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QUESTION:
Hello
i hope you can help me with some advice.
i am a canadian citizen who has been working abroad for several years.
I am now spending more and more time back in Canada due to a job change, to
where i now find myself spending about 60% of my time here now.
i filed a tax return for my last year in Canada, and filled out the govt
forms to notify of my "emmigration" i believe they called it (thus
cancelling all of my social benefits)
some of the matters i would like to know more about are:
when do i have to start paying Canadian taxes again, even though i do not
work in this country.
if i have to start paying tax how do they monitor how much i earn and pay
tax on? (if i earn an income and have bank accounts in a tax free caribbean
country)
i gave up my social benefits to "emmigrate" but health insurance is a big
issue i have been told of a "snowbird" health plan whereby i would pay a
premium to just have access to my canadian health plan. is there such a
thing? how & where do i find out more about it?
I do not have much in the way of cash to bring in BUT i do have some real
estate that i am selling so if/when i have to enter the tax system Canada
again, will i have to pay any taxes on this amount (when it sells) if i wish
to bring in those funds into Canada (to build/buy other real estate etc)
how do i re-enter the tax system and restore or restart my social programs
like health care etc.?
any advice on these issues would be greatly appreciated.
thanks so much!!!!
regards
Dxxxxxxxxxxx
============================================================
david ingram asks:
----- Original Message -----
From: David Ingram at home - bus at [email protected]
To: [email protected]
Sent: Tuesday, March 23, 2004 11:25 PM
Subject: Canadian who worked abroad (for several years) returning home
What is the country you are in when not in Canada?
Go to www.centa.com and read the US/Canada Taxation section (about 27 pages) as well before answering me please.
ingram
==============================
Thanks for the reply. I am in the Bahamas when not in Canada.
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david ingram replies:
By being in Canada 60% of your time, you have already made yourself taxable in Canada without any benefits`.
In other words, if you get caught by the CRA, you could be taxed back three or four years and still not qualify for Canadian medical benefits. This can happen if you are only here 40% of the time because the Bahamas is "not" a Tax Treaty country.
You likely need to have a phone consultation with me - the fee would be $350.00 Cdn for an hour.
However, "for free". Just pick a day and go and apply for your provincial medical benefits, get a Canadian Driver's licence and be prepared to start paying Canadian income tax. Make sure that you have a very detailed list of what you own at the moment you become a Canadian resident because you want a good record for the future. Anything you bring back or leave behind is valued at its value the day you entered Canada.
Therefore, if you bought a stock for $1,000 and it was worth $7,000 as you came into Canada and you sold it for $5,000, Canada would consider you to have a $2,000 loss even though you actually made $4,000 in the deal. And if you bought a stock for $7,000 which was worth $5,000 as you came to Canada and you then sold it for $7,000 when you were living in Canada, you would owe tax on $2,000 even though there was no over all profit.
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