加拿大報稅 你問我試答（2）
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I study 1 year postgrad (9/2021 - 4/2022). I took the first semester online in HK (9-12/2021) and landed Canada on 31/12/2022 and study inland for second semester 1-4/2022. All tuition fee was paid in 2021 before coming to Ca
rental income/expenses can be on accrual basis
https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/business-income-tax-reporting/accounting-your-earnings.html
Accounting for your earnings
On this page, you will find information on the following:
Accrual method
Cash method
Change your reporting method
How to keep sales and expense journals
How to record your business expenses
Fiscal period for income tax purposes
Calendar year
Non-calendar year
Corporations tax year
Fiscal period-end for GST/HST registrants
Generally, you have to report business income using the accrual method of accounting. Farmers, fishers, and self-employed commission agents can use the cash method or the accrual method to report income, but not a combination of both.
Accrual method
Under the accrual method, you have to report income in the fiscal period you earn it, no matter when you receive it.
You can deduct allowable expenses in the fiscal period you incur them, whether or not you pay for them in that period. Incur usually means you paid or will have to pay the expense.
Cash method
If you use the cash method, you report income in the fiscal period you receive it whether it is in cash, property, or services. You deduct allowable expenses in the fiscal period you pay them, except prepaid expenses. If you are a farmer, fisher, or self-employed commissioned sales agent, you can use the cash method.
For more information about the cash method, see Guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income.
Change your reporting method
If you are a farmer, fisher or self-employed commission sales agent, you can decide to change from one accounting method to the other. To change from either:
the accrual method to the cash method, you must file your return using the cash method and attach a statement that shows the adjustments made in income and expenses as a result of the change in method
the cash method to the accrual method, you must submit a written request to the director of the taxpayer's tax services office before the due date of the tax return
How to keep sales and expense journals
You should keep a day-to-day record of your receipts and expenses. Keep this record with your duplicate deposit slips, bank statements, cancelled cheques and receipts. This will support your sales income and expense claims.
How to record your business expenses
You can generally deduct business expenses only if you incur them to earn income. If you claim expenses, you have to be able to back up the claim. You do this by keeping all your business-related vouchers and receipts, and record your expenses in a journal, a computerized file or a software accounting program.
Fiscal period for income tax purposes
You have to report your business income on an annual basis.
Calendar year
For sole proprietorships, professional corporations that are members of a partnership, and partnerships in which at least one member is an individual, professional corporation or another affected partnership, your business income is generally reported on a calendar-year basis.
Non-calendar year
If you are a sole proprietor or if you are in a partnership in which all the members are individuals, you can elect to have a non-calendar-year fiscal period. To make this change, complete Form T1139, Reconciliation of Business
https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/business-income-tax-reporting/accounting-your-earnings.html
Accounting for your earnings
On this page, you will find information on the following:
Accrual method
Cash method
Change your reporting method
How to keep sales and expense journals
How to record your business expenses
Fiscal period for income tax purposes
Calendar year
Non-calendar year
Corporations tax year
Fiscal period-end for GST/HST registrants
Generally, you have to report business income using the accrual method of accounting. Farmers, fishers, and self-employed commission agents can use the cash method or the accrual method to report income, but not a combination of both.
Accrual method
Under the accrual method, you have to report income in the fiscal period you earn it, no matter when you receive it.
You can deduct allowable expenses in the fiscal period you incur them, whether or not you pay for them in that period. Incur usually means you paid or will have to pay the expense.
Cash method
If you use the cash method, you report income in the fiscal period you receive it whether it is in cash, property, or services. You deduct allowable expenses in the fiscal period you pay them, except prepaid expenses. If you are a farmer, fisher, or self-employed commissioned sales agent, you can use the cash method.
For more information about the cash method, see Guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income.
