Hi
The form states: Enter your and your spouse's or common-law partner's (if you have one) income from all sources that was not reported on a Canadian tax return
I have to provide details from for the year 2020 Jan 1 to Jan 14 (the day I became a resident)
Also, for the year 2019 from Jan 1 to Dec 31, and for 2018 Jan 1 - Dec 31 because I became a resident between Jan 1 - May 31 of 2020.
I have the following doubts, any advice from those who have filled previously will help:
1. What income exactly has to be declared? Would it be gross world income or net world income...is net world income the same as net taxable income?
In my country we have
ANy help will be appreciated
The form states: Enter your and your spouse's or common-law partner's (if you have one) income from all sources that was not reported on a Canadian tax return
I have to provide details from for the year 2020 Jan 1 to Jan 14 (the day I became a resident)
Also, for the year 2019 from Jan 1 to Dec 31, and for 2018 Jan 1 - Dec 31 because I became a resident between Jan 1 - May 31 of 2020.
I have the following doubts, any advice from those who have filled previously will help:
1. What income exactly has to be declared? Would it be gross world income or net world income...is net world income the same as net taxable income?
In my country we have
- Gross total income - All income that was earned, either deposited in the bank or given by cash (as long as the cash amount was declared, which I have) along with interest from fixed deposits (GIC)
- Taxable income - The total income that is considered taxable. We have presumptive taxation, where net taxable income is considered as 8% of one's turnover and we will pay tax on that income. This applies to any business having a turnover of less than $170,000.
ANy help will be appreciated
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