New Immigrants & What Is Taxable Income

by Tax Guy - Burlington Accountant on April 3, 2009 Print This Post Print This Post

Question: I immigrated to Canada in 2008 and started began working a month after arrival.  I had no income in Canada before that, and no income abroad after migrating. Now for example, if my income in Canada from the time I started working here to the end of 2008 is $30,000.

(a) do I need to show my income abroad before I migrated to Canada in the returns form.
(b) will this be added to my Canadian income after immigration
(c)what is the tax that I need to pay, if the answer to the above two (a & b) is negative.

When you became a resident you became liable for tax on your worldwide income from the date of residency forward.  Therefore, you do not need to report income from the period before you came to Canada.

If you would like to estimate your taxes owing, I would suggest either using Studio Tax or
TurboTax
.  Alternatively, you could look at our Combined Federal & Provincial Marginal Tax Rates & Taxes Payable by Taxable Income on our Tax Rates page.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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