NOTE: TaxConnections often receives questions from taxpayers living around the world. This question came in recently and we ask our members how they would answer their three questions.
TaxConnections Members – Please go to the Ask Tax Questions Section and Answer the question there. If you are currently a member just Login to your Tax Professional Member Account. Once you answer their questions, it will be sent directly to them by email. You will be connected as they are searching for a Tax Advisor to to help them as well. TaxConnections also promotes you our our Home Page every time you answer a tax question from one of our site visitors.
My spouse and I are Canadian citizens and are currently visiting China. Although we are not residents of China, we are planning to stay here for a minimum of 3 to 4 years before returning to Canada. During these years living outside Canada, we are planning to file our income tax as a non-resident. We don’t have any significant residential ties to Canada (i.e. we don’t own a home or vehicle in Canada, nor do we have any dependents living in Canada.) For secondary residential ties, the only tie that we currently have is a bank account with RBC, TD and money is sitting in Meridian Credit Union high interest saving accounts. We are still using our Canadian Credit Cards while visiting China.
1) Will these make us ineligible to apply for non-resident tax status? I am also wondering if any income received from a) A Futures/Commodities Trading Account with a US Broker where the only product we actively trade is Emini Futures; and b) I am also actively working remotely as an Independent Contractor for a US proprietary trading firm to trade Emini Futures while visiting China. If I generate over $100,000 of income annually from these trading activities,
2) Do I have to pay taxes as a non-resident? If I still have to pay taxes for such incomes, what is the percentage I’ve to pay?
3) Also, will there be any problem with these incomes wiring to my Canadian bank accounts occasionally if I’m qualified to apply for non-resident tax?
Thank you very much for your time to help me with this matter which I’m greatly appreciated your answers to my three questions. If you don’t mind, might I ask how much you charge to use your service per a person each year? And how are we going to proceed while we are staying in China?