dimoreien dimoreien:
I was just wondering if any of you who live abroad still do Canadian taxes?? I've received my 2005 tax forms, and it says in them that you have to include all earnings even if you're overseas...and upon phoning Inland Revenue here in the UK to find what forms I'd need to enclose for such a purpose, they had no idea as people here don't fill out tax forms unless they want to get money back from the govt. It's not a 'requirement'.
Anyway, the only form of income I can show so far is the interest I've made off my investments in Canada last year, and even though I'm working full time here in Scotland, I don't know if I have to show that, or if it's even neccessary to.
What are your thoughts??
Well, when I worked in Japan, I had to show to account for my earnings there. The bonus is that you also account for your taxes paid to the coutnry you are in. That means you only pay taxes if your tax paid in Scotland are less than you would have paid had you earned your income in Canada. And even then, you only pay the difference.
Example: You earn the equivalent of $50,000 CDN. In Canada you would pay 25% tax (it's a guess for the sake of this example), or $12,500. Maybe you paid about $12,000 CDN to Scottish/British tax authorities. You then only have to pay an extra $500.
To get the exact tables and such, I'd recommend a call to the Canadian Embassy in London or send you info home and get an accoutant there to do your taxes for you.
I know it sucks, but that's one reason why a lot of celebs dump Canadian citizenship and adopt US/UK citizenship.