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New Member
posted Oct 30, 2019 10:53:56 PM

We are filing our first tax return for the year 2018. Based on our understanding, we do not have to report our foreign income before arriving in Canada. Is this correct?

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Level 13
Oct 30, 2019 10:53:58 PM

Excellent link you have provided and correct, but there are many variables to this.

Reporting foreign income on your Canadian tax return can get tricky, so for tax purposes, your residency status is the first thing the CRA wants to know.

Non-residents and deemed non-residents - report your income from Canadian sources such as the taxable part of your scholarships, fellowships, bursaries, net research grants, income from a business without a permanent establishment in Canada, and taxable capital gains from disposing of taxable Canadian property.

Deemed residents - report your world gross income. World income is income from all sources both inside and outside Canada.

Because of the many variables, please review the links provided below for a greater understanding of your first tax return in Canada and your tab obligations.

  • An additional link from Allan Madan CPA,CA and international tax expert in Missisauga,ON with further clarity https://bit.ly/2U7f4Mn