Change your reporting method
If you are a farmer, fisher or self-employed commission sales agent, you can decide to change from one accounting method to the other. To change from either:
the accrual method to the cash method, you must file your return using the cash method and attach a statement that shows the adjustments made in income and expenses as a result of the change in method
the cash method to the accrual method, you must submit a written request to the director of the taxpayer's tax services office before the due date of the tax return
How to keep sales and expense journals
You should keep a day-to-day record of your receipts and expenses. Keep this record with your duplicate deposit slips, bank statements, cancelled cheques and receipts. This will support your sales income and expense claims.
How to record your business expenses
You can generally deduct business expenses only if you incur them to earn income. If you claim expenses, you have to be able to back up the claim. You do this by keeping all your business-related vouchers and receipts, and record your expenses in a journal, a computerized file or a software accounting program.
Fiscal period for income tax purposes
You have to report your business income on an annual basis.
Calendar year
For sole proprietorships, professional corporations that are members of a partnership, and partnerships in which at least one member is an individual, professional corporation or another affected partnership, your business income is generally reported on a calendar-year basis.
Non-calendar year
If you are a sole proprietor or if you are in a partnership in which all the members are individuals, you can elect to have a non-calendar-year fiscal period. To make this change, complete Form T1139, Reconciliation of Business
rental not necessary business wo
我收返sor
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/accounting-methods.html
You can use the cash method only if your net rental income or loss would be almost the same if you were using the accrual method.
要用accrual method ,即係要報2022
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/rental-income/accounting-methods.html
You can use the cash method only if your net rental income or loss would be almost the same if you were using the accrual method.
要用accrual method ,即係要報2022
I can be sure that you are not a resident for Canada for 2021
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/international-students-studying-canada.html
Your situation is quite unique. You have T2022 while you are NOT in Canada. You should seek professional advise when you file your 2022 T1 personal income tax returns.
Depending on your total rental and other investments income and your resident status, you may be subject to tax on world-wide income. If your income is above certain threshold, you may have to consider making tax instalments.
Keep all documents on rental income/expenses and you may have to consider making tax instalments
https://www.wealthsimple.com/en-ca/learn/t2202a-guide-to-claiming-tuition#who_should_prepare_the_t2202_form
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036/rental-income.html
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/international-students-studying-canada.html
Your situation is quite unique. You have T2022 while you are NOT in Canada. You should seek professional advise when you file your 2022 T1 personal income tax returns.
Depending on your total rental and other investments income and your resident status, you may be subject to tax on world-wide income. If your income is above certain threshold, you may have to consider making tax instalments.
Keep all documents on rental income/expenses and you may have to consider making tax instalments
https://www.wealthsimple.com/en-ca/learn/t2202a-guide-to-claiming-tuition#who_should_prepare_the_t2202_form
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4036/rental-income.html
It can be either way but not always cash basis.
Reg. § 1.446-1(c)(1)(i). Therefore, if an accrual-basis taxpayer owes interest payments to a cash-basis taxpayer, the accrual-basis taxpayer may deduct the interest owed as it accrues, even if not paid, but the cash-basis taxpayer will not have to report the interest income until the interest is actually paid.
Reg. § 1.446-1(c)(1)(i). Therefore, if an accrual-basis taxpayer owes interest payments to a cash-basis taxpayer, the accrual-basis taxpayer may deduct the interest owed as it accrues, even if not paid, but the cash-basis taxpayer will not have to report the interest income until the interest is actually paid.
咁第一年去加拿大未住夠183日報稅有冇得唔報海外收入?
無，除非你無長租，無返工
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/deemed-residents.html
Deemed residents of Canada
This page provides basic information about the tax rules that apply to you if you are a deemed resident of Canada for income tax purposes. It will also help you understand your tax obligations to Canada.
Topics
Are you a deemed resident of Canada?
Government employees outside Canada and the 183-day rule
Your tax obligations
Filing your income tax return, Which tax package should you use, Did you live in Quebec just before you left Canada, and Filing due date
Entitlements to benefits
Canada child benefit
Are you a deemed resident of Canada?
