加拿大報稅 你問我試答（2）
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Hi 樓主
想問下呢，如果入境後先申請拎返MpF，而又係加拿大住滿183日 有長工/租約是否個筆MpF 都當成你個年嘅income?
有無報返個MpF account 係from幾時開，個筆錢一直都係自己個啲？
想問下呢，如果入境後先申請拎返MpF，而又係加拿大住滿183日 有長工/租約是否個筆MpF 都當成你個年嘅income?
有無報返個MpF account 係from幾時開，個筆錢一直都係自己個啲？
http://chinahkcanada.com/immigration-tax-issues/taxes-before-after-moving/
3. I have been contributing to the pension scheme in Hong Kong, namely MPF. Is that taxable in Canada when I withdraw my MPF pension?
a) Still a non-resident when MPF is withdrawn
If you are still a non-resident of Canada at the time of withdrawal of your MPF, it is NOT taxable in Canada. And for individuals who are immigrating to Canada, as well as for returning Canadians, the best option is to withdraw all your accrued benefits in your MPF account, if you can.
More details may be found "Early Withdrawal of MPF".
b) Resident status when MPF is withdrawn
If you are already a resident at the time your MPF is withdrawn or for some good reasons you could not withdraw your MPF before moving to Canada.
Note that Canadian residents are taxable, under subparagraph 56(1)(a)(i) of the Act, on pension benefits in the year of receipt. This applies to benefits from a foreign pension plan that are attributable to services rendered while the individual was not a resident of Canada. Therefore, the periodic amounts and the lump sum payment from the Hong Kong pension plan will be taxable in Canada. In this case, your MPF is taxable in the year it's withdrawn.
Reference: Canadian Tax Interpretation.
Nevertheless, foreign pension plans that meets the criteria from 60(j)(i) can be transferred into an RRSP. The mechanism is that the lump sum is included as taxable income in the year it’s withdrawn from the foreign pension but, by depositing it to an RRSP, the person receives a deduction against the income inclusion. If your foreign pension is eligible and everything is done correctly, tax is deferred until the year(s) your RRSP is withdrawn.
4. What about payments from annuities?
As mentioned above, benefits from a foreign pension plan is taxable in the year of receipt. Therefore, yes, any payment from foreign annuities is taxable.
3. I have been contributing to the pension scheme in Hong Kong, namely MPF. Is that taxable in Canada when I withdraw my MPF pension?
a) Still a non-resident when MPF is withdrawn
If you are still a non-resident of Canada at the time of withdrawal of your MPF, it is NOT taxable in Canada. And for individuals who are immigrating to Canada, as well as for returning Canadians, the best option is to withdraw all your accrued benefits in your MPF account, if you can.
More details may be found "Early Withdrawal of MPF".
b) Resident status when MPF is withdrawn
If you are already a resident at the time your MPF is withdrawn or for some good reasons you could not withdraw your MPF before moving to Canada.
Note that Canadian residents are taxable, under subparagraph 56(1)(a)(i) of the Act, on pension benefits in the year of receipt. This applies to benefits from a foreign pension plan that are attributable to services rendered while the individual was not a resident of Canada. Therefore, the periodic amounts and the lump sum payment from the Hong Kong pension plan will be taxable in Canada. In this case, your MPF is taxable in the year it's withdrawn.
Reference: Canadian Tax Interpretation.
Nevertheless, foreign pension plans that meets the criteria from 60(j)(i) can be transferred into an RRSP. The mechanism is that the lump sum is included as taxable income in the year it’s withdrawn from the foreign pension but, by depositing it to an RRSP, the person receives a deduction against the income inclusion. If your foreign pension is eligible and everything is done correctly, tax is deferred until the year(s) your RRSP is withdrawn.
4. What about payments from annuities?
As mentioned above, benefits from a foreign pension plan is taxable in the year of receipt. Therefore, yes, any payment from foreign annuities is taxable.
想問下本身香港有物業 去左加拿大後 屋企人會繼續住
係唔係到賣個陣declare返principal residence就可以avoid capital gain tax
走前都會做埋估價先
係唔係到賣個陣declare返principal residence就可以avoid capital gain tax
走前都會做埋估價先Students who have established significant residential ties to Canada can be considered residents of Canada. Significant residential ties include a home, whether owned or rented, a Canadian bank account or driver’s license, living with a spouse or dependants, or other significant social ties to Canada.
Significant residential ties include a home, whether owned or rented, a Canadian bank account or driver’s license
租屋住, 有銀行戶口, 有車牌, 但妻在港, 應該都算係TAX RESIDENT?
