what happens if I just don't tell them for one or more years? Can I be penalized, or can my world income be audited?
Thanks to anyone who has some idea about this!!