gse36 wrote:tdma800 wrote:Lol. You don't have to report income to the CRA unless you have a job in Canada OR you're receiving rental income. If you're a resident of Canada then have to report your foreign assets if they are over $100,000 and your worldwide income. However if you merely own a house and your family lives there, you don't have to declare anything if you give up your permanent residence as many foreign couples do.
Not quite true. You could be a "deemed resident" for tax purposes. Several things trigger this including:
- spending 183 days or more in Canada
- residential ties -- including - spouse, house, car/furniture, social ties, Canadian driver's license, canadian bank accounts, health insurance
You do not need all of the above to be deemed a resident, but it is up to CRA's perception. However, as the claim is many mainlanders come here to send kids to school and for free healthcare, it is quite likely that this will make them deemed residents for tax purposes (esp when combined with home and spouse).
This was the rumor from my mainlander connections. There is significant fear that Canada (in order to maintain good relations with China) and China are sharing (or will be sharing) information in order to identify these people who are cheating on the taxes -- as well as to identify criminals.
http://www.cra-arc.gc.ca/tx/nnrsdnts/nd ... d-eng.html
This page provides basic information about the tax rules that apply to you if you are a deemed resident of Canada for tax purposes. It will also help you understand your tax obligations to Canada.
Are you a deemed resident?
You are a deemed resident of Canada for tax purposes if you are in one of the following situations:
You lived outside Canada during the tax year, and you are a government employee, a member of the Canadian Forces including their overseas school staff, or working under a Canadian International Development Agency (CIDA) program. This could also apply to the family members of an individual who is in one of these situations. For more information, see Government employees outside Canada.
You sojourned in Canada for 183 days or more (the 183-day rule) in the tax year; do not have significant residential ties with Canada; and are not considered a resident of another country under the terms of a tax treaty between Canada and that country.
If you are considered a resident of a country with which Canada has a tax treaty, you may be considered a deemed non-resident of Canada for tax purposes.
The 183-day rule
When you calculate the number of days you stayed in Canada during the tax year, include each day or part of a day that you stayed in Canada. These include:
the days you attended a Canadian university or college;
the days you worked in Canada; and
the days you spent on vacation in Canada, including on weekend trips.
If you lived in the United States and commuted to work in Canada, do not include commuting days in the calculation.
Top of Page
What are residential ties?
Residential ties include:
a home in Canada;
a spouse or common-law partner or dependants in Canada;
personal property in Canada, such as a car or furniture; and
social ties in Canada.
Other ties that may be relevant include:
a Canadian driver's licence;
Canadian bank accounts or credit cards; and
health insurance with a Canadian province or territory.
For more information on residency status, see Residency - Individuals or Interpretation Bulletin IT-221, Determination of an Individual's Residence Status.
If you want an opinion about your residency status, complete and send us Form NR74, Determination of Residency Status (Entering Canada).
Your tax obligations
If you are a deemed resident of Canada for the tax year, you:
may have to file a Canadian income tax return for that tax year (for more information, see "Do you have to file a return?" on page 7 of the General Income Tax and Benefit Guide for Non-Residents and Deemed Residents of Canada;
must report world income (income from all sources, both inside and outside Canada) for the entire tax year;
can claim all deductions and non-refundable tax credits that apply to you;
are subject to federal tax and instead of paying provincial or territorial tax, you'll pay a federal surtax; and
can claim all federal tax credits, but you cannot claim provincial or territorial tax credits.
tdma800 wrote:Lol. You don't have to report income to the CRA unless you have a job in Canada OR you're receiving rental income. If you're a resident of Canada then have to report your foreign assets if they are over $100,000 and your worldwide income. However if you merely own a house and your family lives there, you don't have to declare anything if you give up your permanent residence as many foreign couples do.
by SethM » Mon Jul 02, 2012 12:16 am
Ranpool went to a Whitecap soccer game with his buddy Texas Long Horn, and started this exchange:
Ranpool: The stadium is half empty, who said Vancouverites bleed hockey, where are the Canuck fans!!!.
Horn: Vancouerites are crazy about hockey, We made International headlines for the Stanley Cup riots. Everybody in the world knows Vandcouver is a hockey city. but this is the wrong place to find them.
Ranpool: It is a myth. Hockey fans are sports fans. If Vancouverites are as into hockey as advertised, Vancouver’s sports venues should not be empty like this.
Horn: Empty? have you ever been to the Rogers Arena???
Ranpool: yeah, I was there when Justin Bieber was in town. The stadium was full, lots of young chicks, but they are not sports fans, what is your point Horn?
Horn: The Canucks have had 400 consecutive sellouts. Your conclusion is meanless.
Ranpool: it is a myth. Vancouverites make WAY less than other major hockey cities
Horn: then how do you explain the sellout
Ranpool: RBC monthly reports it takes 3 days of average pay to watch a live Canucks, that is WAY more than other hockey cities.
Horn: But it has been selling out, meaning they can afford it because they have wealth and they don’t rely on their income.
Ranpool: It is another myth. If Canucks fans are as rich as you say, they would line up buying Whitecap jerseys.
Horn: But they only watch Hockey…
Ranpool: I am not finished yet, the huge soccer shop next to my office is going to close down. I told you, it is a myth, and the myth is busted
Horn stared at his buddy speechless for 30 seconds and finally uttered two words “ KILL ME”
Unicas,that is hilarious! Had me laughing hard. You mimic Vanpro well. In fact, you debate and sound exactly like him to the point of being eerie.
Users browsing this forum: Bing [Bot], flipflop, Google [Bot] and 3 guests