Significant residential ties include a home, whether owned or rented, a Canadian bank account or driver’s license
租屋住, 有銀行戶口, 有車牌, 但妻在港, 應該都算係TAX RESIDENT?
you are but your wife shouldn't be
Principal residence ：你，或spouse ，或子女，每年都要喺間屋度住（過）
老豆老母唔計
老豆老母唔計
如果係加拿大居住滿180日前賣香港嘅樓, 使唔使交稅俾加拿大?
where will you be after 183 days?
In Canada
183 days rule probably don't apply to you. You will be considered a tax resident, (see below)
你要做既係喺離港嗰日做一個估價。 保留一切文件。
之後賣咗用嚟計算掙或蝕幾多錢。
如果你間樓係咪你唯一嘅物業。 你可能可以claim principal residence exemption。 咁就或者會免稅。但係最好都係做估價穩陣啲.
https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-1-individuals/folio-3-family-unit-issues/income-tax-folio-s1-f3-c2-principal-residence.html
if considered capital property, then
when you purchase it long log time ago $5,000,000
date you leave HK 估價 $10,000,000
date you sell while in Canada 10,020,000
gain for Canada tax purposes 20,000
taxable capaital gain 50% 10,000
multiply your tax rate -depends on the total income of that year.
Students who have established significant residential ties to Canada can be considered residents of Canada. Significant residential ties include a home, whether owned or rented, a Canadian bank account or driver’s license, living with a spouse or dependants, or other significant social ties to Canada.
Like all other Canadian residents, international students under this category are eligible for GST credits, tuition carry-forward credits, and other provincial credits or tuition rebates.
Students who spend less than 183 days (six months) in Canada, and who do not establish residential ties in Canada, are generally considered to be non-residents. Non-residents are not eligible for benefits and credits, and are only required to file a tax return to pay taxes or to receive a refund if too much tax was paid on income from Canadian sources.
This also applies to deemed non-residents, who are students who have established significant residential ties with Canada, but are considered residents of other countries with which Canada has a tax treaty agreement.
Residency status is determined by the Canada Revenue Agency (CRA) on a case by case basis. If you aren’t sure of your status, it is best to contact CRA directly for guidance.
你要做既係喺離港嗰日做一個估價。 保留一切文件。
之後賣咗用嚟計算掙或蝕幾多錢。
如果你間樓係咪你唯一嘅物業。 你可能可以claim principal residence exemption。 咁就或者會免稅。但係最好都係做估價穩陣啲.
https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-1-individuals/folio-3-family-unit-issues/income-tax-folio-s1-f3-c2-principal-residence.html
if considered capital property, then
when you purchase it long log time ago $5,000,000
date you leave HK 估價 $10,000,000
date you sell while in Canada 10,020,000
gain for Canada tax purposes 20,000
taxable capaital gain 50% 10,000
multiply your tax rate -depends on the total income of that year.
Students who have established significant residential ties to Canada can be considered residents of Canada. Significant residential ties include a home, whether owned or rented, a Canadian bank account or driver’s license, living with a spouse or dependants, or other significant social ties to Canada.
Like all other Canadian residents, international students under this category are eligible for GST credits, tuition carry-forward credits, and other provincial credits or tuition rebates.
Students who spend less than 183 days (six months) in Canada, and who do not establish residential ties in Canada, are generally considered to be non-residents. Non-residents are not eligible for benefits and credits, and are only required to file a tax return to pay taxes or to receive a refund if too much tax was paid on income from Canadian sources.
This also applies to deemed non-residents, who are students who have established significant residential ties with Canada, but are considered residents of other countries with which Canada has a tax treaty agreement.
Residency status is determined by the Canada Revenue Agency (CRA) on a case by case basis. If you aren’t sure of your status, it is best to contact CRA directly for guidance.
唔該晒
想知如果繼承遺產個稅點計，如果父母都唔係加拿大人
How is overseas inheritance taxed in Canada?
