Important tax information required within 45 days

[karim10]

Dear All ,

I did my Soft landing in Canada in Sep 2019 . I returned to UAE after 2 weeks ( I opened ban account in Canada ) . I am still working in UAE . recently i received a letter from my bank in Canada informing to provide tax details and fill in some form

Did any one has this requirement earlier and who can advise what i should mention in the form .

Thanks a lot

 

[steaky]

Your tax advisor can give you advice.

 

[karim10]

Your tax advisor can give you advice.

Thanks

 

[canuck78]

Dear All ,

I did my Soft landing in Canada in Sep 2019 . I returned to UAE after 2 weeks ( I opened ban account in Canada ) . I am still working in UAE . recently i received a letter from my bank in Canada informing to provide tax details and fill in some form

Did any one has this requirement earlier and who can advise what i should mention in the form .

Thanks a lot

In general pending a bank account when doing just a soft landing is not advisable. What kind of accounts did you open? Have you been using this account? Transferring money to the account. Obviously you don’t want to be one a resident for tax purposes.

 

[karim10]

In general pending a bank account when doing just a soft landing is not advisable. What kind of accounts did you open? Have you been using this account? Transferring money to the account. Obviously you don’t want to be one a resident for tax purposes.

Thanks for reply :

I am not using the account since it is opened . I put only 1000 CAD deposit while opening

 

[Copingwithlife]

Thanks for reply :

I am not using the account since it is opened . I put only 1000 CAD deposit while opening

Then those funds probably have started accruing interest , and that interest , regardless of the amount has to be declared on your tax return .
What did the bank require ? SIN ?
Only two institutions can ask for your SIN for tax purposes. The Feds & Banks. Compliance is not optional
Have no clue why individuals when they are only doing a soft landing , and have no intention to set up shop here immediately, head to a bank , open a bank account, throw $$$ into it , then leave
What is the purpose of that ? Obviously opening that account, putting funds into it, put it on the banks radar
Regardless if you use the account or not, It’s open now

 

[karim10]

Then those funds probably have started accruing interest , and that interest , regardless of the amount has to be declared on your tax return .
What did the bank require ? SIN ?
Only two institutions can ask for your SIN for tax purposes. The Feds & Banks. Compliance is not optional
Have no clue why individuals when they are only doing a soft landing , and have no intention to set up shop here immediately, head to a bank , open a bank account, throw $$$ into it , then leave
What is the purpose of that ? Obviously opening that account, putting funds into it, put it on the banks radar
Regardless if you use the account or not, It’s open now

Yes the bank was asking for SIN . the reason behind opening account is that once the person decide to settle in Canada can make money transfer to Canada before arriving