landed in Canada on PR in July18 & resigned from previous employer in home country in Oct18 (was on paid leave from July18 to Oct18).
How will I report the following and also if i need to report full amount of lumpsum payments or proportional to my stay in Canada
(1)Monthly foreign employment income from July to Oct18
(2)Lump-sum amount from fund with my employer in which I contributed for past 8 years (provident fund received in Oct 18)
(3)Lump-sum amount for working more then 5yrs (Gratuity received in Oct 18) - Part of remuneration package
(4)No pension, had to give up pension as immigrated
Firstly you must determine your residency status for taxation purposes when reporting ANY foreign sourced income to the CRA. See the following to guide you through your foreign sourced income entries in TurboTax.
If Canada has a tax treaty with this country, you will avoid double taxation. So you can apply for a Foreign Tax Credit
Apply for the FTC -in your "Find" icon at the top of the page, type in "Foreign Tax Credit" which will open the form needed to apply for this credit, if applicable.
You can claim a foreign tax credit for the taxes that you paid in the foreign country. The foreign tax credit is the lesser of two amounts:
Please note: If this is your first time filing, a tax return; as per the CRA, you will have print and mail in your tax return to them.
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