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QUESTION:
In October, 2002, I became a Canadian PR and remained in Canada until January, 2004 when I returned to the US to sell my house. I currently own propery in Canada, and have a chequing account as well. During that time frame I made 1 online stock trade with a profit of $1000. That was my only income for that period. Must I file a Canadian return?
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david ingram replies:
No, and yes.
You were a resident of Canada for all of 2003. There is no onus to file a return if you do not owe tax but why not file your return and stop the possibility of the CRA asking for a return five years from now and you have to recreate your financial year. In addition, you say that you made $1,000 which would imply a stock sale in the $10,000 or larger range.
That means that sometime in the future, the computer system for either country will generate a demand to file because it has a gross income of $12,000 or $15,000 and it could all be taxable and they will want a tax return.
You need a Canadian SIN (Social Insurance Number) to file your return. If you do not have one, file the return without it and the CRA will give you a letter telling you to go and get one.
We would be glad to help you with both the Canadian and US returns by fax, courier, email, and snail mail.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Starting this Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
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