As noted above, inheritances whether from non-resident relatives overseas or Canadians are not taxable income to the Canadian resident beneficiaries. However, as Canadian residents are subject to Canadian taxation on their worldwide income, any future income to be generated from such overseas inheritance will be subject to taxation in Canada. This is the case even if the overseas inheritance or the related income is not remitted to Canada.
https://etaxaccountant.ca/personal-tax-canadians/overseas-inheritance-canada/#:~:text=As%20noted%20above%2C%20inheritances%20whether,to%20the%20Canadian%20resident%20beneficiaries.
https://www.google.com/search?q=does+Canada+tax+inheritance+from+outside+the+country+&client=opera&hs=Dub&sxsrf=ALiCzsYxZuXVzYlBr3gvp7QxYnvJR059dg%3A1658496081497&ei=UaTaYpWEHrKfkPIPguKI8A8&ved=0ahUKEwjV8LGuy4z5AhWyD0QIHQIxAv4Q4dUDCA0&oq=does+Canada+tax+inheritance+from+outside+the+country+&gs_lcp=Cgdnd3Mtd2l6EAwyBQghEKABMgUIIRCgAToHCAAQRxCwAzoECAAQDToICAAQHhAIEA06BQgAEIYDOgUIABCiBDoECCEQCkoECEEYAEoECEYYAFCYEljQvwFguNcBaAFwAXgAgAG2AYgB7yuSAQUyNS4yOZgBAKABAcgBCMABAQ&sclient=gws-wiz
As noted above, inheritances whether from non-resident relatives overseas or Canadians are not taxable income to the Canadian resident beneficiaries. However, as Canadian residents are subject to Canadian taxation on their worldwide income, any future income to be generated from such overseas inheritance will be subject to taxation in Canada. This is the case even if the overseas inheritance or the related income is not remitted to Canada.
https://etaxaccountant.ca/personal-tax-canadians/overseas-inheritance-canada/#:~:text=As%20noted%20above%2C%20inheritances%20whether,to%20the%20Canadian%20resident%20beneficiaries.
https://www.google.com/search?q=does+Canada+tax+inheritance+from+outside+the+country+&client=opera&hs=Dub&sxsrf=ALiCzsYxZuXVzYlBr3gvp7QxYnvJR059dg%3A1658496081497&ei=UaTaYpWEHrKfkPIPguKI8A8&ved=0ahUKEwjV8LGuy4z5AhWyD0QIHQIxAv4Q4dUDCA0&oq=does+Canada+tax+inheritance+from+outside+the+country+&gs_lcp=Cgdnd3Mtd2l6EAwyBQghEKABMgUIIRCgAToHCAAQRxCwAzoECAAQDToICAAQHhAIEA06BQgAEIYDOgUIABCiBDoECCEQCkoECEEYAEoECEYYAFCYEljQvwFguNcBaAFwAXgAgAG2AYgB7yuSAQUyNS4yOZgBAKABAcgBCMABAQ&sclient=gws-wiz
https://advisorcafe.ca/winter-2019/tax-aspects-of-accessing-the-cash-value-of-a-life-insurance-policy
Policy withdrawals
A policy withdrawal appeals to policy owners who need cash and have no intent to repay the amount withdrawn. Any amount up to the cash value of the contract can be withdrawn, but the policy will lapse if the withdrawal leaves insufficient funds available in the policy to cover policy costs. Withdrawals reduce the remaining cash value, if any, in the policy and may reduce the death benefit under the policy.
For tax purposes, a withdrawal is a surrender (or partial surrender) of a policy and is a disposition. To calculate any taxable policy gain, for a partial surrender, the PD is the amount withdrawn and the ACB of the policy is prorated based on the PD’s proportion of the entire cash surrender value. For example, if the withdrawal is 25 per cent of the cash surrender value, the ACB used in determining if there is a taxable policy gain is 25 per cent of the ACB of the whole policy. For Canadian resident policy owners, the insurer does not withhold tax at source on a partial withdrawal.
Policy withdrawals
A policy withdrawal appeals to policy owners who need cash and have no intent to repay the amount withdrawn. Any amount up to the cash value of the contract can be withdrawn, but the policy will lapse if the withdrawal leaves insufficient funds available in the policy to cover policy costs. Withdrawals reduce the remaining cash value, if any, in the policy and may reduce the death benefit under the policy.
For tax purposes, a withdrawal is a surrender (or partial surrender) of a policy and is a disposition. To calculate any taxable policy gain, for a partial surrender, the PD is the amount withdrawn and the ACB of the policy is prorated based on the PD’s proportion of the entire cash surrender value. For example, if the withdrawal is 25 per cent of the cash surrender value, the ACB used in determining if there is a taxable policy gain is 25 per cent of the ACB of the whole policy. For Canadian resident policy owners, the insurer does not withhold tax at source on a partial withdrawal.
當Vacation home呢?
In the context, resident means legal resident or tax resident ?
tax resident
https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/Canada-Residency-EN.pdf
In Canada, an individual’s residency status for income tax purposes is determined on a case by case basis.
