Canadian Income Tax Returns

[Apache704]

Did you know that you don't have to fill out your yearly Canadian Income Tax Return unless you are trying to get money back. The only catch is they keep the 25% Tax that they have deducted from your OAP and CPP and if not you have to fill out the return and pay them back or apply under Section 217 for a reduction of taxes but you will have to fill out the return each year.

[elgordo38]

Where did you get this information. My understanding was that after 6 mos. out of the country you are declared a non resident and they want to withhold 25% on all your Canadian pension income and 15% on all other Canadian income i.e. dividends from Canadian companies. You are allowed no exemptions. Please pm me and tell me where you got this information

[elgordo38]

Sorry misread your information

[Apache704]

Where did you get this information. My understanding was that after 6 mos. out of the country you are declared a non resident and they want to withhold 25% on all your Canadian pension income and 15% on all other Canadian income i.e. dividends from Canadian companies. You are allowed no exemptions. Please pm me and tell me where you got this information

When I first came here I was taxed 25% on my CPP, OAP and RRsp's until I filed under Section 217 for a reduction of taxes every year. Now I only have to file under Section 217 every 5 years. I pay no tax on my CPP,have a reduced tax on my OAP,and am allowed $7200.00 from my RRSP's Tax free but pay the 25% over that amount. Here is something you can read. http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nnrs-eng.html

[Apache704]

Where did you get this information. My understanding was that after 6 mos. out of the country you are declared a non resident and they want to withhold 25% on all your Canadian pension income and 15% on all other Canadian income i.e. dividends from Canadian companies. You are allowed no exemptions. Please pm me and tell me where you got this information

http://www.taxplanningguide.ca/tax-planning-guide/section-2-individuals/canadian-tax-obligations-non-residents/ This should clarify things better.

[EnlightenedAtheist]

On 6/29/2014 at 9:41 AM, Apache704 said:

http://www.taxplanningguide.ca/tax-planning-guide/section-2-individuals/canadian-tax-obligations-non-residents/ This should clarify things better.

Thanks Apache for the great thread and info.

 

According to http://www.taxplanningguide.ca/tax-planning-guide/section-2-individuals/disposition-taxable-canadian-property-non-residents/:

 

As noted above, a non-resident of Canada is liable to pay Canadian income tax on capital gains from dispositions of “taxable Canadian property.” Taxable Canadian property includes real estate situated in Canada, capital interests in certain partnerships and trusts, and shares of some corporations, certain business assets used in a business carried on in Canada and, in some cases, a Canadian resource property, a timber resource property, an income interest in a trust and a life insurance policy in Canada. “Taxable Canadian property” excludes shares of corporations (and partnership interests and interests in trusts) that did not, at any time during the preceding 60 months, derive their value principally from real or immovable property situated in Canada, Canadian resource property or timber resource property.

 

So, if I bought some shares of a Canadian mining corporation that does NOT have a mine in Canada and I make a profit, if I am reading this right, I will not have to pay any taxes on this, even though there is a treaty that specifies that I should,.

 

Am I reading this well?

Edited August 3, 2017 by EnlightenedAtheist

[EnlightenedAtheist]

On 6/29/2014 at 6:29 AM, Apache704 said:

When I first came here I was taxed 25% on my CPP, OAP and RRsp's until I filed under Section 217 for a reduction of taxes every year. Now I only have to file under Section 217 every 5 years. I pay no tax on my CPP,have a reduced tax on my OAP,and am allowed $7200.00 from my RRSP's Tax free but pay the 25% over that amount. Here is something you can read. http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nnrs-eng.html

May I ask to share what kind of income (a round figure will do) you get from all sources BEFORE tax?