Filing Canadian taxes - Section 216(4) - Article XI and
This is a multi-part message in MIME format. ---------------------- multipart/alternative attachment Answers to this and other similar questions can be obtained free on Air every Sunday morning. Starting this Sunday at 9 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY" Those outside of the Lower Mainland will be able to listen on the internet in Saudi Arabia, Sheffield, New York or Lima, Peru at www.600AM.com ======================================================= QUESTION: Hi Iam a Canadian Citizen who has moved to usa about 2 years ago. I have married a usa citizen and I working legally in USA. Can you tel me If I have to file in Canada even though I don't work there. Will I have to file all my life in Canada? Also I have just filed taxes here in Connecticut. Thank you ================================================================================= david ingram replies: Sounds to me like you have escaped the CCRA. If you have a rental house in Canada, you would have to file a return under Section 216(4) to report the rental income even if you had a loss. However, if you have interest, just tell the bank to deduct 10% (Article XI) and if you have dividends tell the payer to deduct 15% withholding tax under Article X of the US / Canada Income Tax Convention. Any capital gains on publicly traded stock or mutual funds is not taxable in Canada capital gains on the sale of a property would be taxable in Canada. Sounds to me, as I said before, no Canadian Tax return is necessary. 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