Ok all you accountants need some advice. I've been working for haliburton in iraq for almost 2 years having gone home only once in that time. I have non resident status with my only ties to back home being a small bacnk account, visa and driver's license. In the 2 years I'll have made almost $200,000 all of which goes into a US bank account. When I come home I plan on transferring all that I have in it back to my Canadian account. Can anyone tell me if I will get taxed on the money I made? I have no wife and no kids..
2006-11-25 22:35:01 · 8 answers · asked by canuck33 1 in Business & Finance ➔ Taxes ➔ Canada
The previous poster is correct, you clearly have ties to Canada through your drivers license and bank accout, and as such may be deemed a resident of Canada, and be required to file a tax return here.
2006-11-26 05:13:55 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you are working "above the table" , that money is not tax-free as Haliburton has reported all salaries dispensed to employees, subcontractors and such; Which means that it's on government record that you got paid. American workers overseas have to pay taxes to America and any applicable taxes to the country they're in. As long as you're a Canadian citizen, you'll have to pay any taxes required by your government at the very least. In the U.S., any interest earned from a bank account is taxed. If banks in Canada are the same way, while the money you put in wouldn't be subject to taxing, any interest on that money would be.
2006-11-25 22:56:08 · answer #2 · answered by Mars Gray Brown 2 · 0⤊ 1⤋
you still need to pay social security but other then that everything else is tax free so for example if you re enlist in the military with a 15 k re enlistment bonus and you do it in Iraq then you get to keep all of that. I had a lot of friends while I was active duty marine do that. I think the most you can make as a US citizen overseas without paying taxes is like 80K, again I have had a lot of friends who worked for the Kuwaiti govt as private contractors and they told me that anything over 80 was taxed but under that you should be good
2016-03-12 23:19:06 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Residence determines your liability, if any, for Canadian income taxes on this income. Residence is a matter of specific circumstance. Although you have very few ties to Canada, it sounds like you may have more ties (bank account, credit card, relatives?) with Canada than anywhere else.
See the information at the following website, it should give you a pretty good idea as to the possibility that the CRA could find you to be a resident of Canada for income tax purposes.
2006-11-26 04:18:40 · answer #4 · answered by TIM H 2 · 1⤊ 0⤋
No. You would be considered a Non Resident of Canada as you only have secondary ties, as in a Drivers License, Bank Account, and Visa. They cannot deem you a resident on this alone.
What you have to establish is Primary Residential Ties which are:
A Permanent Residence in Canada (i.e. house)
A Spouse or your kids living their
Where you normally reside and if it is outside of Canada.
Since you have no immediate family living their, nor a house, and you obviously lived someplace for 2 years, then you are a non resident and not subject to tax,
2014-09-14 13:40:05 · answer #5 · answered by ? 1 · 0⤊ 0⤋
Good for you...make all that money get reach but don't loose your head over it ..and your answer ..no you don't pay tax on transfer of your money ..but you will pay tax on the interest that it would accumulate whilst in Canada..good luck
2006-11-25 22:42:13 · answer #6 · answered by JJ 7 · 0⤊ 1⤋
no u wont because u wasn't working or living in the country and if they do tax you its illegal and its called double taxation as the country u work in suppose to tax you
2006-11-25 22:45:59 · answer #7 · answered by tariq h 2 · 0⤊ 1⤋
Of course you will. How else do you expect the government to get money?
2006-11-25 22:40:00 · answer #8 · answered by zymzyv 3 · 0⤊ 1⤋