Emigration and Immigration.

Coming or leaving from Canada, are you aware of your tax obligations?

• Immigrating to Canada

There can be significant income tax implications of immigrating to Canada.

Below are some points to consider:

✓ Tax Treaties

✓ Foreign Property reporting

✓ Residency in Canada

✓ Non-Resident

Statements of income earned or paid abroad

• Immigration Trusts

Immigrants entering Canada with investments should seek out professional advice as the cost of the property may differ for tax purposes. This can result in a significant tax savings or liability.

Thorough tax planning should be considered when deciding to move to Canada.

• Emigrating from Canada

When determining your tax status, analysis of your economic and social ties within Canada should be considered. These circumstances can vary and can be complicated.

A passive determination of residency can lead to a significant tax obligation enforceable by the Canadian government.

• Working Abroad

Canada has a comprehensive network of tax treaties with other nations around the world. Many of these treaties allow for certain types of income to be taxed in the country of origin. This can result in a resident of Canada being required to file a foreign tax return.

If you are carrying on business outside of Canada (individually or through a corporation), or your employment requires you to work abroad, we strongly advise examining the potential cross-border tax impact.

Waterdown Bookkeeping and Accounting are experienced in such matters and we are happy to help you.

For more information contact us now!