I have applied for CCTB for July 2014 to June 2015 period recently. I have mentioned my overseas income as I am working outside canada these days. However I intend to move to Canada for goods in March2015 after resigning from my present overseas job. Now once in Canada, my income would become zero. Do I need to inform CRA about it so that my child benefits and GST could be revised accordingly or I should leave it for next financial year. Please suggest.
Location: God's own country
Posted on: 04-10-14 02:41:04
No. You should not mention it now. CRA is not concerend about your furture as they donot care. Your future plans can change.
Always inform your current status in this year and your current status in the next financial year at the tax filing time them. if you are eligible for anything, they will pay you in arrears.
Murali The Krishna
-----------------------------------------------------------------
I am a Gents and not a Ladies.
Got it TK, thanks a lot. You are always helpful. Good day, cheers
TK , please clear a confusion, I land today and apply for CCTB where in the form they ask my previous one year income, whether be outside Canada. Is it just as a formality that they are asking to share or our benefits will be calculated based upon that worldwide income which we mention. Thanks
Location: God's own country
Posted on: 04-10-14 07:22:17
Hasni,
I have mentioned to you a lot of times before. This world wide income that you provide upon landing, will be used to calculate for the last financial year. For this year (2014-2015) will be based on the income that you declare in 2015 tax return. You may be liable to pay back the extra money that was paid to you till march 2015, if your 2015 tax return says a higher income.
If you need max. benefits, your world wide income should be less than $ 8000 (the standard deduction). I have noticed that till $ 12000, there will be no change with the benefits getting lower above $ 12000 a year and coming to Zero when your income is more than $ 42,000 a year.
All the best.
Murali The Krishna
-----------------------------------------------------------------
I am a Gents and not a Ladies.
TK thanks for your reply. Not clear yet. I landed in August 2014 and applied for CCTB. I have put my worldwide income there. Now the benefits I will get from August 2014 to June 2015 will be calculated based upon the income I have mentioned. Am I correct !! I haven't submitted any tax return yet cuz my lawyer said that I should do it in March 2015. Pardon me for not getting your point as it seems quite a technical issue. Will definitely learn with the passage of time.cheers
Location: God's own country
Posted on: 04-10-14 09:45:57
Hasni,
Now that you have explained your situation, let me tell you how it works.
1. You landed in August 2014 and are here till now. You are eligible for benefits from Aug 2014 (based on income) till Dec. 2014 (I am assuming that the accounting year fro Canadians is Jan-Dec., I forgot).
Scenario 1 : You say in Aug. 2014 that your world wide income is $ 43,000. Then you will get nothing. No Child tax benefit, no HST credit etc.. CCTB is a given for children below 5, but you said that you have none.
Scenario 2: You say that in Aug., your world wide income was $ 10,000. You will get full benefits from the date of landing and they will pay you in arrears from the day that you landed and they will continue to pay till March 2015.
2. The accounting year ends in Dec. 2014 (I assume). You file your income tax return in March 2015. In this you say that your income is $ 10,000 for less for the year ended 2014. (as per senario 2). Based on this they will pay you max. benefits till March 2016.
3. In March 2016, you say that the income for 2015 was $ 60,000. Then they will pay you nothing for Jan 2016 to Dec. 2016. But you filed your income tax only in March 2016 where was the accounting year is Jan-Dec. So they will deduct the excess paid for the months of Jan-March 2016.
4. Note that anytine you leave Canada (with your family) for an extended period of time, they will cut off the benefits.
Hope it is clear. If you want more money from the Govt., then you should say that your world wide income is $ 10000 or less.
All the best.
Murali Krishna.
-----------------------------------------------------------------
I am a Gents and not a Ladies.
