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Tax general inquiry

Discussion in 'Canadian Finance and Taxation' started by hambousha, Apr 10, 2018.

  1. Hello all
    A point has been always been vague to me
    As a new immigrant, I landed for few months (with little amount of cash money and two credit cards) then back to my home country to finalize some stuff.
    Now when I get back to Canada and let's say opened a bank account then deposited 50,000 for example
    Is this money taxable?
    What is the limit for taxable amount?
    As a new immigrant, should not I have a saved money from my home country which is not taxable??

    The second thing is, while being abroad after landing (in home country) shall I do the annual tax file or to wait till I re-enter and stay permanently in Canada?

    Thanks
     
  2. Tax liability in Canada generally arises from two situations: (1) you earned income from a job or self employment while resident of Canada; or (2) you earned passive income from bank interest, dividends, or you sold property at a gain while resident of Canada.

    Simply bringing money into Canada itself is not a taxable event. However, if you carry $10,000 or more across the Canada border in cash, cash equivalents, cheques, certificates, or other paper securities, then you will need to declare those instruments to the CBSA officer at the border, but there will be no tax due. Your money can be seized if you don’t declare it and the CBSA finds out, at which point you would be given the option to pay a penalty to have the money/instruments returned to you.

    You should also be prepared to bring evidence that supports the source of the money. For example, previous bank statements. These rules are in place to prevent money laundering and it may raise suspicion that cash money is sourced illegally, for example from drug dealing. You can avoid that altogether by bringing cash across the border over multiple visits or wiring/transferring money electronically.

    Again, there is no duty or tax that is owed simply by bringing lots of cash into Canada, but you do need to declare it otherwise it will likely be seized.

    You need to be a tax resident (different than permanent/temporary resident status) in order to be required to file Canadian tax return. Check whether you need to or would want to file a tax return from the link below:

    https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/you-have-file-a-return.html
     
  3. Thanks dear
    So what I understood now that even if I landed already and went back to home country few months ago, I still can bring non taxable amount of money feom my home country
    If it exceeds 10,000$, I have to declare that at the airport but both cases it will be untaxable
    Correct ?
     
  4. How long it take's to receive tax return if you have online account. I have filed my return 2017 tax return more than 4 weeks and online status shows "2017 tax return being processed".
     
  5. I don't think you would be receiving a tax return in the mail. Likely, a notice of assessment or a letter from the agency.
     
  6. it should be available in my CRA account online, all my other family members it was available after one week of filing
     
  7. Yes I mean notice of assessment
     
  8. Hello house ,

    How does the taxation work in canada.

    My total annual salary is X

    I started to work from MARCH 15 and i being paid semi monthly .

    will I be taxed on how much i earn from March 15 2018 to Dec 31 2018 ?....
     
  9. It depends what province you call home.
     
  10. Correct.
     
  11. How long it takes to receive notice of assessment after filing tax return in Ontario. I have filed my return 2017 tax return more than 4 weeks ago and CRA account online status still shows "2017 tax return being processed".
     
  12. If first time, it takes more than a month. If not, one week.
     

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