Disclaimer: It is best is to consult a tax consultant.

However you must have gained an insight about your liabilities from links already posted by JRF.

I am posting some comments, just as a discussion of case.

<I first landed on 15-04-05. Completed all the formalities, opened account in HSBC bank, got their secured credit card (CAD 1000) and came back to Malaysia to finish my contract. Now I will return permanently on Jan’06. >

Once you opened bank account you started your substantial link with Canada. So prima facie you become liable for paying tax, in Canada, on all of your GLOBAL income from, say, 15-4-05.

<While landing for the first time they asked me how much money I have with me. It was CAD20000 and they noted it down. Now after finishing my contract here, I will be having around CAD40000 which I want to bring to Canada. My question is do I have to pay tax for this money. I have paid taxes for all income here.>

Issue you are talking about here is "capital transfer". Whereas you are taxed on "income".

For example CAD 20000 you brought in was your initial "capital transfer". (Normally not taxable in Canada.)
Now you are bringing in your CAD40000. It is again a capital transfer. BUT, any part of it "earned" after 15-4-05 is "taxable".

Following steps maybe helpful in roughly working out your tax liabilities :

1.Collect detailed records of income earned, receipts of tax paid and return filed by you in Malaysia (and other countries, if applicable).
2. Prepare your Canada return, on your Global income, calculate tax payable as per Canadian Tax rates.
3. Then deduct the tax already paid in Malaysia (and elsewhere) from tax payable.
4. Pay up the balance tax payable in Canada before the last date when tax was due.
5. File your tax return in Canada in time.
*Para 3. above assumes that Canada and Malaysia have a "Double Taxation Avoidance Treaty" in place.

Any amount you earned after 15-4-05 is taxable, even if it is parked back home, or elsewhere, and even if you do not bring it into Canada.

<Will there be any problem if I transfer the money to my account in Canada via Telegraphic transfer?>

No problems, as that does not affect your tax liability.
BUT if you want to suppress the income earned there, which I would strongly advise you against, do not bring that money into Canada.

Or if that CAD 40000 is from savings done from years earlier than 15-4-05, then there is no tax liability.

BUT do NOT try to bring any cash/draft/cheque/security/share certificates/traveller's cheques with you, amounting to more than CAD 10,000 which you do not want to declare at airport. That is illegal. You can bring in any amount less than CAD10,000, without needing to declare it - this pertains to Customs requirements (not Income Tax).

<I also have some investment Bonds back in my country. It will be matured in 2009. >

Any income/interest earned on those bonds after 15-4-05 is taxable in Canada. So it is better you get them evaluated ( or even encashed, if that is advisable financially) before you come in.

<Is it better to declare these income sources while landing for the second time for not being taxed?>

Yes, best is to declare your "assets" along with your first return of tax, so that they are not taken as income of later years when you bring them in. (Once you come here they cease to become "income sources" they are only historically earned income or in other words your saved "capital".)

<I am using Canadian credit card in Malaysia and paying the bills from my account in Canada. Am I building my credit history?>

Yes, you are doing a good job of it. Just keep making payments in time. However for once you have to make a minimum payment, then pay balance outstanding in next month, in time.

If you always pay in full, you are NOT making a good credit history.

<If I buy a computer and pay in 48 installments, does it help making credit history?>

Yes, if that company is reporting to credit rating companies.

<Thank you in advance.>

You are welcome.

DISCLAIMER:

You have to understand that I am NOT a tax expert, and these are just principles and do not a purport to be legal advice. Your circumstances may require a different approach.

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Orginally posted by LD
If you always pay in full, you are NOT making a good credit history.

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Orginally posted by crenshaw

Quote:

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Orginally posted by LD
If you always pay in full, you are NOT making a good credit history.

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????

Urban myths, desi style?

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hinglish zindabad