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Koreabound2004
Joined: 19 Nov 2003
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 Posted: Mon Nov 24, 2003 6:17 pm Post subject: Canadian Income Tax |
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| Does anyone know what happens with your income tax filing when you go back to Canada? Do you have to pay tax on your Korean earnings when you return? Do I show pay stubs, bank statements etc? |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Mon Nov 24, 2003 6:37 pm Post subject: Re: Canadian Income Tax |
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| Koreabound2004 wrote: |
| Does anyone know what happens with your income tax filing when you go back to Canada? Do you have to pay tax on your Korean earnings when you return? Do I show pay stubs, bank statements etc? |
As far as I know, you MUST pay Canadian tax minus whatever tax you paid in Korea. So if Canadian tax is say 25% and Korean tax was 5%, you would pay 20% tax on your earnings. It might be a good idea to hold on to your pay stubs, bank statements, etc.
Then again you could always declare non-residency and not pay any Canadian tax, but that could be tricky if you only intend to be in Korea 1-2 years. |
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prairieboy
Joined: 14 Sep 2003
Location: The batcave.
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| Posted: Mon Nov 24, 2003 8:52 pm Post subject: |
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The residency paper work is a bit confusing but it has been simplified. As long as you have been in Korea for at least a year, then you are considered a resident of Korea for tax purposes regardless of your ties to Canada. You only pay tax in Korea.
However, if you have any Canadian income during the same year, then you will be taxed by CCRA on that money only.
It's worth the effort to fill out the paper work, so get to it.
Cheers |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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