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| *Ostroff, Fair and Company>>>Canada Taxes |
I'm canadian working in Iraq for a US co. making tax free US $$. do I have to pay tax in Can. on money made? |
Ok all you accountants need some advice. I've been working for haliburton in iraq for almost 2 years having gone home only once in that time. I have non resident status with my only ties to back home being a small bacnk account, visa and driver's license. In the 2 years I'll have made almost $200,000 all of which goes into a US bank account. When I come home I plan on transferring all that I have in it back to my Canadian account. Can anyone tell me if I will get taxed on the money I made? I have no wife and no kids.. The previous poster is correct, you clearly have ties to Canada through your drivers license and bank accout, and as such may be deemed a resident of Canada, and be required to file a tax return here. Source(s): http://www.cra-arc.gc.ca/tax/nonresident... (this specifically mentions drivers license and bank account as ties to Canada) Of course you will. How else do you expect the government to get money? Good for you...make all that money get reach but don't loose your head over it ..and your answer ..no you don't pay tax on transfer of your money ..but you will pay tax on the interest that it would accumulate whilst in Canada..good luck no u wont because u wasn't working or living in the country and if they do tax you its illegal and its called double taxation as the country u work in suppose to tax you If you are working "above the table" , that money is not tax-free as Haliburton has reported all salaries dispensed to employees, subcontractors and such; Which means that it's on government record that you got paid. American workers overseas have to pay taxes to America and any applicable taxes to the country they're in. As long as you're a Canadian citizen, you'll have to pay any taxes required by your government at the very least. In the U.S., any interest earned from a bank account is taxed. If banks in Canada are the same way, while the money you put in wouldn't be subject to taxing, any interest on that money would be. Residence determines your liability, if any, for Canadian income taxes on this income. Residence is a matter of specific circumstance. Although you have very few ties to Canada, it sounds like you may have more ties (bank account, credit card, relatives?) with Canada than anywhere else. See the information at the following website, it should give you a pretty good idea as to the possibility that the CRA could find you to be a resident of Canada for income tax purposes. |
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