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sho78

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Hi, I want to inquire that if we keep money in canada which we earned outside Canada is there any tax on it...
 
This depends ...

1) If you have income abroad while you reside in Canada, you have to declare it in Canada and will have to pay taxes in Canada.

2) If you have income in another country while you are residing in this country, the local tax-law applies and you will usually have to pay taxes in this country. If you bring this (already taxed money) to canada, you will not have to pay additional taxes in Canada on these funds.

3) If you have income in one year in which you live in several countries (a few months in A, and a few months in CDN), you will usualy have to declare the income in both countries. In most cases, you still will have to pay taxes only once, because there are many tax-agreements between countries to cover these cases.

Your original post did not clarify your situation, so these are your basic scenarios.
 
Thanks for the reply I live in saudia which is a tax free zone I want to move my money to Canada on landing so by keeping it in Canada would there be any tax on it.
 
I have earned my money in saudia .
 
Usually when you have earned money in another country, it is not "taxable income" anymore in another country.

However, special rules apply in the year you move, because you will be taxable in both countries. If you have income in this year, you might not have to pay taxes in Saudi Arabia, but in Canada. And canadian tax-law applies to you when you move there. You should check with a tax consultant when making your first income-tax-declaration in CDN.
 
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