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Hello Kodial, Please allow me to address your concerns raised in points (1) and (3). (1) There are no tax implications associated with the cancellation of your PR in itself. The tax implications arise if and when: a) you and your family leave Canada, where b) 'family' refers to a spouse and...

Good point, Torontosm. If you paid taxes in the foreign country (assuming a tax treaty exists between that foreign country and Canada), you can claim those foreign taxes paid as foreign tax credits on your Canadian return to reduce or completely eliminate your Canadian taxes on that same...

Hello Archerx, First and foremost, as a resident of Canada for tax purposes, you must report and disclose, and pay taxes on your worldwide income. The key thing to remember is the distinction between 'earned income' abroad and 'after-tax funds'. Discerning between these two concepts can be...

Hello Archerx, Hope you're well. The main thing to determine here is whether or not you were a resident of Canada for tax purposes while you worked for that company. If so, then your worldwide income is taxable in Canada. The residency in Canada for tax purposes is determined based on one's...

Hello, I'll try to address each of your points. 1) "If you established ties in a country that Canada has a tax treaty...." means that a) if you are a resident for tax purposes of a country with whom Canada has a tax treaty (Great Britain is an example), and at the same time, you are a...

Hello Chevy23, You have to file tax returns in Canada if you were a resident of Canada for tax purposes and/or if you have taxes to pay (because you earned income in the year). Being a resident of Canada for tax purposes is not the same as legal residency via PR cards, citizenship, etc. It...

Well I'm glad it helped. Madan Chartered Accountant www.madanca.com

Agree with Rosie1957 100%. Just to add to this, the appropriate amount of CPP will go on line 308 on Schedule 1 of the tax return (i.e. $1,311.75 according to the example). The overpayment will go on line 448 of the Income Tax Return (i.e. $8.25 according to the example) Madan Chartered...

You're welcome. Did you get a chance to do an exact search as well? All the best. Madan Chartered Accountant team www.madanca.com

Hello, I apologize for posting late. According to the payroll deductions calculator, which you can find below: https://apps.cra-arc.gc.ca/ebci/rhpd/handleResults.do About $230 will be deducted from each pay cheque, which consists of the CPP, EI and the income tax. Please understand that...

You're welcome. If you have any more questions, please let us know! Madan Chartered Accountant team www.madanca.com

Hello bigbee, Try giving the CRA a call with the special numbers for CCTB and UCCB here: http://www.cra-arc.gc.ca/bnfts/cntct-eng.html Since you may be talking about adding another child for the purpose of the credits and benefits, it may be worthwhile to get your information directly from...

Hello Tarunkkk, I hope to just clarify some things that may be confusing: 1) The US savings came from US income earned previously, right? It was most likely taxed by the IRS when you earned this income? If so, these after-tax funds will not be taxed again in Canada when you wire it over. These...

You're quite welcome! Please do let us know what you find out. There may be tons of others who are in a similar situation just like you. Madan Chartered Accountant team www.madanca.com

Hello, With regards to the tax implications in India, you should speak to an accountant who has expertise in Indian taxation and/or the Indian tax authorities/literature. With regards to Canadian tax implications, you may or may not have to report and pay tax on the sale of your home. This...

Hello, I haven't watched it myself, but check out the video in the link below. http://www.pwc.com/ca/en/tax/podcast/episode-59-payroll-issues-for-cross-border-employees-receiving-incentive-compensation.jhtml It is from a global accounting firm of great repute, so it should be helpful. Madan...

As a resident of Canada for tax purposes, you would have the obligation to report and pay tax on any rental or capital gain income earned from this house. Incidentally, please do check out the Income Tax Folio on principal residences, such as homes...

Please see this Income Tax Folio for more information: http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s5/f1/s5-f1-c1-eng.html Madan Chartered Accountant team www.madanca.com

Good point. For more information, check: 1) http://www.blakes.com/English/Resources/Bulletins/Pages/Details.aspx?BulletinID=1980 2) http://www.kpmg.com/ca/en/issuesandinsights/articlespublications/tnf/pages/tnfc1441.pdf The above are good reads for sure. Madan Chartered Accountant team...

If that's all they asked for, then providing a letter with those stated figures should be fine. You providing screen shots of bank statements also seems adequate. Madan Chartered Accountant team www.madanca.com