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CANADIAN IN KOREA, Non-resident?

Asked in Personal Taxation for Canada

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Hi all, I have 2 questions and I'll try to keep it short.

My story: I left Canada in July of 2006 and have lived/studied/worked in South Korea ever since. I have not stayed in Canada for more than 90 days more than once, and usually just 1 to 2 week trips home for Christmas each year.

My Ties: I have a savings account with very minimal funds in it. My father took out a life insurance policy for me when I was a child, however, to this day I have never made a contribution to it. Passport, period! (No property, no furniture, no club affiliations, no health care, no license, no investments, etc.)

1. Will I be deemed a non-resident in the eyes of the gov't? (Korea and Canada have a tax treaty as well)

2. If I begin to send money home and make investments in stocks or mutual funds, could this potentially change my taxation status?

Thanks in advance.
 
Canada Investment Tax Health care Insurance
 
Posted by leafs4life on May 13, 2014 at 08:34
 

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IF I understand well and if your story AND ties don't change over the next years: you are now considered resident of Korea for tax purposes, along with paying and declaring all of your worldwide income in Korea.

1. You are non-resident in Canada, but resident in Korea.

2. No change of status through investment. Dividends shall be declared (& taxed) in Korea @ 15%. Interests shall be declared (& taxed) in Korea @ 10%. Capital Gains Tax: declared & paid in Korea (at the rate in force that year).
 
Posted by prominee.com on May 14, 2014 at 01:01
 

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leafs4life - @prominee

Ties will not change anytime soon.
what you have told me seems confirm what I have been able to ascertain through searching online.
basically, I just feel more comfortable investing in Canada as I intend to wind up there at some point in the future and although my Korean language is quite good, I'm still not entirely comfortable investing large sums of money when I'm not 100% sure of what's going on. Commented on May 14, 2014 at 05:48
leafs4life - Thanks for you comment. You seem to have confirmed what I have found through searching online. Commented on May 14, 2014 at 05:49
prominee.com - Thank you for your comments :).
There is a question missing though, I think ;)...
There is a couple of countries/schemes you can consider in order to:
* not pay tax in Korea while investing from there ;
* not pay tax in Canada when you go back there (and draw/sell your investments tax-free).
If you are interested, please confirm the following:
A* Do you have any income coming from outside of Korea?
B* What will be your yearly investment amount?
C* What would be your TOP 3 investments? (you said "send money home", is this property? "stocks" is one, and "mutual funds" is another one). Commented on May 14, 2014 at 19:51
prominee.com - If this is too private to answer publicly, kindly open a ticket from our website. Commented on May 14, 2014 at 19:53
leafs4life - Interesting:
I have 0 income from outside Korea. Commented on May 14, 2014 at 23:58
leafs4life - B: I'm thinking about starting around the 10k range
C. Stocks, Mutual Funds, Bonds Commented on May 14, 2014 at 23:59
leafs4life - how do I open a ticket? Commented on May 15, 2014 at 00:00
prominee.com - prominee.com > Contact Us > Open a ticket > Submit a ticket. Commented on May 15, 2014 at 01:38
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AFFORDABLE LOAN OFFER

Are you financially down? Do you need a loan to start up business of pay off bills? we offer all kinds of financial assistance to every individuals "Business loan and personal loan, for investment, debt consolidation and house purchase etc." we will be willing to offer you the loan. Offer is affordable at an interest rate of 2%;this Funding program allows our client to enjoy low interest payback for as low as 2% per annul for a period of 2 months - 50 years. We can approve a loan/funding for a minimum of 5,000.00 up to 20,000,000.00 depending on the nature of business. but before we can proceed with the loan,if interested contact us now : { jonesloanfinance@yahoo.com}
 
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