If someone works for cash income no cpp and income deduction and get more income without paying any taxes when they retired why they can get the government benefits?
If i came to canada as a visitor in mid September of 2022, got my inland PR in march of 2023, would i still be classified as a newcomer until march of 2024? If i withdraw from my hong kong MPF and transfer the amount to canada before march of this year would it be non taxable?
Pls note the distinction between tax residence and immigration status. For a more detailed explanation on tax residence, pls refer to other videos by Terence Chan
Sorry for the late reply. Here is the reply from Terence Chan: 1) The capital loss can be claimed 2) If the property has produced any income during that period, there will be a problem if CRA audit your file
@@beyondKOL Actually YES- you will have to pay non-residence tax to CRA at 25%. What happens is that the bank (or any investment company) is required to withhold 25% of your investment income and send it to CRA and the rest of the money is sent to you, 那位受你委托的人士（經紀、銀行、甚至親友）必須把你股票售價扣起 25% (non resident withhold tax)，交給税局，然把餘下的錢滙給你，年尾向你發給 NR4 報税單。 不做的話，所有欠稅罰款由受托人負責。
Forwarded your question to Terence Chan. He is not 100% sure the details. It looks like some sort of insurance product. He can't provide further advice without the full information.
Hello BeyondKOL & Terence Chan, This is super good topic, I like your channel a lot with CPA Terence together, he is very professional with case sharing. I have one important question and reli need help, people keep exchange money e.g. CAD, USD, or other currency for travelling purpose but may or may not transfer back to CAD. When last year the currency keep fluctuations much, some people say we need to pay capital gain or some people say business tax, some people say no tax as normal exchange??? how to be prove this is non- taxable for currency exchange for newcomer ?? kindly helpsuper thanks
Hi Darwin, will contact Terence Chan for clarification. However, he is extremely busy at the moment because of the upcoming tax season. Can’t guarantee a quick response
Very sorry for the late reply. After discussing the details with Terence Chan, pls see his response below: Foreign exchange is tricky and complicated issue. Without knowing the spedcific details, it is not appropriate for me to provide general advice in an open platform. From a professional standpoint, any general answer on FX could be misleading without understanding the full details. That being said, here are some basic principles: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/completing-schedule-3/bonds-debentures-promissory-notes-other-similar-properties/foreign-currencies.html
