Short landing bank issue

[Owenimmigrant9j]

i landed in Vancouver one month ago as a new PR and opened a bank account. I forgot to tell the bank that I’m only doing short landing and so would be a non tax resident for 2018. Anyways the bank sent me an email a few days ago asking about my tax residency and foreign income statements etc cuz they need to report that to the government. What do you advise me to do? Is it possible to change my status in the bank form tax resident to non tax resident or will that trigger any problems with the government? Thank you all!

 

[steaky]

Since you intend to be non resident for Canadian tax purposes, just declare what country's tax resident you are. The bank would send the info to the government which in turn send to the tax agency of your country.

 

[Owenimmigrant9j]

I am a resident in my home county.. but I don’t pay taxes in it. So what do i do? And why would the Canadian government send that info to the tax agency in my country? Is there an objective behind that. Thank you

 

[steaky]

For details:

http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/crs-by-jurisdiction/

 

[Owenimmigrant9j]

Hey steaky. Sorry but i didn’t understand much from the link you provided. Also my country wasn’t included in the list of the countries in the link. I don’t get the part why does the Canadian government send the my countrys’ tax info to the tax agency of my country?! Something doesn’t add up