Foreign interest income

[coolbreeze]

New Immigrant to canada from India.

If I earn CAD 30000 yearly as interest income from my deposits in my Indian bank , how will it be
taxed in canada?
*This income is not taxable in India.
*Assume I have no other source of income in canada.

 

[shakira2009]

Hi,

I'm only a fellow immigrant (not an expert) but my understanding is that, if you're a resident in Canada, interest earned at banks abroad is taxable because it's part of "worldwide income".

You'd better ask a tax pro.

 

[coolbreeze]

Thanks Shakira .

I know it is taxable.

Any tax pro here?

How much canadian tax will I pay on CAD 30000/ yr foreign bank interest income?
As of now, I have no canadian income.

 

[steaky]

It depends on what province you live, if you are eligible for certain tax credits, etc.

I'm not an expert either, so I hire a pro to do my taxes.

You should really read the CRA website.