Do fellow Canadian teachers report their Thai income to Revenue Canada?
Does anyone pay into Canada Pension plan while over here? I am thinking it would be a good idea to keep that active.
I've always done both marcus.
A good idea.
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You can register yourself as a non resident.
Canada has a tax treaty with Thailand, therefore any income that you receive can be declared on your tax form, and all the tax that you pay in Thailand will be honoured. I don't know about CPP, but any earned income should allow for an RSP contribution. In my mind, the tax free savings accounts are a fantastic deal. I do not even put money in my RSP anymore; it all goes to my tax free savings account. You can put stocks, bonds, gics etc. and the money grows tax free, and you can take it out without paying any tax!
As for being a non-resident for tax purposes, I left Canada, informed my broker that I was a non-resident, and that was it. The courts have decided that it is where you live and spend your daily life that defines your country of residence. I returned to Canada in 2009, and told Canada Revenue Agency when I became a non-resident. It was accepted without question, and I have never had a problem with it. It is implied that if you own property in Canada that you cannot be a non-resident. I do not believe this is true, because again, it is where you live. You have to weigh your options as to whether it is better to be a resident for tax purposes or a non-resident for tax purposes. Simply, choose what is best for you financially.