I am writing to seek clarification on certain aspects of Canadian immigration regulations concerning remote work and trading activities.
I initially came to Canada as an international student and transitioned to a Post-Graduation Work Permit upon completing my studies. During this time, I began working at a pizza store and progressed to the role of Food Service Supervisor. I am currently employed under a closed work permit and continue to serve in this capacity.
As I plan for my long-term future in Canada, including potentially purchasing a home, I am exploring passive income opportunities. Based on information available online and guidance from the CIC Social Media Team, I understand that I am permitted to use my capital for trading and investment activities, such as Forex, stocks, commodities, or indices. However, I would like to confirm the legality and implications of engaging in trading through proprietary trading firms based outside Canada.
Specifically, I seek guidance on the following points:
Are there any legal restrictions or immigration implications related to working remotely with foreign proprietary trading firms while residing in Canada?
If income from such activities is deposited into my Canadian bank account, could it impact my current immigration status or eligibility for future applications?
Does the classification of this activity (e.g., subcontractor or independent contractor) have any implications for my current or future immigration status?
I am committed to ensuring full compliance with Canadian immigration laws and regulations while pursuing this opportunity. Your insights and guidance on this matter would be greatly appreciated.
Thank you for your time and assistance. I look forward to your response.
It might also be a good time to explore the tax implications of working remotely for an international company as a Canadian resident. The Settlement.Org article, Do I have to file a tax return? links to a few guides that would help you determine if you are a resident for tax purposes, which is not the same as residency for immigration purposes. You have to file a return if you are a resident of Canada for tax purposes and you owe tax or want to receive a refund.
For advice about taxes, it is best to contact the Canada Revenue Agency directly. You can reach them at 1-800-387-1193 (Canada and the U.S.).
We hope this information is helpful, and wish you all the best in this process. Please follow up with us if you have any further questions.