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Tax general inquiry

hambousha

Hero Member
Jan 9, 2015
462
76
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
 

picklee

Hero Member
Feb 19, 2017
726
171
Job Offer........
Pre-Assessed..
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
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
 

hambousha

Hero Member
Jan 9, 2015
462
76
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 ?
 

0ntarian

Star Member
Nov 29, 2017
93
5
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".
 

steaky

VIP Member
Nov 11, 2008
11,674
999
Job Offer........
Pre-Assessed..
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".
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.
 

0ntarian

Star Member
Nov 29, 2017
93
5
it should be available in my CRA account online, all my other family members it was available after one week of filing
 

bluewaters87

Star Member
Dec 17, 2016
108
34
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 ?....
 

steaky

VIP Member
Nov 11, 2008
11,674
999
Job Offer........
Pre-Assessed..
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 ?....
It depends what province you call home.
 

picklee

Hero Member
Feb 19, 2017
726
171
Job Offer........
Pre-Assessed..
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 ?
Correct.
 

0ntarian

Star Member
Nov 29, 2017
93
5
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".
 

pie_vancouver

Hero Member
Jun 12, 2014
963
86
Vancouver
Category........
Visa Office......
Manila
NOC Code......
1111
Job Offer........
Pre-Assessed..
App. Filed.......
2008
VISA ISSUED...
2009
LANDED..........
2010
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".
If first time, it takes more than a month. If not, one week.