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Korean Job Discussion Forums
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deelej
Joined: 11 Apr 2005
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 Posted: Thu Jun 15, 2006 12:29 am Post subject: transfer money, canadian taxes, & pension - specific Qs |
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not sure if this is the right place for this post, but here goes...
i'm trying to settle affairs before i leave korea one last time...
1. transfering money: is there a different way (besides remittance through a korean bank account) to transfer money back to canada considering i've reached my $10,000 US/year limit.
2. i've been here for almost 1.5 years and i haven't done my taxes in canada. do you get charged taxes in canada and korea? do i get a tax break? do i apply for some different status that allows me NOT to pay taxes in canada for the past year? is it too late?
3. i haven't claimed pension yet. i left korea for holiday because i had to leave the country after my contract was finished and then came back to travel for a bit and tie up loose ends. i don't have an ARC, do i need that to get my pension? i have all else, passport, one way ticket, bank info.
thx! |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Thu Jun 15, 2006 1:15 am Post subject: Re: transfer money, canadian taxes, & pension - specific |
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| deelej wrote: |
not sure if this is the right place for this post, but here goes...
i'm trying to settle affairs before i leave korea one last time...
1. transfering money: is there a different way (besides remittance through a korean bank account) to transfer money back to canada considering i've reached my $10,000 US/year limit.
2. i've been here for almost 1.5 years and i haven't done my taxes in canada. do you get charged taxes in canada and korea? do i get a tax break? do i apply for some different status that allows me NOT to pay taxes in canada for the past year? is it too late?
3. i haven't claimed pension yet. i left korea for holiday because i had to leave the country after my contract was finished and then came back to travel for a bit and tie up loose ends. i don't have an ARC, do i need that to get my pension? i have all else, passport, one way ticket, bank info.
thx! |
1. I'd recommend keeping your Korean bank account open and bringing an intl bank card with you to pull it out. Barring that, open up a trading account at a bank, Samsung Securities, or E-Trade Korea, buy some money market funds and then sell later after getting home.
2.
You don't need to file anything to be a tax-exempt non-resident. If you have no primary ties to Canada and have little or no secondary ties while you were abroad, then simply don't file taxes for that period. The likelihood of an audit on your overseas income will depend on your ties to Canada while you were abroad. Make sure you keep copies/records of your Korean work contract and anything that references your Korean accommodation/residency for that time, as that can be vital in appealing an audit, if things ever came to that. Read up on this:
http://wiki.galbijim.com/Tax_issues_for_Canadian_expats
3. You don't need your ARC, per se, but I'd recommend calling your old school up and ask them to provide you with your old ARC number, so you can provide that to the pension office. Saves some headaches. Also, you'll need to ask your school about which pension office you'll need to go to.
For more info on pension refunds and pension offices:
http://wiki.galbijim.com/Korean_pension_plan
http://wiki.galbijim.com/National_Pension_Offices |
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Novernae
Joined: 02 Mar 2005
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| Posted: Thu Jun 15, 2006 6:49 am Post subject: Re: transfer money, canadian taxes, & pension - specific |
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| deelej wrote: |
1. transfering money: is there a different way (besides remittance through a korean bank account) to transfer money back to canada considering i've reached my $10,000 US/year limit.
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You can legally transfer your money up to your total legally earned salary. You will need proof of salary from your school however, and you can't transfer any more than that total. The $10,000 limit does not apply.
Another option, if you can't get the paperwork, is to paypal it to yourself. |
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dreamscape
Joined: 05 Aug 2004
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| Posted: Thu Jun 15, 2006 7:06 am Post subject: |
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| Or just carry the cash. You can carry up to $10000 US on international flights with no hassle. |
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deelej
Joined: 11 Apr 2005
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| Posted: Thu Jun 15, 2006 4:06 pm Post subject: |
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thanks for the info. looks like i'll be paying taxes then. i have real estate back in canada that i bought 3 years ago and i just closed. i have to be a resident to avoid paying GST! damn! everywhere you turn there's the taxman!
paypal! what a great idea!!!!! |
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