First year HK Canadian Tax



ORIGINAL POST
Posted by Aoibie 8 yrs ago
Hi all,

Hoping to get some advice from y'all.

First of all, I didn't apply for non-residency, meaning I'm still a resident status in Canada.

I'm about to do my Canadian taxes, and I realized there are some concerns that I didn't really think through when my company accountant explained to me.

The accountant said that due to when I start, etc. I won't be needing to pay taxes for my first year in HK and will be paying double for my second year (the notorious double whammy).

I didn't give much thought and only took note that I better have a lump sum ready when it happens. but now that I'm filling out my Canadian taxes, I realized I cannot just write a zero just because I didn't have to pay my Hk taxes this year. If I don't pay this year and pay the two years next year, doesn't that mean that I will have to pay double for my Canadian one too? Because my salary range has now gone up (due to the accumulation of two years of taxes in HK) ? I don't fancy needing to pay double HK (which is inevitable) ontop of my Canadian ones. What would be the proper way to go about this? (Honestly, not too concern of the HK one, more concern about how to fill the Canadian one to incur the least amount of taxes next year around)

Anyone with advice or similar situation happened to them?

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