Hi there.
Just wanted some advice if possible and appreciate the help ahead of time
I have been working abroad as part of Canadian company then moved over to work / live locally though for the past few years have been pretty much living on my savings from my previous work experiences. I have been updating my address on the MYCRA website and have had no income from Canada outside of my RRSP and have no balance or not owing anything to the government at this point.
I started investigating TFSA since I will be returning to Canada perhaps in April and determined that updating the address on MYCRA doesn't seem to indicate anywhere that I was officially classified as a non-resident as it still states that tax returns have not been received. (Though nothing owed, as no income, etc.)
My issue is to open a can of worms to avoid a big problem later. My TFSA contribution room has been going up and at this point since I live in another country I am concerned that if I go by that they would eventually discover that and hit me with fees, taxes penalties.
I still maintain a Canadian driver's license and have multiple banks and mailing address so the issue is to determine exactly "when" I became a non resident for tax purposes if they would determine at all. My biggest fear at this point is that they might hold it against me that I thought by updating the addresses on their MYCRA site that this would automatically change the residency status.
Questions to ask are.
1. I want to correct (if required) the inaccurate contribution room just not 100% sure how to go about it as when I get someone on the phone, I personally cannot say exactly when this would have happened since I maintained that I was temporary staying outside of Canada until my annulment was finalized. I just have no clue on how they would even determine it exactly on what year. Just not entirely sure how to approach but I want to be honest. I am skeptical to just "assume" that since I have the secondary ties they wouldn't have labeled me a non resident.
2. Will they charge me or give me penalties for the mistake or omission of not updating the residency status if they determine that I should have known or whatever. I know that they can be quite "cold" when it comes to things like that. Keep in mind there is no income or money owing or anything like that, but I am still concerned of course. I read online that since I owe nothing, it won't matter but I am still concerned.
3. Any advice on how to approach this as I will return to Canada and want to start contributing again, but want to get this all cleared up as much as possible.
Thanks! I know this might not be clear, but if you can help that would be great and I can clarify anything required and give further details.
Just wanted some advice if possible and appreciate the help ahead of time
I have been working abroad as part of Canadian company then moved over to work / live locally though for the past few years have been pretty much living on my savings from my previous work experiences. I have been updating my address on the MYCRA website and have had no income from Canada outside of my RRSP and have no balance or not owing anything to the government at this point.
I started investigating TFSA since I will be returning to Canada perhaps in April and determined that updating the address on MYCRA doesn't seem to indicate anywhere that I was officially classified as a non-resident as it still states that tax returns have not been received. (Though nothing owed, as no income, etc.)
My issue is to open a can of worms to avoid a big problem later. My TFSA contribution room has been going up and at this point since I live in another country I am concerned that if I go by that they would eventually discover that and hit me with fees, taxes penalties.
I still maintain a Canadian driver's license and have multiple banks and mailing address so the issue is to determine exactly "when" I became a non resident for tax purposes if they would determine at all. My biggest fear at this point is that they might hold it against me that I thought by updating the addresses on their MYCRA site that this would automatically change the residency status.
Questions to ask are.
1. I want to correct (if required) the inaccurate contribution room just not 100% sure how to go about it as when I get someone on the phone, I personally cannot say exactly when this would have happened since I maintained that I was temporary staying outside of Canada until my annulment was finalized. I just have no clue on how they would even determine it exactly on what year. Just not entirely sure how to approach but I want to be honest. I am skeptical to just "assume" that since I have the secondary ties they wouldn't have labeled me a non resident.
2. Will they charge me or give me penalties for the mistake or omission of not updating the residency status if they determine that I should have known or whatever. I know that they can be quite "cold" when it comes to things like that. Keep in mind there is no income or money owing or anything like that, but I am still concerned of course. I read online that since I owe nothing, it won't matter but I am still concerned.
3. Any advice on how to approach this as I will return to Canada and want to start contributing again, but want to get this all cleared up as much as possible.
Thanks! I know this might not be clear, but if you can help that would be great and I can clarify anything required and give further details.