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bucheon bum
Joined: 16 Jan 2003
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 Posted: Mon Dec 20, 2004 8:55 pm Post subject: |
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sometimes its good to be an american  . |
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riverboy
Joined: 03 Jun 2003
Location: Incheon
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| Posted: Mon Dec 20, 2004 9:08 pm Post subject: |
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| You can own property and have a bank account. I have a rental property back home and I am officially a non residence. The question is PRIMARY RESIDENCE AND PRIMARY INCOME. If You own a summer home it is okay as well. It is just where do you permanently live and your dependants. |
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Zed
Joined: 20 Jan 2003
Location: Shakedown Street
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| Posted: Tue Dec 21, 2004 12:03 am Post subject: |
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| Beats me. I applied in August 2002 for non-residency for 2001. I still haven't got a response despite several faxes, e-mails, phone calls. |
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Cthulhu
Joined: 02 Feb 2003
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| Posted: Tue Dec 21, 2004 5:49 am Post subject: |
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kylehawkins2000 wrote:
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| I beleive it's ok to hold credit cards and savings accounts in Canada while declaring non-residency. It's larger holdings like real estate that are a problem. |
That's true. I had both along with some investments and various other pieces of ID and Revenue Canada gave me non-residency. I even had investments. I was taxed on any interest I made from my savings but that was about it. I also had to reapply for a couple of things (such as my health card) upon permanent re-entry to Canada but they didn't mind the bank account at all. Having a car or house are the major obstacles to non-residency. |
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Daechidong Waygookin
Joined: 22 Nov 2004
Location: No Longer on Dave's. Ive quit.
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| Posted: Tue Dec 21, 2004 5:55 am Post subject: |
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| bucheon bum wrote: |
| sometimes its good to be an american . |
I dont have to even bother filing. You do. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Wed Dec 22, 2004 7:30 pm Post subject: |
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| Hanson wrote: |
I was under the impression that there was a 2-year rule, where if you've been out of Canada (as a Non-Resident) for 2 years or more, you're okay for not paying taxes in Canada.
I've been a non-resident since I came here 4 and a half years ago, and I fully intend to return to Canada at some point, but I'll be damned if I'm gonna pay a single penny to the Canadian government for the income I've received since I left - that's why I left Canada in the first place!!!!!
I've had a credit card (from Canada) under my name this whole time, and I really don't see how that could affect me paying taxes or not...
Am I alone to hear about the supposed 2-year rule? |
This used to be a rule awhile back. It's since been scrapped. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Wed Dec 22, 2004 7:32 pm Post subject: |
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| Cthulhu wrote: |
Having a car or house are the major obstacles to non-residency. |
You can legally own property as a NR, if the property is held by an 'arms-length party', such as a property management firm. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Wed Dec 22, 2004 7:40 pm Post subject: |
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| Daechidong Waygookin wrote: |
| bucheon bum wrote: |
| sometimes its good to be an american . |
I dont have to even bother filing. You do. |
Also, as a Canadian NR, we are exempt from ever having to pay capital gains taxes (which can really add up) on stocks and other equity investments. Even though the US guys have their cushy limit on taxable overseas income, they still get dinged on investment taxes, when they trade their overseas income on the US and Canadian equity markets. |
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Cthulhu
Joined: 02 Feb 2003
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| Posted: Wed Dec 22, 2004 9:10 pm Post subject: |
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chronicpride wrote:
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| You can legally own property as a NR, if the property is held by an 'arms-length party', such as a property management firm. |
Ah--it's good to know that. |
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mithridates
Joined: 03 Mar 2003
Location: President's office, Korean Space Agency
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| Posted: Wed Dec 22, 2004 9:14 pm Post subject: |
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Yeah, that is good to know. All my friends are buying houses now and I wouldn't mind having one of my own later. I wonder how much the arms-length companies cost.
That's a few years down the road for me though. |
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osangrl
Joined: 04 Nov 2003
Location: osan
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| Posted: Fri Dec 24, 2004 3:26 pm Post subject: |
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How and WHERE do we apply for this from overseas??
Anyone have an address or anything?
I haven't filed my taxes in 3 years....so im gonna be fugged when i finally do. This can be the first step in saving my bum! |
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phaedrus
Joined: 13 Nov 2003
Location: I'm comin' to get ya.
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| Posted: Fri Dec 24, 2004 3:41 pm Post subject: |
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| osangrl wrote: |
How and WHERE do we apply for this from overseas??
Anyone have an address or anything?
I haven't filed my taxes in 3 years....so im gonna be fugged when i finally do. This can be the first step in saving my bum! |
http://www.cra-arc.gc.ca/tax/nonresidents/individuals/nonres-e.html#d
Look there. Plus there are the other threads on this issue if you search.
Basically you are a non-resident if you are here and don't have a home, spouse, or other significant property in Canada. It says bank accounts, driver's licences and health insurance are basically secondary concerns.
You only need to file tax returns if you had Canadian sources of income during your stay here. |
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ThePoet
Joined: 15 May 2004
Location: No longer in Korea - just lurking here
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| Posted: Fri Dec 24, 2004 5:49 pm Post subject: |
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Do yourselves a favor. Hire an accountant in Canada when you come over here, or even get someone to do it for you if you are already here. I was told about 15 different stories when I first got here and I was terribly confused. When tax time came around six months after I arrived here, my accountant asked me two questions
1. Are you planning on staying in Korea more than two years?
(yes)
2. What has your Canadian income been up to the time you left the country?
(damn little)
Then she made the request to Revenue Canada on my behalf and informed me that now that I was a non-resident, Revenue Canada would take a very dim view and apply penalties if I decided to come back to Canada permanently before the two years were up, unless Korea was in a war or something.
Total cost of getting everything handled the right way - $160.00 and that included filing my last canadian income tax statement. for $160.00 it is worth it for peace of mind and no stress.
Poet |
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phaedrus
Joined: 13 Nov 2003
Location: I'm comin' to get ya.
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| Posted: Fri Dec 24, 2004 5:57 pm Post subject: |
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| ThePoet wrote: |
Do yourselves a favor. Hire an accountant in Canada when you come over here, or even get someone to do it for you if you are already here. I was told about 15 different stories when I first got here and I was terribly confused. When tax time came around six months after I arrived here, my accountant asked me two questions
1. Are you planning on staying in Korea more than two years?
(yes)
2. What has your Canadian income been up to the time you left the country?
(damn little)
Then she made the request to Revenue Canada on my behalf and informed me that now that I was a non-resident, Revenue Canada would take a very dim view and apply penalties if I decided to come back to Canada permanently before the two years were up, unless Korea was in a war or something.
Total cost of getting everything handled the right way - $160.00 and that included filing my last canadian income tax statement. for $160.00 it is worth it for peace of mind and no stress.
Poet |
Wow, I thought hiring a professional would be much more expensive. Cool. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Fri Dec 24, 2004 11:32 pm Post subject: |
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He got a good deal. I went with an accountant that specializes in expatriate taxation, and I got dinged for $800. But, they are mostly used to doing stuff for the oil/gas expats coming out of Calgary.
Anyways, they're at www.expat.ca. I've been dealing with them for over 2 years, and they're on the ball. I was able to file the NR, retroactively, and do everything else required with them, while in Korea. |
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