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.