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prairieboy
Joined: 14 Sep 2003
Location: The batcave.
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 Posted: Sat Jan 24, 2004 8:17 pm Post subject: |
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I waited over a year before filling out my first NR73 and CCRA/international tax services wrote me a letter saying that I would be a deemed non-resident for tax purposes from the start of my time in Korea.
If you take more than $10,000 with you through customs they'll question where it came from, thus the declaration. Customs is a branch of CCRA (Revenue Canada in the past) so they can share information freely within that ministry. This is not exactly the case with banks and the government, they can't pass on your financial information to the government unless they believe it's criminal, so wiring money home might be advisable.
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| Is it likely that I'll have to pay Canadian income tax unless I fill out the NR73 form? |
If CCRA declares you a deemed non-resident based on the NR73 then you'll only have to pay income taxes on "CANADIAN INCOME" such as interest on your bank account or investments, etc. Your "World Income" must be reported on your income tax return.
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| Is it too late to do it now that I've been in Korea for some time? |
As I stated above, I waited over a year before submitting my first NR73 form. In my case, international tax services of CCRA found I had significant secondary ties to declare me a resident for tax purposes but since I was a resident of another country with a reciprocal tax agreement they declared I was a deemed non-resident and only required to pay income tax on Canadian income.
Seeing as you're Canadian, you also get the lump sum refund from the Korean Pension plan. They can forward your contribution information to Canada Pension.
Go to the CCRA web site and download the NR73 form. It's straight forward, but make sure that you are very clear stating that you are considered a resident of Korea and are paying income tax here. Otherwise you may have to pay the difference when you get back and that will not be a pleasant surprise.
Cheers |
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Corky
Joined: 06 Jan 2004
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| Posted: Sat Jan 24, 2004 11:44 pm Post subject: |
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| Is there still a two year minimum in order to qualify? |
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prairieboy
Joined: 14 Sep 2003
Location: The batcave.
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| Posted: Sun Jan 25, 2004 1:13 am Post subject: |
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No such thing as a two year absence anymore. It's all about ties to Canada now, time has nothing to do with it.
Cheers |
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Eazy_E
Joined: 30 Oct 2003
Location: British Columbia, Canada
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| Posted: Sun Jan 25, 2004 8:03 pm Post subject: |
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| Thanks prairieboy. This is the best advice I've received on the Canadian tax issue. I couldn't find a straight answer anywhere else. |
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prairieboy
Joined: 14 Sep 2003
Location: The batcave.
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| Posted: Mon Jan 26, 2004 6:05 am Post subject: |
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No problem. I'm glad I've been able to help out a bit.
Which reminds me, I'd better send in my NR73 form soon. Tax season is upon us once more.
Cheers. |
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