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Tiny_Tibbo
Joined: 21 Apr 2005
Location: In My Skin
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 Posted: Tue Jan 24, 2006 2:21 am Post subject: |
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| do you only have to pay tax on it if you bring it back into the country? |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Jan 24, 2006 6:28 am Post subject: |
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| Tiny_Tibbo wrote: |
| do you only have to pay tax on it if you bring it back into the country? |
I think you're OK as long as you don't have over $10,000 on you when you get to Canada. I guess you can get around it by wiring money before you leave or sending separate money orders to yourself in the mail. That way it won't be on you physically when you enter Canada. |
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Gord
Joined: 25 Feb 2003
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| Posted: Tue Jan 24, 2006 8:46 am Post subject: |
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| Big Mac wrote: |
| Tiny_Tibbo wrote: |
| do you only have to pay tax on it if you bring it back into the country? |
I think you're OK as long as you don't have over $10,000 on you when you get to Canada. I guess you can get around it by wiring money before you leave or sending separate money orders to yourself in the mail. That way it won't be on you physically when you enter Canada. |
You can bring in a billion dollars with you, in pennies if you so desire. You just have to declare that you have it on you and fill in some paperwork. |
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Tiny_Tibbo
Joined: 21 Apr 2005
Location: In My Skin
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| Posted: Tue Jan 24, 2006 12:15 pm Post subject: |
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| but what about on my income taxes....i'd have to report it on there, right? Even if i didn't bring it back?? |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Jan 24, 2006 12:58 pm Post subject: |
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| Tiny_Tibbo wrote: |
| but what about on my income taxes....i'd have to report it on there, right? Even if i didn't bring it back?? |
If you are a non-resident, you don't put the money you made in Korea on your tax return. Only the money you made in Canada (if any) during that tax year. I called Revenue Canada a couple of days ago and they told me to attach a separate sheet of paper to my return declaring my "world income." You won't be taxed on it. They only use it to figure out the GST rebate. |
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Tiny_Tibbo
Joined: 21 Apr 2005
Location: In My Skin
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| Posted: Tue Jan 24, 2006 3:40 pm Post subject: |
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| i was thinkin bout doing the non residence thing but I'm going home for a few months and I plan on grabbin a little job while i'm there. so I think that will mess up the whole thing......so when i file my taxes in april...do i have to tell them i was here?? |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Tue Jan 24, 2006 6:37 pm Post subject: |
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| Tiny_Tibbo wrote: |
| i was thinkin bout doing the non residence thing but I'm going home for a few months and I plan on grabbin a little job while i'm there. so I think that will mess up the whole thing......so when i file my taxes in april...do i have to tell them i was here?? |
The tax return you file in April will be for 2005, won't it? What you do in 2006 shouldn't matter. On the top of the form there is a space for you to put the tax year...just put 2005 in there. |
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Tiny_Tibbo
Joined: 21 Apr 2005
Location: In My Skin
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| Posted: Wed Jan 25, 2006 1:00 am Post subject: |
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ummm....yeahno.....
i've been here a year and i'm going home for a few months and will return in September. I think i'm gonna just keep my money here...but what do I say on my tax form in April?? Will they know I was here for all of 2005? |
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jacl
Joined: 31 Oct 2005
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| Posted: Wed Jan 25, 2006 6:41 am Post subject: |
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| What the Canadian government doesn't know won't hurt you. |
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Big Mac
Joined: 17 Sep 2005
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| Posted: Wed Jan 25, 2006 7:17 am Post subject: |
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| Tiny_Tibbo wrote: |
ummm....yeahno.....
i've been here a year and i'm going home for a few months and will return in September. I think i'm gonna just keep my money here...but what do I say on my tax form in April?? Will they know I was here for all of 2005? |
Why don't you call Revenue Canada and ask them what you should do? That's what I did. I guess everyone's situation is different. Revenue Canada had already told me I was a non-resident...and it appears they haven't for you, so you might want to call for advice.
If you're definitely coming back, leaving your money in Korea seems like a good idea. But if you decide in Canada not to return...you might not be able to get to your money. |
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