Tax obligations for a permanent resident

[kaizadhans]

I had a question. I landed on 21st April 2017 and left on 27th April 2018. I opened my bank account, got a credit card and applied for sin. I do not intend to come to Canada till March 2020.

In the mean time do I have to pay taxes on interest I recieve from my 500$ savings account that should be about 15$ per year I guess.

Do I need to file a nil tax return? Do I need to do any kind of declaration to Canadian government authorities or just carry on with my life..

 

[APPNOV2014NY]

First of all tell me name of the bank that's giving you 3% yearly interest on 500$

 

[Investocrat]

Haha @ APPNOV2014NY! I was wondering as well. lol

@kaizadhans: If the bank sends you T5 stating the interest earned on your savings, it's better you submit a tax return. I observed that during my first year in Canada and after a measly amounf of interest earned on my savings account, the bank did not even bother to send me a T5 slip, and I as well did not bother to declare anything - basically because I did not know exactly how much the interest was, and it was not significant. I have not had any issue 5 years later.

So, my answer is it depends. Thing is there is no harm submitting a tax return if you want to...you may even get some money back

 

[pie_vancouver]

I think if the interest earned is more than $50, the bank will send a T5.
Do you bother filing taxes for $15 interest? do you have a Canadian address? non-resident for tax purposes? Hassle Yes or no?
As for refund/money back, you will get a refund if you paid more vs the income tax computed on ITR, but if you didn't work/no income/no taxes withheld,
obviously CRA doesn't owe you anything.