An individual who is resident in Canada can be characterized as ordinarily resident (also known as
factual resident) or deemed resident. An individual’s whole situation and all the relevant facts must be
considered with reference to Canada’s tax laws and views of the Courts.
An individual who is ordinarily resident in Canada includes an individual who regularly, normally or
customarily lives in the usual mode of life in Canada. As a result, residential ties with Canada such as a
home in Canada, social and economic interests in Canada, and other connections to Canada are important
considerations. It is also important to consider whether any “deeming provision” in Canada’s tax laws
apply to cause an individual to be a resident of Canada for income tax purposes. (These “deeming
provisions” impact certain individuals not otherwise resident in Canada with connections to Canada, such
as individuals who spend a total of 183 days or more in a year in Canada or who are employed by the
Government of Canada or a Canadian province.)
An individual may take into account their residency status under a relevant Canadian tax treaty when
determining whether they are a resident in Canada.
Extensive information is available on the Canada Revenue Agency (CRA) website on the pages listed
below to assist individuals determine their residence status for income tax purposes and the factors to be
taken into account in making that determination.
https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-5-international-residency/folio-1-residency/income-tax-folio-s5-f1-c1-determining-individual-s-residence-status.html
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.html
Step 1: Determine if you have residential ties with Canada
The most important thing to consider when determining your residency status in Canada for income tax purposes is whether or not you maintain, or you establish, significant residential ties with Canada.
Significant residential ties to Canada include:
a home in Canada
a spouse or common-law partner in Canada
dependants in Canada
Secondary residential ties that may be relevant include:
personal property in Canada, such as a car or furniture
social ties in Canada, such as memberships in Canadian recreational or religious organizations
economic ties in Canada, such as Canadian bank accounts or credit cards
a Canadian driver's licence
a Canadian passport
health insurance with a Canadian province or territory
The information above is general in nature. For more information on your residential ties, see Income Tax Folio S5-F1-C1, Determining an Individual's Residence Status.
https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/Canada-Residency-EN.pdf
In Canada, an individual’s residency status for income tax purposes is determined on a case by case basis.
An individual who is resident in Canada can be characterized as ordinarily resident (also known as
factual resident) or deemed resident. An individual’s whole situation and all the relevant facts must be
considered with reference to Canada’s tax laws and views of the Courts.
An individual who is ordinarily resident in Canada includes an individual who regularly, normally or
customarily lives in the usual mode of life in Canada. As a result, residential ties with Canada such as a
home in Canada, social and economic interests in Canada, and other connections to Canada are important
considerations. It is also important to consider whether any “deeming provision” in Canada’s tax laws
apply to cause an individual to be a resident of Canada for income tax purposes. (These “deeming
provisions” impact certain individuals not otherwise resident in Canada with connections to Canada, such
as individuals who spend a total of 183 days or more in a year in Canada or who are employed by the
Government of Canada or a Canadian province.)
An individual may take into account their residency status under a relevant Canadian tax treaty when
determining whether they are a resident in Canada.
Extensive information is available on the Canada Revenue Agency (CRA) website on the pages listed
below to assist individuals determine their residence status for income tax purposes and the factors to be
taken into account in making that determination.
https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-5-international-residency/folio-1-residency/income-tax-folio-s5-f1-c1-determining-individual-s-residence-status.html
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.html
Step 1: Determine if you have residential ties with Canada
The most important thing to consider when determining your residency status in Canada for income tax purposes is whether or not you maintain, or you establish, significant residential ties with Canada.
Significant residential ties to Canada include:
a home in Canada
a spouse or common-law partner in Canada
dependants in Canada
Secondary residential ties that may be relevant include:
personal property in Canada, such as a car or furniture
social ties in Canada, such as memberships in Canadian recreational or religious organizations
economic ties in Canada, such as Canadian bank accounts or credit cards
a Canadian driver's licence
a Canadian passport
health insurance with a Canadian province or territory
The information above is general in nature. For more information on your residential ties, see Income Tax Folio S5-F1-C1, Determining an Individual's Residence Status.
