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freddy_teacher
Joined: 17 Nov 2010
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Posted: Wed Dec 08, 2010 9:52 pm Post subject: Any Canadians actually declare their income? |
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I dont want this to turn into a "should you/should you not declare" thread, just simply wondering if any Canadians actually declared their income after they returned to Canada.
if so, how much did you declare and what happened? did you pay full Canadian income tax?
the reason im asking is because last year i spent more than I made, so i didnt run any risk by not declaring. but this year i plan on bringing home a substantial chunk if I land this job i interviewed for.
thanks in advance. |
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lifeinkorea
Joined: 24 Jan 2009 Location: somewhere in China
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Posted: Wed Dec 08, 2010 10:12 pm Post subject: |
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if so, how much did you declare and what happened? did you pay full Canadian income tax? |
If you paid taxes in Korea, how do you determine how much you would pay in your home country?
I would give my money to a different extortion racket group if it were me. |
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meaghan
Joined: 24 May 2009
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Posted: Thu Dec 09, 2010 4:49 am Post subject: |
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Canada and Korea have a tax treaty, so taxes paid in Korea count towards taxes owed in Canada. Also, I would declare your income when the won is really low so it looks like you earned less. |
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freddy_teacher
Joined: 17 Nov 2010
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Posted: Thu Dec 09, 2010 7:59 am Post subject: |
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meaghan wrote: |
Canada and Korea have a tax treaty, so taxes paid in Korea count towards taxes owed in Canada. Also, I would declare your income when the won is really low so it looks like you earned less. |
so basically i'd have to pay canadian tax according to the appropriate tax bracket, minus 3.3% (since i paid that in korea...) |
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some waygug-in
Joined: 25 Jan 2003
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Posted: Thu Dec 09, 2010 10:23 am Post subject: |
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I knew a guy who did this, but he said he could declare a lot of extra expenses, like cost of moving, extra insurance etc.
Your best bet is to talk to an accountant in Canada who knows about
ex-pat tax issues. |
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Big Mac
Joined: 17 Sep 2005
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Posted: Thu Dec 09, 2010 11:57 am Post subject: |
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Unless you own property or have children living in Canada, there is no need to declare your Korean income to Revenue Canada.
You do, however, have to claim any money that you made in Canada and pay taxes on that.
I never paid taxes in Canada the entire time I lived in Korea (five years).
I still filed a tax return every year though. I put "0" as my income and made sure I used my Korean address. I've never had any problems. I also filed the form requesting an opinion on my residency status for a couple of years, but I didn't need to as it is only an opinion and is not legally binding. |
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freddy_teacher
Joined: 17 Nov 2010
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Posted: Thu Dec 09, 2010 3:01 pm Post subject: |
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Big Mac wrote: |
Unless you own property or have children living in Canada, there is no need to declare your Korean income to Revenue Canada.
You do, however, have to claim any money that you made in Canada and pay taxes on that.
I never paid taxes in Canada the entire time I lived in Korea (five years).
I still filed a tax return every year though. I put "0" as my income and made sure I used my Korean address. I've never had any problems. I also filed the form requesting an opinion on my residency status for a couple of years, but I didn't need to as it is only an opinion and is not legally binding. |
thanks for the info! |
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bobbybigfoot
Joined: 05 May 2007 Location: Seoul
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Posted: Thu Dec 09, 2010 7:34 pm Post subject: |
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Big Mac wrote: |
I still filed a tax return every year though. I put "0" as my income and made sure I used my Korean address. |
Even this is unnecessary. Once you are deemed a non-resident, you do NOT need to file an income tax return if you have no Canadian income to declare.
As our tax system is "self-serve,' simply declare yourself a non-resident (you must be out of the country more than 6 months I believe).
If the tax office has a problem with your assessment, they will audit you. End of story.
I last filed income tax in Canada in 2008. But I also have no Canadian income to declare. |
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meaghan
Joined: 24 May 2009
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Posted: Thu Dec 09, 2010 8:03 pm Post subject: |
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I guess it depends on your income, too. I made 2.1 million won per month last year which, though sufficient for my needs (particularly since I wasn't paying rent), is pretty low for Canada. Once you add all the deductions like airfare and other moving expenses, the couple hundred dollars spent on postage when applying for a visa, and I end up getting money BACK on my tax return. |
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