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Savings from outside Canada

H

hambousha

Hero Member
Jan 9, 2015
579
104
Hello all
If some one soft landed 2 years ago
Returned to home country to make some savings
Transfered like 25,000 to his account in Canada before moving back permenantly to Canada
1-Is this amount taxable ?
2-Does this amount affect the child care assistance (the government monthly payment for child support )?
Thanks a lot
 
Depends if this person is tax resident of Canada.
 
If this person established himself as a non resident for Canadian tax purposes after landing, then the income made outside Canada is not taxable. Otherwise, taxable.

If the person received child benefits since landing, s/he is a Canadian resident for tax purposes.
 
The perosn filed his taxes as zero income in canada and never received any child benefits
But he is now going back to canada and want to send the money to his account
 
hambousha said:
The perosn filed his taxes as zero income in canada and never received any child benefits
But he is now going back to canada and want to send the money to his account
Click to expand...
How did this person file zero income while he/she made enough and have savings to bring back?
As a tax resident, you file your world-wide income. (salary, investment income, capital gain...etc)
 
YVR123 said:
How did this person file zero income while he/she made enough and have savings to bring back?
As a tax resident, you file your world-wide income. (salary, investment income, capital gain...etc)
Click to expand...

This person didn't live in Canada then why would he be considered as tax resident?
 
hambousha said:
Hello all
If some one soft landed 2 years ago
Returned to home country to make some savings
Transfered like 25,000 to his account in Canada before moving back permenantly to Canada
1-Is this amount taxable ?
2-Does this amount affect the child care assistance (the government monthly payment for child support )?
Thanks a lot
Click to expand...

1. No amount is not taxable if you were non-resident ( from CRA perspective) and money was not earned in Canada.
 
hambousha said:
Hello all
If some one soft landed 2 years ago
Returned to home country to make some savings
Transfered like 25,000 to his account in Canada before moving back permenantly to Canada
1-Is this amount taxable ?
2-Does this amount affect the child care assistance (the government monthly payment for child support )?
Thanks a lot
Click to expand...

I'm assuming you are referring to child benefit. It has nothing to do with savings. It will be based on your 2017 income in your home country.
 
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Dealing with foreign income and taxes could be a veritable mine field. Depending on international agreements if taxes were paid on foreign income in the foreign country this may trigger that income being excluded from Canadian taxes. However tax residency also is a question. I would recommend that you approach an accounting firm with international experience to help you get a clear answer to your questions. Try BDO.
 
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