Resident individuals can remit up to $50,000

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Val
Member since: Oct 03

Posts: 189
Location: Toronto
Post ID: #PID

Posted on: 04-11-06 06:36:47

Hi Chandresh

I would like to stretch this discussion little further and therefore seek your expert openion on the following.

My Understanding is that While resident Canadians are taxed on the worldwid income, Non residents Canadians are taxed only on Canadian Income and not World wide income, Am I right?

Under the circumstances. What happens?

If Mr. Joe migrates to Canada, stays here , gets his citizenship, and then goes back, say to Uae, overthere he earns a handsome salary makes money but remains as a non resident canadian.

What happens after 10 year he wants to come to Canada for good or he dies there !!!

Thanks

Val
Member since: Oct 03

Posts: 189
Location: Toronto
Post ID: #PID

Posted on: 04-11-06 06:45:14

sorry missed the main point.....

After 10 years of being a Non resident Canadian..

Can he bring those funds to Canada......without any tax liablity...and start fresh once again..

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 03-11-06 20:43:03

Quote:
Originally posted by Val

sorry missed the main point.....

After 10 years of being a Non resident Canadian..

Can he bring those funds to Canada......without any tax liablity...and start fresh once again..

And on what basis would you call him a non resident? First we will have to decide whether or not he is a non-resident.

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 03-11-06 20:44:26

By the way, I am surprised to see your posting date as Nov 4 when it actually is Nov 3 today.

???????????

-----------------------------------------------------------------
Chandresh

Advice is free – lessons I charge for!!

LD
Member since: Jul 05

Posts: 526
Location:
Post ID: #PID

Posted on: 06-11-06 00:51:22

Val, your reasoning sounds fine.
Mr. Joe will have all the fun in the world, tax-free at that !

hchheda
Member since: Aug 05

Posts: 2245
Location: Woodbridge
Post ID: #PID

Posted on: 06-11-06 12:22:27

Quote:
Originally posted by chandresh

By the way, I am surprised to see your posting date as Nov 4 when it actually is Nov 3 today.

???????????

Maybe the 2 of you are different time zones of Toronto..

Looks like his posts are from the UAE or middle east as the time difference suggests - just not updated his location on CD...my guess.

Hiren

Val
Member since: Oct 03

Posts: 189
Location: Toronto
Post ID: #PID

Posted on: 06-11-06 18:55:58

Oh! yes..

Different timezones.....

Contributors: hchheda(7) chandresh(6) Val(4) alexm(4) LD(1) Loser(1) shankaracharya(1)

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Resident individuals can remit up to $50,000

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