dudewheresmycar

Lets say I make significant amount of money for less than 6 months of the tax year in some other country (Lower tax rate than canada) and then i move to Canada for the rest of the tax year (which would probably mean little or no money).



What would be the tax implications of the money i made before moving to Canada??
Would it make a difference if i resided in the other country for more than 6 months of the taz year ???

The answer will probably determine when i land..

Thanks in advance

Narayan Krishnamoorthy

Dude..

Better answered in can.taxes, IMO.

Since I was in the same situation, you have to pay income taxes only on the
income you get _AFTER_ you land in Canada.

Cheers!
Narayan

"dudewheresmycar" wrote in message
news:[email protected]...
    > Lets say I make significant amount of money for less than 6 months of
    > the tax year in some other country (Lower tax rate than canada) and then
    > i move to Canada for the rest of the tax year (which would probably mean
    > little or no money).
    > What would be the tax implications of the money i made before moving
    > to Canada??
    > Would it make a difference if i resided in the other country for more
    > than 6 months of the taz year ???
    > The answer will probably determine when i land..
    > Thanks in advance
    > --
    > Posted via http://britishexpats.com

dudewheresmycar

Awesome...

Thanks for sharing the info

Stephen C. Gallagher

    > Lets say I make significant amount of money for less than 6 months of
    > the tax year in some other country (Lower tax rate than canada) and then
    > i move to Canada for the rest of the tax year (which would probably mean
    > little or no money).
    > What would be the tax implications of the money i made before moving
    > to Canada??

In Canada, none whatsoever. Anything you earn before you
become a tax resident of Canada is not taxable in Canada,
even if you later bring it into Canada.

    > Would it make a difference if i resided in the other country for more
    > than 6 months of the taz year ???

No.

Stephen Gallagher

s008sep

Hi Narayan ..
What is your personal email ID .. The one I used to mail bounced off a couple of times .. take care

- Emmanuel

Kurakot

The problem here is IF the newcomer has incomes outside Canada.....such
incomes (rental incomes, business incomes, dividends, interest, royalties,
et cetera) will be subject to Canadian taxation...






"Stephen C. Gallagher" wrote in
message news:[email protected]...
    > > Lets say I make significant amount of money for less than 6 months of
    > > the tax year in some other country (Lower tax rate than canada) and then
    > > i move to Canada for the rest of the tax year (which would probably mean
    > > little or no money).
    > >
    > >
    > >
    > > What would be the tax implications of the money i made before moving
    > > to Canada??
    > In Canada, none whatsoever. Anything you earn before you
    > become a tax resident of Canada is not taxable in Canada,
    > even if you later bring it into Canada.
    > > Would it make a difference if i resided in the other country for more
    > > than 6 months of the taz year ???
    > No.
    > Stephen Gallagher