You are a deemed resident of Canada for income tax purposes if you are in one of the following situations:
You lived outside Canada during the tax year, you are not considered to be a factual resident of Canada because you did not have significant residential ties, and you are a government employee, a member of the Canadian Forces including their overseas school staff, or working under a Global Affairs Canada assistance program. This could also apply to the family members of an individual who is in one of these situations. For more information, see Government employees outside Canada
You stayed in Canada for 183 days or more (the 183-day rule) in the tax year, do not have significant residential ties with Canada, and are not considered a resident of another country under the terms of a tax treaty between Canada and that country
Notes
If you are a deemed resident of Canada, and also establish residential ties in a country with which Canada has a tax treaty and you are considered to be a resident of that country for the purposes of that tax treaty, you may be considered a deemed non-resident of Canada for income tax purposes.
You become a deemed non-resident of Canada when your ties with the other country become such that, under the tax treaty with which Canada has with the other country, you would be considered a resident of that other country and not Canada.
As a deemed non-resident of Canada, the same rules apply to you as a non-resident of Canada.
The 183-day rule
When you calculate the number of days you stayed in Canada during the tax year, include each day or part of a day that you stayed in Canada. These include:
the days you attended a Canadian university or college
the days you worked in Canada
the days you spent on vacation in Canada, including on weekend trips
If you lived in the United States and commuted to work in Canada, do not include commuting days in the calculation.
Deemed residents of Canada
This page provides basic information about the tax rules that apply to you if you are a deemed resident of Canada for income tax purposes. It will also help you understand your tax obligations to Canada.
Topics
Are you a deemed resident of Canada?
Government employees outside Canada and the 183-day rule
Your tax obligations
Filing your income tax return, Which tax package should you use, Did you live in Quebec just before you left Canada, and Filing due date
Entitlements to benefits
Canada child benefit
Are you a deemed resident of Canada?
You are a deemed resident of Canada for income tax purposes if you are in one of the following situations:
You lived outside Canada during the tax year, you are not considered to be a factual resident of Canada because you did not have significant residential ties, and you are a government employee, a member of the Canadian Forces including their overseas school staff, or working under a Global Affairs Canada assistance program. This could also apply to the family members of an individual who is in one of these situations. For more information, see Government employees outside Canada
You stayed in Canada for 183 days or more (the 183-day rule) in the tax year, do not have significant residential ties with Canada, and are not considered a resident of another country under the terms of a tax treaty between Canada and that country
Notes
If you are a deemed resident of Canada, and also establish residential ties in a country with which Canada has a tax treaty and you are considered to be a resident of that country for the purposes of that tax treaty, you may be considered a deemed non-resident of Canada for income tax purposes.
You become a deemed non-resident of Canada when your ties with the other country become such that, under the tax treaty with which Canada has with the other country, you would be considered a resident of that other country and not Canada.
As a deemed non-resident of Canada, the same rules apply to you as a non-resident of Canada.
The 183-day rule
When you calculate the number of days you stayed in Canada during the tax year, include each day or part of a day that you stayed in Canada. These include:
the days you attended a Canadian university or college
the days you worked in Canada
the days you spent on vacation in Canada, including on weekend trips
If you lived in the United States and commuted to work in Canada, do not include commuting days in the calculation.
Your tax obligations
If you are a deemed resident of Canada for the tax year, you:
must report your world income (income from all sources, both inside and outside Canada) for the entire tax year
can claim all deductions and non-refundable tax credits that apply to you
are subject to federal tax and instead of paying provincial or territorial tax, you'll pay a federal surtax
can claim all federal tax credits, but you cannot claim provincial or territorial tax credits
are eligible to apply for the goods and services tax/harmonized sales tax (GST/HST) credit
Example
You are a member of the Canadian Forces. During the year, you were posted to the U.S. for 3 years. Before leaving, you sold your house in Canada, cancelled your memberships in various organizations, and severed all residential ties with Canada.
