In the midst of police brutality to the civilian protesters, you are staring at the TV or computer middle of the night wondering what you should do for the family. News reporters from the screen recited what had happened in the day and at night where thousands of protesters marching peacefully and repeating their demands.
In your deep thought, as a Canadian, would that be better or worse to return to Canada where you grew up, educated and left. Now, you are married with children, live in an apartment under mortgage, work long hours to make ends meet.
You have been in Canada, but not sure what it implies for job prospect, children’s education and more…
Yet, one area that you need to consider, it is your taxes.
There is information from the Canada Revenue Agency tailoring for new immigrants. But you are not. Although most tax issues are similar, but may not be the same. Some of the pointers are:
- Had I have an apartment under mortgage what should I do with apartment? Should I sell it before I return? What if, I want to keep it in case I may want to return or be seconded back to work in Hong Kong?
- Should or shouldn’t I file any tax returns for previous years I have been permanently in Hong Kong?
- How should I file my first year tax return after my family and I move back to Canada? What do I do before I make a move? What if only my family move, but not me?
- Had I still own and run my business, or hold a corporation earning rental income in Hong Kong, should I still report those income?
Each question is specific and each family situation is different. If you need any professional advice, please feel free to contact us at PNC Consulting LLP 604-732-5762 or email at cn@pnccpa.ca
