You would be taxed for your world income once being resident for tax purpose in Canada. I would rather hire a professional accountant than diy to file the annual tax return to the revenue agency.
But once you declare at airport than accountant cant do any thing, you have to pay for it. Paying tax on world income for new immigrants doesn't make any sense. Does any body hear about tax break for new immigrants for five years?
But once you declare at airport than accountant cant do any thing, you have to pay for it. Paying tax on world income for new immigrants doesn't make any sense. Does any body hear about tax break for new immigrants for five years?
World income is charge on marginal difference b/w taxes, for example you paid tax of 20% in a country where income was earned if you declare that income Canada and including that income (Canadian gross+net from other Country) your tax band in Canada is 30% you will pay 30% on Canadian income and 10% on foreign net income. Look at the options I know people who don't mention their foreign properties but if you have mentioned these items and showed them as source of income during your immigration process then CRA can find out about these items, so you have to come up with some thing if asked.
You will be taxed in Canada on your global income if you are a tax resident in Canada. You might like to go through the double tax treaties between Canada, UAE and Pakistan. This DTT should provide relief from taxes suffered in other countries. It is best to hire a tax consultant since you may like to adjust Pakistani income tax against the Canadian income tax liability, subject to conditions laid down in the Canadian local law.