The CRA considers you to be a deemed resident of Canada for income tax purposes. When you file your income tax return for the year, you will report your income from all sources both inside and outside Canada and claim all deductions, federal non-refundable tax credits, and federal refundable tax credits that apply to you.
Filing your income tax return
If you are a deemed resident of Canada for the year, you may have to file a Canadian income tax return for that year. For more information, see Do you have to file a return.
Which income tax package should you use?
For each tax year that you are a deemed resident of Canada for income tax purposes, use the Income Tax and Benefit Package for non-residents and deemed residents of Canada.
Did you live in Quebec just before you left Canada?
In addition to being considered a deemed resident of Canada, under Quebec law you may also be considered a deemed resident of that province. If this is the case, you may have to pay Quebec income tax while you are serving abroad. For example, if you are a deemed resident of Canada and you were at any time in the year an agent-general, an officer, or a servant of the Province of Quebec and you were a resident of that province just before your appointment or employment with that province, you must pay Quebec income tax.
To avoid double taxation (surtax for non-residents and deemed residents of Canada plus Quebec provincial income tax), attach a note to your federal return telling the CRA all of the following:
You are subject to Quebec provincial income tax
You are filing a Quebec provincial return
You are asking for relief from the non-resident and deemed resident of Canada surtax
For more information, contact the Canada Revenue Agency.
The Province of Quebec also grants relief to certain taxpayers who were deemed residents of Canada and Quebec. This includes deemed residents of Canada who are members of the Canadian Forces or at any time in the year an ambassador, minister, high commissioner, officer, or servant of Canada, and who were also deemed residents of Quebec. For more information, contact Revenu Québec.
Filing due date
Generally, your income tax return must be filed on or before:
April 30 of the year after the tax year
June 15 of the year after the tax year, if you or your spouse or common-law partner carried on a business in Canada (other than a business whose expenditures are mainly in connection with a tax shelter)
Note
A balance of tax owing must be paid on or before April 30 of the year after the tax year, regardless of the due date of the tax return.
Entitlements to benefits
Canada child benefit
If you are eligible to receive the Canada child benefit (CCB), you will continue to receive it but you are not eligible for any related provincial or territorial benefits during your absence from Canada.
You will have to file a return each year so the CRA can calculate your CCB. If you have a spouse or common-law partner who is a deemed or factual resident, they will also have to file a return each year.
If you are a deemed resident of Canada for the tax year, you:
must report your world income (income from all sources, both inside and outside Canada) for the entire tax year
can claim all deductions and non-refundable tax credits that apply to you
are subject to federal tax and instead of paying provincial or territorial tax, you'll pay a federal surtax
can claim all federal tax credits, but you cannot claim provincial or territorial tax credits
are eligible to apply for the goods and services tax/harmonized sales tax (GST/HST) credit
Example
You are a member of the Canadian Forces. During the year, you were posted to the U.S. for 3 years. Before leaving, you sold your house in Canada, cancelled your memberships in various organizations, and severed all residential ties with Canada.
The CRA considers you to be a deemed resident of Canada for income tax purposes. When you file your income tax return for the year, you will report your income from all sources both inside and outside Canada and claim all deductions, federal non-refundable tax credits, and federal refundable tax credits that apply to you.
Filing your income tax return
If you are a deemed resident of Canada for the year, you may have to file a Canadian income tax return for that year. For more information, see Do you have to file a return.
Which income tax package should you use?
For each tax year that you are a deemed resident of Canada for income tax purposes, use the Income Tax and Benefit Package for non-residents and deemed residents of Canada.
Did you live in Quebec just before you left Canada?
In addition to being considered a deemed resident of Canada, under Quebec law you may also be considered a deemed resident of that province. If this is the case, you may have to pay Quebec income tax while you are serving abroad. For example, if you are a deemed resident of Canada and you were at any time in the year an agent-general, an officer, or a servant of the Province of Quebec and you were a resident of that province just before your appointment or employment with that province, you must pay Quebec income tax.
