Clarification Request on Remote Work and Trading Activities

[Mjain]

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.

[SettlementOrgMod]

Hi there,

Thank you for sharing your question and situation with us.

It might be a good idea to consult a reputable and registered immigration consultant or immigration lawyer who can give you advice about meeting your work permit conditions and planning for future applications while considering this remote work opportunity. StepstoJustice.ca has a comprehensive list of community services for getting help in immigration law. Additionally, you can contact IRCC directly using their web form to make a case-specific inquiry.

The Settlement.Org article, Can I work remotely in Canada for a company outside of Canada? might offer some insight related to your question. Here is an excerpt:

Calculating Canadian Work Hours for Permanent Residence (PR) Requirements
If you work for a Canadian company that offers services within Canada, that counts towards your PR requirements. Remote work for a company outside Canada is considered foreign work and wouldn’t count toward the Express Entry application. Also, if you applied for a Provincial Nominee Program (PNP), you must work in the same province as the PNP application. Keep this in mind when considering remote employment opportunities.

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.

Sincerely,

Your Settlement.Org Team