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tuckerg76
Joined: 24 May 2006
Location: Canada
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 Posted: Fri Jun 23, 2006 6:05 pm Post subject: How much Cdn Income Tax do you pay uponreturning to Canada? |
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Hi there,
I am considering going to Daejon to teach english at the end of August and I am trying to find out how much income tax I may have to pay in upon my return. If any other Canadians are out there who have had to pay the CRA after their return, can you let me know how much you owed? I am assuming a salary around 2 million won per month. |
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Yesanman
Joined: 21 Jun 2006
Location: Chungnam
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| Posted: Fri Jun 23, 2006 6:20 pm Post subject: None |
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| If you are a Canadian you don't have to pay any income tax when you return to Canada. If you will be living outside of Canada for more than 6 months you can declare yourself a non-resident. You have to fill in some paperwork and close most of your bank accounts but other than that it's pretty easy. Look into it. It'll save you some money. |
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FUBAR
Joined: 21 Oct 2003
Location: The Y.C.
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| Posted: Fri Jun 23, 2006 6:25 pm Post subject: Re: None |
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| Yesanman wrote: |
| If you are a Canadian you don't have to pay any income tax when you return to Canada. If you will be living outside of Canada for more than 6 months you can declare yourself a non-resident. You have to fill in some paperwork and close most of your bank accounts but other than that it's pretty easy. Look into it. It'll save you some money. |
Not true. If you come in august, that means you will have lived in Canada for 7 months (210 days, give or take a few) for the current tax year.
To be exempt from personal income tax, you must have lived outside the country for 180 days (maybe 185) during the tax year (January 1-December 31).
Look into it a little more to be sure. But from what I know, the above poster is 100% wrong, even though I know he is talking about declaring non-resident status. |
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tuckerg76
Joined: 24 May 2006
Location: Canada
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| Posted: Fri Jun 23, 2006 9:39 pm Post subject: |
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I have actually done some research already regarding residency status. Please note i am not asking how to avoid residency, but rather approximately how much taxes people who were declared residents had to pay upon their return. For anybody who wants the most recent info on residency, they can go to:
http://www.cra-arc.gc.ca/E/pub/tp/it221r3-consolid/it221r3-consolid-e.html#P115_17149
Again, I am not looking for advice on how to get out of residency here. I would just like to know a ballpark figure concerning the Canadian income tax. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Fri Jun 23, 2006 10:21 pm Post subject: |
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| tuckerg76 wrote: |
| I would just like to know a ballpark figure concerning the Canadian income tax. |
Depends on what you earn in Canada this year before coming & next year after you return. Depends on your deductions & credits. Depends on what province you live in. Short answer: you do the math.
You'll pay a bit of income tax to the Korean govt too but you can subtract that from the CRA cashgrab. |
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Pyongshin Sangja
Joined: 20 Apr 2003
Location: I love baby!
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| Posted: Fri Jun 23, 2006 11:58 pm Post subject: |
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| Ballpark? Nothing. Just keep yer trap shut. |
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tuckerg76
Joined: 24 May 2006
Location: Canada
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| Posted: Sat Jun 24, 2006 7:28 am Post subject: |
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| I must emphasize what I am looking for in this thread. All I am hoping is that some Canadians who were deemed a residents and had to pay in would be willing to mention that they had paid. To future posters, if you do not fall into the above category please do not add posts to this thread. |
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coolsage
Joined: 28 Jan 2003
Location: The overcast afternoon of the soul
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| Posted: Sat Jun 24, 2006 8:18 am Post subject: |
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| If you're uncertain, check with the embassy. The rules and regs change, but at last view, if you're out-of-country for more than two years and have no financial ties to the Great White North (bank accounts, credit cards, RSPs), then you're officially a non-resident. You're paying income tax in this country (and it's small, and good luck getting any kind of receipt), and no one is going to call you on this. 'They' are more interested in the big players, not in your paltry salary as an EFL teacher in Korea. Don't sweat it. Cheers. |
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NearlyKorean
Joined: 15 Mar 2003
Location: Phoenix, AZ
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| Posted: Sat Jun 24, 2006 11:02 am Post subject: |
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A Canadian friend of mine pays about $5000 CND a year on 2.3 million plus apartment and serverence. He has an accountant. He owns land & a house in Canada.
He is from somewhere in Eastern Canada, if that matters.
Best regards,
NK |
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