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Tax Help (Canada/Thailand)

Discussion in 'Business & Tax Advice' started by muaythaiguy, Apr 22, 2012.

  1. muaythaiguy

    muaythaiguy Registered Member

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    Alright, so here's my situation.
    I'm a Canadian citizen and still currently considered to be a Canadian resident.
    This year I am on pace to make about 80,000 dollars.
    However, I am not living in Canada .. I'm living in Thailand.
    It's to my understanding that all Canadian RESIDENTS are obligated to pay income tax on worldwide income sources (rather than citizens like in the USA).
    What would you guys suggest?
     
  2. dowser

    dowser Power Member

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    Check with the Canadian Embassy :D
     
  3. shaddelick

    shaddelick Regular Member

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    I think it also depends on how you made that money... The minute you let your Gov know you have an income stream, they will have there eye fixed on you and that source. You should get professional tax advice
     
  4. kshatriya

    kshatriya Regular Member

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    Don't take my advice! Get a tax professional!

    OK, now that's out of the way. The best option would be obviously classed as a non-resident. That included no property in your/your spouse's name(you can have it if you don't live in it and you rent it to out to people that are not your family) , no drivers license, no bank accounts(if you need it then tell the bank you're a non-resident) . There's a whole list of stuff but those are some of the most important.

    Now if you want to be classed as a non-resident then try to get thai residency or a passport kf possible.

    Now obviously being classed as a non-resident is the best way. If that's not possible then you will need to try to minimize your tax burden.

    Check if there is a tax treaty between Canada and Thailand so that you can't get taxed twice. Secondly, does the money hit the Canadian bank account at any point? If so, then try to get that changed ASAP. Later you can state that you made a lot less than that if it never touches Canadian bank accounts.

    Don't take my advice!