Tax on foreign income

[Suin]

Hi. I need some advise on tax rules on the foreign income. If a person receives interest income on money in a foreign country that takes the tax of that income, does he need to pay more taxes on the same income in Canada? I cannot seem to figure out the double taxation rules in Canada.
Thanks for any input.

 

[steaky]

Is there a tax treaty between Canada and that foreign country?

 

[Suin]

As I can see on--line, there is aTax Convention Signed Between Canada and that country.

 

[jmd2014]

As I can see on--line, there is aTax Convention Signed Between Canada and that country.

I would speak to a tax accountant that has experience dealing with that specific tax treaty. At least the first time you do it anyway so you understand what forms, supporting documentation etc. are required

 

[nekeol]

Hi. I need some advise on tax rules on the foreign income. If a person receives interest income on money in a foreign country that takes the tax of that income, does he need to pay more taxes on the same income in Canada? I cannot seem to figure out the double taxation rules in Canada.
Thanks for any input.

with that country treaty tax treatment is changed and if tax is already deducted then u have to pay very nominal tax (difference of Canada tax and other country tax)

 

[Suin]

with that country treaty tax treatment is changed and if tax is already deducted then u have to pay very nominal tax (difference of Canada tax and other country tax)

Thank you for your reply. Could you please advise how much tax is charged on dividends or investment income in Canada?

 

[justagirrl]

Thank you for your reply. Could you please advise how much tax is charged on dividends or investment income in Canada?

Your income is taxed as a whole. There is no specific rate just for dividends or interest.

 

[Suin]

Your income is taxed as a whole. There is no specific rate just for dividends or interest.

Thank you for your reply. Sorry I put it wrong way. What % of the sum will be taken as taxes? We'very been trying to find it on-line but can't get any explanation.

 

[torontosm]

Thank you for your reply. Sorry I put it wrong way. What % of the sum will be taken as taxes? We'very been trying to find it on-line but can't get any explanation.

Here you go:

http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

It depends on what your total gross income is for the relevant period

 

[Suin]

Here you go:

http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

It depends on what your total gross income is for the relevant period

Thank you very much.

 

[nekeol]

Thank you for your reply. Could you please advise how much tax is charged on dividends or investment income in Canada?

all income after becoming the resident is taxable but after deductions and adjustment as per treaty.
but all incomes must report in canada and are subject to tax

http://www.cra-arc.gc.ca/newcomers/

 

[Suin]

all income after becoming the resident is taxable but after deductions and adjustment as per treaty.
but all incomes must report in canada and are subject to tax

http://www.cra-arc.gc.ca/newcomers/

Do you have any links about bringing funds on landing?

 

[lucky821]

I have a question. I am currently in Canada and became a landed immigrant inside Canada. I am planning to return to my country of origin sometime next year to sell what I have there and bring my savings to Canada. My savings will generate some income by that time. Do I need to file taxes on it? Can it be considered as a tax exempt as a landed immigrant bringing money on becoming the permanent resident?

 

[nekeol]

I have a question. I am currently in Canada and became a landed immigrant inside Canada. I am planning to return to my country of origin sometime next year to sell what I have there and bring my savings to Canada. My savings will generate some income by that time. Do I need to file taxes on it? Can it be considered as a tax exempt as a landed immigrant bringing money on becoming the permanent resident?

as per tax law u must have to declare income earned after landing in canada, but these income/earnings are subject to treaty with ur country to avaid dual taxation.
u can bring any amount from ur country but must be declared on the airport while importing to canada or u can send by bank from ur country to canada but again u have to declare to CRA.

but if u will bring all that in form of funds CRA will not know, as per law u have to declare all internationl income/earnings while u r resident of canada or deemed resident of canada.