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Korean Job Discussion Forums
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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 Posted: Wed Apr 10, 2013 2:19 pm Post subject: |
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| I'm With You wrote: |
| bobbybigfoot wrote: |
Declaring "non residency" back in Canada is as simple as checking a box on your tax form. We have a self-assessing system back in Canada, so you do NOT need CRA's approval.
Korea and Canada have an agreement so if you are paying tax in Korea you do not need to pay back in Canada -- this assumes you are a non-resident.
As for capital gains made outside of both Korean and Canada, I have no idea. I would think you would have to claim to one of these two countries. But I'm speculating. |
Thanks.
Why do Canadians have such a hard time understanding and accepting this? It's really very simple. If you do not work in Canada and pay taxes in South Korea you are considered a non resident. you do not need to apply for this status. In fact the form that people speak about is something that is relatively new. 10 to 15 years ago, such a form did not even exist! |
That is not true, as was demonstrated by Niles in the preceeding post.
CRA will determine residency for taxation purposes based on ties to Canada and intent to return. A combination of some of the elements on Niles list can mean you are considered a resident for tax purposes and then taxed on your international income. The fact you paid taxes in Korea would theoretically only reduce the taxes you owe in Canada if deemed a resident.
Trading in stock and earning capital gains from a brokerage service based in Canada and from funds based in Canada is likely considered a very strong tie to Canada for tax purposes.
You should also be aware that the govt is passing new laws (provinces following suit) on the transfer of funds into and out of Canada. From 2015 on, individual fund transfers of over 10 000 CAD will be automatically reported by banks to the CRA....
The CRA has also announced it will crack down on tax evasion in an effort to recoup what it considers to be lost tax income from Canadian citizens.
In short, make sure you have your financial affairs in order. Finally, the CRA can audit you as far as 7 years back. |
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loose_ends
Joined: 23 Jul 2007
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| Posted: Sun Apr 14, 2013 7:19 am Post subject: |
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| hack wrote: |
| loose_ends wrote: |
| hack wrote: |
Hopefully you have declared yourself a non-resident of Canada for tax purposes otherwise you could be held responsible for declaring all worldwide income regardless whether it is income or capital gains. If you haven't done this, you must file a tax return in Canada every year even if you are declaring zero income which can be dangerous if they decide to audit you.
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This isn't true. I left Canada for 5 years and did not declare anything to anyone. When I returned I ignored the 5 years I was away and just started doing taxes for the years I had returned. No problems what so ever. |
Oh it's true. Watch what happens when they catch up with you. The Canadian govt is broke and sooner or later there will be a letter in your mailbox that will make you want to puke. I know from experience |
When I came back to Canada Revenue Canada was asking for nearly $3000 bucks in unpaid medical. I told them I was in Korea during that time. They waived the charge and started me back up from scratch. Why? Because I was a nonresident during that time. And no, I did not declare that before I left. My actions proved it and that what they look for in the end, not a check on a box. This is what Canadians don't get. Declaring non residency means nothing. Becoming a nonresident means everything. |
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