After immigrating to Canada, should the income from assets in China be declared and taxed in Canada?

1. Canadian nationality and green card holders are divided into two categories by the tax bureau, one is tax residents and the other is non-tax residents.

2. Tax residents are all tax residents who have lived in Canada for more than 6 months every year. For tax residents, overseas income is required to be declared, but tax may not be paid. According to income and expenditure, tax is paid according to the tax standards of China and Canada.

For example, if the tax rate is 1% in China and 15% in Canada, then 1% has been paid, and you have to pay 5% in Canada. Taxable assets are limited to cash, and real estate is not taxed.

3. Non-tax residents are people who have lived in Canada for less than six months every year, and their overseas income is not required to be taxed by the Canadian government. Non-tax residents need to apply with the government in advance. Once they apply for non-tax residents, some benefits in Canada will be cancelled or reduced.

Extended information:

Individual income tax has three different tax rates according to different tax items:

Comprehensive income (income from wages, salaries, remuneration for labor services, income from royalties) is subject to 7 levels of excessive progressive tax rates, and tax is calculated based on monthly taxable income. The tax rate is graded according to the taxable income of individual's monthly salary and salary, with the highest level being 45%, the lowest level being 3%, and the ***7 level.

five levels of excess progressive tax rate are applicable to business income. The income from production and operation of individual industrial and commercial households and the annual taxable income from contracted operation and leased operation of enterprises and institutions are divided into grades, the lowest level is 5%, the highest level is 35%, and the * * * level is 5.

proportional tax rate. Personal income tax is levied on individual income from interest, dividends, bonuses, property leasing, property transfer, accidental income and other income, and the proportional tax rate of 2% is applicable.

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