An individual does not have to file Form T1135 for the tax year in which he or she first became resident in Canada.
Does it mean that I don’t need to report and pay tax for the foreign bank saving interest earned and the foreign bond/stock interest/dividend for the tax year 2023? I came to Canada in 2023.
Thank you!
You still have to report all income and expenses on world wide income during the resident period. They just give you a grace year of not having to file the T1135 the year you arrive.
You’ll have to declare and pay tax on your world-wide income after you became a Canadian resident (I assume that was in 2023). You’ll also have to declare your 2023 income while a non-resident on Schedule A so CRA can determine things such as entitlement to GST credits, Trillium Benefit (in Ontario), and other programs that are income-based.