JOIN OUR FRIENDLY COMMUNITY
Learn from the experiences of other expats and make new friends in our disccussion forums and Facebook groups

READ OUR GUIDE TO MOVING ABROAD
The Expat Focus Guide to Moving Abroad contains everything you need to know when planning an international relocation available now, completely free

COMPARE QUOTES AND SAVE MONEY
Insurance, FX and international movers

LISTEN TO THE EXPAT FOCUS PODCAST
The Expat Focus podcast features interviews with expats living abroad and service providers meeting their needs subscribe today!

EXPERT FINANCIAL ADVICE & SERVICES
From our tax, investment and FX partners

Expat Focus Partners

Become a Partner. Click Here.

Cost of Living/Taxes

Discussion forum for expats moving to or living in Canada.

Reply to topicReply to topic
Forum FAQSearchView unanswered posts
Go to page Previous  1, 2 
  
Re: Cost of Living/Taxes

Post Posted: Thu Feb 09, 2006 11:18 pm

Hi Crystall,

I believe you initiated a Live Relocation Help on this inquiry at:


Relocation-Canada.com


We have sent you the free response from our Tax affiliate/certified accountant as you had requested.

It was sent yesterday, to the email address that you provided us.

Let me know if re-sending it by PM here would be helpful as well.

Regards,

Paul-F


_________________


Toronto Executive Suites - Info: Here

 

Paul-F
Frequent Poster
Frequent Poster
 
 
  
Re: Cost of Living/Taxes

Post Posted: Fri Feb 10, 2006 10:05 pm

Hi Guys,

I would just like to inform you that I called CRA directly as Jim, Peter and Diane advised and got my answers straight from the horse's mouth. And unfortunately, they have the same answer as Peter and Diane, i.e Severance will be taxed as this is considered world income after the landing. This situation made us change our plans. We would rather resign from work prior to landing and not come back to post anymore. I think going back to post for 6 more months may not be worth it given that they will tax 15% for the 1st $36k and 22% for the next $36k and so on..aside from the provincial tax that will be taken out from our supposedly savings which is not taxed in anyway here in the Middle East. We're still in the process of accounting how much will be lost but I guess it will be best to get the severance before our landing so this money will be considered money prior to landing and it will help us greatly in settling in Canada as new immigrants. What do you think guys? I hope this helps other readers who will encounter the same situation. I would also like to thank compasstax.ca for the advices they gave.

 

crystall
Newbie
Newbie
 
 
  
Re: Cost of Living/Taxes

Post Posted: Fri Feb 10, 2006 10:18 pm

Hello crystall,

Thank you very much for the update.

Well, you are right - sometimes the accurate information is not the outcome we want at all.

But at least you are able to adjust your plans now to ensure your ideal circumstances. And ensuring the funds are considered 'money prior to landing' appears to be your most logical and economical approach.

All the best with your plans, and let me know if you require any further relocation support.

Regards,

Paul-F


_________________


Toronto Executive Suites - Info: Here

 

Paul-F
Frequent Poster
Frequent Poster
 
 
Page 2 of 2
Go to page Previous  1, 2






Expat Health Insurance Partners


Cigna Global

Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.