Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

Tax related questions

Tax related questions

Old Jun 1st 2012, 8:29 am
  #1  
Account Closed
Thread Starter
 
Joined: May 2012
Posts: 21
PeddiePooh is an unknown quantity at this point
Default Tax related questions

Apologies in advance for questions may already be asked.

So finished my job yesterday and husband will finish his off today.
Before leaving to start a new job in Canada, tax wise do we need to send anything to Inland Revenue?

Husband goes for a new job. As for me I have to look for job once I get to Canada. Would this make any difference in terms of tax documents we both need to deal with?

Would appreciate if you could share your knowledge please.

And happy jubliee! I am so looking forward to this weekend. Pimms anyone?

Peddie x
PeddiePooh is offline  
Old Jun 1st 2012, 3:39 pm
  #2  
Binned by Muderators
 
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
JonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond repute
Default Re: Tax related questions

All here http://www.hmrc.gov.uk/cnr/p85.pdf
JonboyE is offline  
Old Jun 1st 2012, 5:27 pm
  #3  
Grumpy Know-it-all
 
Steve_'s Avatar
 
Joined: Jul 2010
Location: Calgary, Alberta
Posts: 8,928
Steve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond reputeSteve_ has a reputation beyond repute
Default Re: Tax related questions

Yeah P85, also an R105 with your bank so they stop withholding income tax.

There is a newcomer's guide on the CRA website, basically some things have to be pro-rated the first year you live in Canada on your initial tax return (unless you move your tax home on January 1st). If you're married you can file jointly with your spouse.

http://www.cra-arc.gc.ca/tx/nnrsdnts...nwcmr-eng.html

I suggest actually taking the time to read up on it, people seem to trust TurboTax or whatever to work it all out properly but personally I don't think it's too wise to trust a piece of software.

Taxes in Canada are more of a hands-on thing than in the UK which has the PAYE system. You fill in a TD1 when you start work which is similar to whatever the UK equivalent is (I've forgotten) but the payroll withholding is much cruder in Canada, you will usually owe or get back a fair bit when you do your tax return.

It's worth taking the time to understand it, so you can understand the best tax strategies, for example with RRSPs.

It's your responsibility to pay tax at tax time, for example you'll get a T5 from the bank, you have to pay income tax on the bank interest, it's not like the UK where it is done automatically.

Also I recommend you make voluntary NI contributions in the UK, it doesn't cost much if you qualify for Class 2 (i.e. employed), read HMRC NI38 which goes into painful detail but really the application form at the back is the relevant bit: http://www.hmrc.gov.uk/pdfs/nico/ni38.pdf

Once you have 30 years worth of contributions you qualify for your UK state pension, however under the social security agreement with the UK there are no cost of living adjustments if you reside in Canada.
Steve_ is offline  
Old Jun 1st 2012, 6:26 pm
  #4  
Account Closed
Thread Starter
 
Joined: May 2012
Posts: 21
PeddiePooh is an unknown quantity at this point
Default Re: Tax related questions

Thanks for your reply
PeddiePooh is offline  
Old Jun 1st 2012, 10:42 pm
  #5  
Slightly Canadian
 
Atlantic Xpat's Avatar
 
Joined: Jul 2005
Location: St. John's, Newfoundland
Posts: 10,129
Atlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond repute
Default Re: Tax related questions

Originally Posted by PeddiePooh
Thanks for your reply
You are moving to Newfoundland right? I can recommend a tax filing guy when the time comes, if you don't want to do it yourself.
Atlantic Xpat is offline  
Old Jun 2nd 2012, 10:52 am
  #6  
Account Closed
Thread Starter
 
Joined: May 2012
Posts: 21
PeddiePooh is an unknown quantity at this point
Default Re: Tax related questions

Aww thank you v much. I'll defo keep in touch when the time comes if thats OK. I just go through my checklist - kinda in reverse right?
PeddiePooh is offline  
Old Jun 2nd 2012, 3:02 pm
  #7  
x 0 x
 
JB0591's Avatar
 
Joined: Mar 2008
Location: Ottawa
Posts: 909
JB0591 will become famous soon enoughJB0591 will become famous soon enough
Default Re: Tax related questions

In my opinion the tax filling part is not that difficult, it looks it but is not once you follow the booklet. The first year you must submit on paper and then following years can be done online via a tax app. I used a tax app to validate the figures on my paper forms, it found me an extra $100. there are FREE versions of tax apps out there which are approved by the CRA
JB0591 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.