To avoid double taxation (surtax for non-residents and deemed residents of Canada plus Quebec provincial income tax), attach a note to your federal return telling the CRA all of the following:
You are subject to Quebec provincial income tax
You are filing a Quebec provincial return
You are asking for relief from the non-resident and deemed resident of Canada surtax
For more information, contact the Canada Revenue Agency.
The Province of Quebec also grants relief to certain taxpayers who were deemed residents of Canada and Quebec. This includes deemed residents of Canada who are members of the Canadian Forces or at any time in the year an ambassador, minister, high commissioner, officer, or servant of Canada, and who were also deemed residents of Quebec. For more information, contact Revenu Québec.
Filing due date
Generally, your income tax return must be filed on or before:
April 30 of the year after the tax year
June 15 of the year after the tax year, if you or your spouse or common-law partner carried on a business in Canada (other than a business whose expenditures are mainly in connection with a tax shelter)
Note
A balance of tax owing must be paid on or before April 30 of the year after the tax year, regardless of the due date of the tax return.
Entitlements to benefits
Canada child benefit
If you are eligible to receive the Canada child benefit (CCB), you will continue to receive it but you are not eligible for any related provincial or territorial benefits during your absence from Canada.
You will have to file a return each year so the CRA can calculate your CCB. If you have a spouse or common-law partner who is a deemed or factual resident, they will also have to file a return each year.
想問入境時股票價值有咩可以做evidence
呢排股市咁唔想特登賣咗佢
呢排股市咁唔想特登賣咗佢
yahoo finance
睇historical data?
The monthly report from stock broker and daily price quote shown on your account will be a first step. Make a screen shot on or close to the day you come to Canada.
Shoukd also considered making a screen shot/printed copy of your stocks closing price on or closest to the day. Keep these for at least 7 to 8 years.
Shoukd also considered making a screen shot/printed copy of your stocks closing price on or closest to the day. Keep these for at least 7 to 8 years.
yes 入境日股價
Many thanks!!
But is screenshot really enough?
But is screenshot really enough?
我打去CRA佢係咁講，話第一次一定要file by mail
我已寄咗但想問幾耐之後先申請到CRA account？同冇CRA account 點check 佢哋收到未？
我已寄咗但想問幾耐之後先申請到CRA account？同冇CRA account 點check 佢哋收到未？
Under work permit 唔洗報稅？因為我見申請PR條stream b path話要提供tax filing CRA assessment
同我報咗有可以refund 係咪照報
？因為我見申請PR條stream b path話要提供tax filing CRA assessment同我報咗有可以refund 係咪照報
打工當然要報
stream b 可以攞assessment 做文件supporting 姐，唔係必須要提供
stream b 可以攞assessment 做文件supporting 姐，唔係必須要提供
我全家三個人第一次報都係用h&r block online netfile,無寄過信，所以唔知cra 個staff 點解咁答你
已經寄左咪等assessment .
有assessment 即係報左即係你可以開cra account
已經寄左咪等assessment .
有assessment 即係報左即係你可以開cra account
both, the more the better
我一開始都懷疑，隔日再打去問，都係話要第一次要by paper
我仲有幾個問題
1)用H&R block 同Wealthsimple 有咩大分別？
2)同報後大概幾耐會有assessment? 會email 通知你？
3)今年冇報到immigrant moving expense… 下年報返得唔得
我仲有幾個問題
1)用H&R block 同Wealthsimple 有咩大分別？
2)同報後大概幾耐會有assessment? 會email 通知你？
3)今年冇報到immigrant moving expense… 下年報返得唔得
1. 無乜，大家都唔洗錢，wealthsimple 好似都係full function free? h&r block 我知免費version報埋生意投資都得。
睇你自己鐘意
2. 我online 報叫做2weeks但幾日後已有
3.唔得，但你有cra acc 後可以refile 修正
睇你自己鐘意
2. 我online 報叫做2weeks但幾日後已有
3.唔得，但你有cra acc 後可以refile 修正