你睇翻官網
vacation home 定乜home唔理你， 但係你 或配偶或子女每年都要喺間屋度住過。
大把人平時住一間 屋，另外vacation home一間只係一年住幾日， 稅務上 principal residence 係間vacation home。
無規定住得最多嗰間= principal residence
vacation home 定乜home唔理你， 但係你 或配偶或子女每年都要喺間屋度住過。
大把人平時住一間 屋，另外vacation home一間只係一年住幾日， 稅務上 principal residence 係間vacation home。
無規定住得最多嗰間= principal residence
Hi uncle 有兩個問題想問下有經驗的你
Tax resident 要連續居住滿180日起計 咁是否在180日前 如果成功提取mpf 即使收取款項時 人在加拿大境內而又未住滿180 就不用打稅呢？
另外想問 因為currency rate 問題 想分開幾次慢慢將hk savings transfer to ca saving account 是否免稅？ 一來是saving 二來未住滿180 而資產亦少過10萬加元
Tax resident 要連續居住滿180日起計 咁是否在180日前 如果成功提取mpf 即使收取款項時 人在加拿大境內而又未住滿180 就不用打稅呢？
另外想問 因為currency rate 問題 想分開幾次慢慢將hk savings transfer to ca saving account 是否免稅？ 一來是saving 二來未住滿180 而資產亦少過10萬加元
Tax resident 要連續居住滿180日起計 咁是否在180日前 如果成功提取mpf 即使收取款項時 人在加拿大境內而又未住滿180 就不用打稅呢？
Find out the value of your MPF on the day you landed Canada and keep all the MFP withdrawal documents for possible tax filing requirements.
逗留183 日rule係其中一個指標。 決定一個人係唔係稅務居民， 有好幾個其他支標。 如果你嚟到之後有租屋或其他動作表現你係打算留低一段日子， 咁就可以認為你係稅務居民。 通常都係要稅務局作最終決定。 而且， 假若你被抽查既時候， 已經係兩，三年之後既事。 咁你第一年已經係稅務居民， 咁你嗰年就係你第一分鐘搭入加拿大， 你就係稅務居民。
另外想問 因為currency rate 問題 想分開幾次慢慢將hk savings transfer to ca saving account 是否免稅？ 一來是saving 二來未住滿180 而資產亦少過10萬加元
Don't use 183 day rule in your case. If you are considered a tax resident when you file your first T1 personal income tax return, then the 183 day rule is not an issue to be considered.
Most likely, there shouldn't be any issue with currency exchange gain or loss. I don't have access to all the information in your case, therefore, I am unable to give you a definite answer.
$100,000 is for T1135 filing purposes. If your MFP plus all other assets (bank, property etc.) are totalled over $100,000, you have to file a T1135 when you file your T1 personal tax return.
Find out the value of your MPF on the day you landed Canada and keep all the MFP withdrawal documents for possible tax filing requirements.
逗留183 日rule係其中一個指標。 決定一個人係唔係稅務居民， 有好幾個其他支標。 如果你嚟到之後有租屋或其他動作表現你係打算留低一段日子， 咁就可以認為你係稅務居民。 通常都係要稅務局作最終決定。 而且， 假若你被抽查既時候， 已經係兩，三年之後既事。 咁你第一年已經係稅務居民， 咁你嗰年就係你第一分鐘搭入加拿大， 你就係稅務居民。
另外想問 因為currency rate 問題 想分開幾次慢慢將hk savings transfer to ca saving account 是否免稅？ 一來是saving 二來未住滿180 而資產亦少過10萬加元
Don't use 183 day rule in your case. If you are considered a tax resident when you file your first T1 personal income tax return, then the 183 day rule is not an issue to be considered.
Most likely, there shouldn't be any issue with currency exchange gain or loss. I don't have access to all the information in your case, therefore, I am unable to give you a definite answer.
$100,000 is for T1135 filing purposes. If your MFP plus all other assets (bank, property etc.) are totalled over $100,000, you have to file a T1135 when you file your T1 personal tax return.
Thank you so much
Q1 有心理準備擺入rrsp
至於transfer問題 係怕比稅局當我有oversea regular income or something
If I can show bank statement as proof, then should be fine ? Personal saving shouldn’t be taxable?
Q1 有心理準備擺入rrsp
至於transfer問題 係怕比稅局當我有oversea regular income or something
If I can show bank statement as proof, then should be fine ? Personal saving shouldn’t be taxable?
Q1 有心理準備擺入rrsp- check it out with CRA, I think you haveto meet certain requirements to be able to do that.
至於transfer問題 係怕比稅局當我有oversea regular income or something
If I can show bank statement as proof, then should be fine ? Personal saving shouldn’t be taxable?
Kep all bank statements before and after you landed.
Interest income after you landed will be income for Canadian tax purposes.
至於transfer問題 係怕比稅局當我有oversea regular income or something
If I can show bank statement as proof, then should be fine ? Personal saving shouldn’t be taxable?
Kep all bank statements before and after you landed.
Interest income after you landed will be income for Canadian tax purposes.