Taxes on new immigrants

[hassanbukhari]

Dear Friends I am planning to land in June and have these questions in mind.


Should I declare my properties in U.A.E and would it be taxed?

Should I declare my properties in Pakistan and would it be taxed?

Some of my properties in U.A.E and Pakistan are generating rental income do they tax me on it.

What kind of documents they require to show the properties. Just lease deed copy is required or we have to attest it from foreign office.

What would be the status of properties which is on installments.

Do we have to get the current value of properties from a property evaluation company.


Thank you,

 

[steaky]

You would be taxed for your world income once being resident for tax purpose in Canada. I would rather hire a professional accountant than diy to file the annual tax return to the revenue agency.

 

[hassanbukhari]

But once you declare at airport than accountant cant do any thing, you have to pay for it. Paying tax on world income for new immigrants doesn't make any sense. Does any body hear about tax break for new immigrants for five years?

 

[steaky]

No, find an accountant who has crossborder experience can make a difference of paying less tax.

 

[PMM]

Hi

But once you declare at airport than accountant cant do any thing, you have to pay for it. Paying tax on world income for new immigrants doesn't make any sense. Does any body hear about tax break for new immigrants for five years?

Yes, a trust can be created for a person emigrating, but it is only worthwhile if you are talking millions.

 

[hassanbukhari]

Do anybody know any accountant who have experience in canadian taxes.

All thoes seniors who landed already how you declared your properties back home?

 

[zulkfal]

World income is charge on marginal difference b/w taxes, for example you paid tax of 20% in a country where income was earned if you declare that income Canada and including that income (Canadian gross+net from other Country) your tax band in Canada is 30% you will pay 30% on Canadian income and 10% on foreign net income. Look at the options I know people who don't mention their foreign properties but if you have mentioned these items and showed them as source of income during your immigration process then CRA can find out about these items, so you have to come up with some thing if asked.

 

[qshahzad]

Dear Friends I am planning to land in June and have these questions in mind.


Should I declare my properties in U.A.E and would it be taxed?

Should I declare my properties in Pakistan and would it be taxed?

Some of my properties in U.A.E and Pakistan are generating rental income do they tax me on it.

What kind of documents they require to show the properties. Just lease deed copy is required or we have to attest it from foreign office.

What would be the status of properties which is on installments.

Do we have to get the current value of properties from a property evaluation company.


Thank you,

Dear Hassan,

You will be taxed in Canada on your global income if you are a tax resident in Canada. You might like to go through the double tax treaties between Canada, UAE and Pakistan. This DTT should provide relief from taxes suffered in other countries. It is best to hire a tax consultant since you may like to adjust Pakistani income tax against the Canadian income tax liability, subject to conditions laid down in the Canadian local law.

Best regards,

 

[hassanbukhari]

Thanks a lot for the info guys. If anybody have any information on this topic please share so that others members can benefit from it.