I have income from various US sources from before I was a resident, do I enter gross total income or net income from my S-Corp... do I even NEED to enter a number?

I am a Canadian Citizen who grew up in the US.  I moved to Canada mid October, however this year has been incredibly turbulent and I am unsure how to declare my foreign income.  According to the CRA website, 

For the part of the tax year that you were NOT a resident of Canada

You have to report the following amounts:

  • income from employment in Canada or from a business carried on in Canada;
  • taxable capital gains from disposing of taxable Canadian property; and
  • taxable part of scholarships, bursaries, fellowships, and research grants you received from Canadian sources.

That said, I really do not want and cannot afford to be penalized.  If I do need to report foreign income, my primary source is from my own S-Corp (of which I am the only employee/shareholder).  Do I need to enter the gross income or the net-income after expenses (moving, travel, etc)?  My gross Income and the actual net income I brought home are VASTLY different.


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You will only need to claim income on the Canadian return for income that you have made while a resident in Canada.  Use your Date of Entry for this distinction.  Any income made since residing in Canada must be claimed.  

In your case you will only be required to enter income you earned from October until December's end.  This will include all income sources, both Canadian and World Wide.  If you have income in a foreign currency it will need to be converted to Canadian currency and reported as such.

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