bringing money to Canada
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Here it is : A few have been posted here in the previous posts.
http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nnrs-eng.html
http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/lvng-eng.html
Might interest you.: http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/menu-eng.html
Here is something that strikes as ODD. Even after you leave and reside some where else and ..... http://www.cra-arc.gc.ca/E/pub/tp/it221r3-consolid/it221r3-consolid-e.html#P155_30600 ....I find that a individual does not decide where he pays taxes. The GOVERNMENTS DECIDE FOR HIM. OH YEA, That is a cruel blow.
We all are deeply into it. Now after residing here, we also learn to live with it.
You have a life time to read and understand. Please save what ever you find useful.
Hope this helps you a little.
Freddie
Help me understand this also. Hope some of you can throw some light.
I still have bank a/c, 401k, couple of underwears, socks etc in US but now I moved here in Canada. Does that mean as long as I have ties to US, I still have to declare my Canadian income to US? And Is that taxable in US?
Quote:
Originally posted by gktaurus
Help me understand this also. Hope some of you can throw some light.
I still have bank a/c, 401k, couple of underwears, socks etc in US but now I moved here in Canada. Does that mean as long as I have ties to US, I still have to declare my Canadian income to US? And Is that taxable in US?
Now I am feeling that you are getting confused with what you have done thinking it was the law and that law in all countries are same.
I do not know about USA tax laws - but they most probably will not be the same as of Canada - specially regarding tax residence - so it would best if you asked this question to a tax expert in USA (more because you do not think that what we on this forum are telling you is right) and then compare your notes with a tax advisor in Canada.
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Chandresh
Advice is free – lessons I charge for!!
And by the way.............wish you all the best of luck - you seem to really need it now!
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Chandresh
Advice is free – lessons I charge for!!
Most of us go there and work for a few years and then move on. As long as you are not a DUAL citizen, U.S. and Canada, you only pay taxes to one country. You are clear off the U.S. Taxes, after the last filing.
But if you have 401k, Canada might not treat that as pension, they might consider that as an investment and tax you. I would urge you to consult some one who is knowledgeable in this fields who knows taxes involves in Both the countries.
Hope this helps you a little
Good Luck.
Freddie.
Location: Western Hemisphere
Posted on: 31-10-08 16:49:47
Quote:
Originally posted by gktaurus
Help me understand this also. Hope some of you can throw some light.
I still have bank a/c, 401k, couple of underwears, socks etc in US but now I moved here in Canada. Does that mean as long as I have ties to US, I still have to declare my Canadian income to US? And Is that taxable in US?
Tax laws are complicated as hell. But, I'll try to simplify based on my experience over the years. If you receive a 1099INT (interest income) or 1099DIV (dividend and cap gains) from your bank and investments, you will pay taxes on those in your canadian taxes. You will not pay taxes in the US on those 1099 incomes. The 401k is not taxed in Canada untill you pull out and start receiving 1099 for that. You might receive a 1099R for IRAs, but again, they are not taxable in Canada until you remove them (and then u pay tax on earnings).
Now, I'll complicate things for you....
The other way of doing it is you can file 1040NR in the US and declare all the investment incomes (except 401k) and pay the necessary taxes. Then you can file the Cdn taxes, declare all the investment incme and take foreign tax credit for the tax already paid in the US. However, I'll recommend the simple approach.
If you are a US citizen or GC holder, then you are considered a tax resident in the US regardless of where you live. If you leave your belongings in the US, are you a US resident? You will have to ask a tax advisor. But living in Canada will most probaly make you a tax resident in Canada.
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Dimple2001
Hello g......
You say you have active bank accounts in the US and obviously you are making money off of them. If you have any mutual fund and stock investments, they will deduct some money toward US taxes and you can claim any excess deduction when you file the US taxes as a non-resident. If you do not have accounts where they deduct tax and you make more than 400 bucks in interest, you will have to file US taxes (in mail on or before April 15) and file Canadian taxes. Being a resident of Canada, you owe the US government a flat rate of 15% from your earnings; and then you subtract that amount from your Canadian taxes when you calculate the global part of total income. I haven't been in the US while making money in Canada, but I suspect it is also 15% of what you earn here while living there, and subtract that portion from the global income reported to the US.
