Should I file taxes for 2018 if I haven't lived in Canada yet?

[fmartins2003]

Hi! I became PR in August 2018. However, our immigration process happened faster than we expected. we were not ready to move (from the US) until early 2019. So, for the rest of 2018, my home address and employer were both in the US. I did spend some 15 days in Canada to look for a home. Should I file taxes in Canada for FY2018, or not yet? (i want to be sure that I stay compliant regarding taxes, but also that I don't hurt my naturalization prospects down the road). Thank you!

 

[canuck78]

No need.

 

[Zgoodwin]

Hi! I became PR in August 2018. However, our immigration process happened faster than we expected. we were not ready to move (from the US) until early 2019. So, for the rest of 2018, my home address and employer were both in the US. I did spend some 15 days in Canada to look for a home. Should I file taxes in Canada for FY2018, or not yet? (i want to be sure that I stay compliant regarding taxes, but also that I don't hurt my naturalization prospects down the road). Thank you!

Hey We have a similar situation, landed in feb 2018 stayed for few days but had to come back to finish job contract. But we opened a bank account and invested our savings that we took with us. Do we need to file taxes?

 

[Copingwithlife]

Hey We have a similar situation, landed in feb 2018 stayed for few days but had to come back to finish job contract. But we opened a bank account and invested our savings that we took with us. Do we need to file taxes?

Did the savings you invest earn interest ? Interest is taxable, regardless whether you received a T5 slip or not. If you received a T5 slip, you report that in the applicable box, if not, you report it for interest not declared on a T5 slip. Even if you earned 1 cent, it MUST be declared to the Federal Government. I believe if the interest earned is over 50.00 you will receive a T5 slip for that account, if it less, you dont, but you still must declare it.

https://www.canada.ca/en/revenue-ag...ine-121-interest-other-investment-income.html

And just keep in mind, this sounds like it is your first return, you have to file on paper, send it into your assigned tax centre, moving forward after that, once you are in the system, you can file electronically

 

[Copingwithlife]

One other note , filing taxes kills 2 birds with one stone .
#1- of course paying taxes that funds programs
#2-lets the Government know if you are eligible for certain Federal ,Provincial or Territorial Tax Credits
If one doesn’t file their taxes , even if they have zero income , they could be missing out credits otherwise available to them, dependant upon their situation

 

[Zgoodwin]

One other note , filing taxes kills 2 birds with one stone .
#1- of course paying taxes that funds programs
#2-lets the Government know if you are eligible for certain Federal ,Provincial or Territorial Tax Credits
If one doesn’t file their taxes , even if they have zero income , they could be missing out credits otherwise available to them, dependant upon their situation

Thank you very much for your advice

 

[Zgoodwin]

Did the savings you invest earn interest ? Interest is taxable, regardless whether you received a T5 slip or not. If you received a T5 slip, you report that in the applicable box, if not, you report it for interest not declared on a T5 slip. Even if you earned 1 cent, it MUST be declared to the Federal Government. I believe if the interest earned is over 50.00 you will receive a T5 slip for that account, if it less, you dont, but you still must declare it.

https://www.canada.ca/en/revenue-ag...ine-121-interest-other-investment-income.html

And just keep in mind, this sounds like it is your first return, you have to file on paper, send it into your assigned tax centre, moving forward after that, once you are in the system, you can file electronically

Sorry this might sound naive and since it is our first tax returns and we are currently not living in Canada how can we do it on paper? We also didn’t get any T5 slip.