How do I declare my overseas income?

faketales

Registered User
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288
I am an Irish citizen who lived in Canada for approx. 10 year and returned to Ireland in 2017. However to date I have left my savings and investments in Canada. I now want to bring my money back to Ireland to simplify things and buy a house.

I'm trying to understand what tax may be owed and how I declare for each type of income

Interest in Current Account
Small money, <$50 since 2017. Do I need to declare? Would I pay DIRT or Income Tax?

Interest in Canadian Tax Free Saving Account (TFSA)
About $3k since 2017. Canadian government doesn't want any tax on this but I presume the Irish government will. Again is it DIRT or Income Tax?

Profit from TFSA Mutual Fund Investment
I made some investments in 2015 and 2017 (before leaving Canada). I sold this year with $3k profit. Again no Canadian tax due but I'm sure I owe Irish tax on profit? Is it Exit Tax at 41%?

Profit from Retirement Saving Scheme (RRSP).
This is basically a private pension. I got full tax relief putting funds in in 2015.
I sold this year with $2k profit and the Canadian government withheld 25% as I expected. Can I offset this 25% against tax due in Ireland? Will it be Exit tax at 41%?

I asked about this previously but have now sold my mutual funds which was the first step. I don't expect anyone here to be an expert in Canadian tax but and advise would be appreciated. I'm trying to understand how much tax is due. Am I likely to be fined for only dealing with this now?

I'm calculating I may owe about $3k.
 
You need a good tax advisor who will tailor your claims and give good advice.
 
You need a good tax advisor who will tailor your claims and give good advice.

I looked into this a few years ago and got a quote for a few thousand. It's just not really viable to pay that much. My situation can't be that unusual.

What if the interest was earned in the UK or Northern Ireland?
 
Regarding your first two queries about savings interest, assuming Revenue want payment it would be income tax as DIRT is due on Irish accounts only. That's the easy bit. For the rest, not a popular option but you could actually ask Revenue. The answer may depend on who you get but at least it won't cost you a few thousand.
 

Thank you. If I can square that off it would be a good start. And I'll push revenue for as much assistance as possible. If I do need advice it would be best if I can reduce the number of questions.