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Question for Canadian expats

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RobSg
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Question for Canadian expats

Postby RobSg » Sun, 07 Jul 2013 10:20 am

Hi-
I am actually writing for a friend from Canada who is moving back to Canada to work. Perhaps you might offer some insight into his question.

When he left Canada about 5 years ago, he only had a bank account and a drivers license. Therefore, he has no ties. His Canadian drivers license now is even expired. His question is as follows: When he wires his money back to Canada (Vancouver) from both his Singapore bank account and his CPF, is that taxed by Canada? His concern is that because of the large taxes in Canada, the tax department will treat that money as income and tax it.

any insight on this would be appreciated. Thank you.

Regards,
Rob

ComingSoon
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Re: Question for Canadian expats

Postby ComingSoon » Sun, 07 Jul 2013 12:48 pm

RobSg wrote:Hi-
When he wires his money back to Canada (Vancouver) from both his Singapore bank account and his CPF, is that taxed by Canada? His concern is that because of the large taxes in Canada, the tax department will treat that money as income and tax it.


In most cases tax won't apply. Canada uses residency to determine taxation status. If he was a resident of Singapore in the year the money was earned then it will have already been taxed by the Singaporean tax authorities and shouldn't be subject to additional taxes in Canada.

Things get a bit sticker if your friend is in Canada for a part of a year, or for more than 183 days in any given 365 day period.

Also, if he has any income that originated in Canada (like apartment rental fees or stock dividends) then some taxes may apply in Canada.

The CPF money might need to be taxed if it was received tax free here in Singapore, but probably not. I'd just roll it into an RRSP since the intent of the money is the exact same.

movingtospore
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Postby movingtospore » Mon, 08 Jul 2013 4:35 pm

Any income earned on his assets outside of RSPs will be taxed going forward, however - once he is considered a resident again. And, once again a resident that includes out of country assets above a certain amount I believe.

brian_singapore
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Postby brian_singapore » Thu, 01 Aug 2013 12:31 am

Hi,

I was non-resident from Canada for about 8 years (though not anywhere near singapore) When I returned, I transferred back my savings to Canada and was not charged any taxes.

Any earnings or assets earned outside Canada while non resident should be completely tax free.

Brian
.


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