Questions and Answers of Canadian Immigrants on Taxation

According to the principle of separation of powers stipulated in the Canadian Constitution, provinces have legislative power over property law and contract law, and the Federation has legislative power over competition law and foreign investment law. The following is a compilation of questions and answers from Canadian immigrants about taxation. Welcome to read!

1. Questions and Answers of Canadian Immigrants on Taxation

1. The assets declared at the time of immigration are different from those declared at the time of tax return. Is it ok? There is a big gap between the assets declared to the immigration bureau when applying for immigration and those declared to the tax bureau after landing. Because:

A, there are a few years in between, and it is normal for assets to change;

B, the tax bureau and the immigration bureau generally perform their respective duties. As long as the assets declared to the tax bureau at that time are true, the tax bureau will not pursue them even if they are more than when applying for immigration. But generally speaking, the assets declared at the time of immigration are also declared when the overseas assets are declared to the tax bureau.

2. How to declare self-occupation?

Houses used for living by oneself or parents, relatives and friends do not need to be declared on the T 1 135 form. But not declaring does not mean that you don't have to pay taxes. According to the regulations of the Canadian Taxation Bureau, only one set of husband-and-wife owned houses in the world can be exempted from VAT. This house is called your "main house". So if you own other properties besides this main house, when you sell those properties in the future, half of the value-added part will be counted into the income of the current year for tax purposes. If you don't pay taxes, when the money for selling the house is transferred, the tax bureau finds that you have evaded taxes, and you will face fines and interest.

3. How to determine the cost of assets?

For new immigrants, the cost of assets is the market value on the day of long-term landing. Real estate, shares of unlisted companies, etc. It should be evaluated by a third-party evaluation company. It is beneficial to evaluate the market value at the time of landing, but it cannot exceed a reasonable range, because the higher the evaluation value, the smaller the future value-added part of assets, and the less value-added tax to be paid, but it is within a reasonable range. It is meaningless to fabricate a nonexistent asset, because when the tax bureau asks about the source of that asset, if there is no way to provide it, it will become fiction.

4. About parents' gifts

If your parents are not tax residents in Canada, there will be no tax consequences if they give you assets in their names or leave you as an inheritance. However, giving your parents a large sum of money before or just after landing, and then they will transfer the money to you as a gift when you need it, may be questioned by the tax bureau, because you are still the actual beneficiary of this asset, and your parents actually just "hold" the asset for you. According to the principle of "fact is more important than form", you still need to pay tax on the income from this asset in Canada.

5. About the transfer of future undeclared assets.

There is no inheritance tax in Canada, but when everyone dies, the tax bureau will dispose of all assets under the taxpayer's name according to the market value of the day before his death. After the value-added part is paid off, all the remaining assets can be transferred to the heir.

2. The real life of Canadian immigrants

The environmental sanitation of medium-sized cities in Canada is very good. Because Canada has strict regulations on pollution discharge and environmental protection, there is no such thing as smog. When it doesn't rain or snow, the visibility of tens of kilometers is normal. For the most practical example, squirrels, rabbits and raccoons can often be seen near the community. If you often go to the park, you will see all kinds of animals everywhere by the lake, such as deer, foxes, ducks and geese.

In Winnipeg, if you don't have your own car, you can just do it. Most places can go by bus, which takes about 15 minutes. But in smaller cities, it is almost impossible to move without a car. There has never been such a thing as a bus grabbing a seat.

Actually, driving is no trouble. It is very easy to get a driver's license in Canada. Many provinces, including Manetho, can directly use China driver's license to pass the written test and then change to local driver's license. The written test mainly tests the rules, which is very simple. Just look at your back one night in advance. The road test is also very easy, there is no technical content, as long as you don't violate traffic regulations, you can drive. The rules for driving here are actually very simple, that is, the word "right of way". Turn to go straight and the auxiliary road to the main road. Even such a simple rule is not monitored, but no one does not follow the rules, and everyone basically gives way politely.

Cars are generally very cheap. New cars of the same model are about half cheaper than those in China. Current oil price 1.02 yuan, equivalent to RMB 5.5 yuan. There is no mandatory scrapping regulation, so you can play with classic cars, and there is no such strict restriction on personality modification in China. As long as it is not out of line and does not affect others, it can basically be customized at will, and the playability is still very high.

Eating and drinking used to be a serious injury. Now, with more and more people in China, eating hometown food is no longer an extravagant hope. Winnipeg's Chinese food is not as good as Toronto and Vancouver, but it is also a sparrow, though small and complete. You can eat milk tea, duck neck, hot pot, meat pie, and noodles with dregs. Although it is not as delicious as my mother's cooking at home, it is delicious.

China's supermarkets are full of beautiful things and everything. Local specialties such as sauerkraut, snail powder and stinky tofu can be easily bought. However, tobacco and alcohol are very expensive. The Canadian government imposes heavy taxes on tobacco and alcohol, with a pack of cigarettes 16 yuan and a beer 4 yuan of 330ml.

The average house price in Winnipeg is also relatively low. The average price of a two-story independent villa is 330,000 Canadian dollars (about 6.5438+0.7 million RMB), while the average price of a two-bedroom villa is only 250,000 Canadian dollars (6.5438+0.3 million RMB). The average rent in Winnipeg is 970 Canadian dollars per month. Moreover, the mortgage interest rate in Canada is also relatively low, and major banks have different degrees of preferential policies for new immigrants.

3. How do Canadian immigrants choose their place of residence?

Small towns in Canada are clean and quiet, with wide roads and beautiful courtyards, few cars and people, small places and complete facilities. The environment is more beautiful and the air is cleaner. Open the window to see snow-capped mountains, forests, beaches, parks and lakes. When cooking in the kitchen, you can also see the distant ships passing slowly, which feels very comfortable and leisurely. In terms of historical and cultural landscape, Canada is naturally inferior to Western Europe, but in terms of natural scenery, Canada is better than Western Europe. If in many developing countries, residents in big cities give priority to social resources, especially education and medical resources. Therefore, in Canada, whether living in a big city or a small town, people enjoy basically the same distribution of social resources. Whether it is schools, hospitals, commercial outlets or living facilities, there is little difference between small towns and big cities, and medical care, education and job opportunities are equal.

Small cities also have good medical conditions, because the medical security system covers every citizen and resident population. Universities, middle schools and primary schools are all invested by the province, and educational resources are evenly distributed throughout the country and will not be excessively concentrated in big cities. Of course, there are differences between big cities and small towns. There are many job opportunities in big cities, especially in some high-end fields, such as high-tech industry, finance industry and commerce industry. However, big cities have dense population, busy traffic, high consumption level, high housing prices and greater pressure. The housing price in small towns is cheap, and the housing burden is very low, which is basically only 1/2 to 1/3 of the housing price in big cities. Moreover, many high-income enterprises in Canada are in small cities, and residents' income is even higher than that in big cities, but Chinese food is not as rich as that in big cities, and the price is relatively expensive. In terms of human environment, the smaller the place, the more enthusiastic, generous and friendly the residents are.

In addition to the federal government's immigration plan, some remote provinces and agricultural provinces have also found another way to attract talents and directly promote their "hukou" overseas through the "provincial nomination immigration plan". As a result, the current projects and methods of immigration to Canada are dazzling, but the general principle is that the policies in remote areas are more favorable. So, if you like a quiet life, a small town in Canada is a paradise-quiet and beautiful, cheap, safe and comfortable, quiet and peaceful. In fact, big cities and small towns have their own characteristics, and it is not possible to generalize "good" or "bad", but to decide according to personal circumstances.