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Category: Tax
U.S. income tax rules and their impact on Canadians moving to the United States
Questions and Answers from an interview with Kerry Gray, partner in the Global Employment Solutions Network Group, Ernst Young Canada LLP Q: One of the first questions that I would like to ask you about is the tax implication of moving away from Canada — of changing one’s residency status. A: Under Canadian law, unlike U.S. law, we tax…
Tax Haven Banking
There’s no place to hideOffshore banking isn’t illegal, but keeping it secret from the taxman isJonathan Chevreau – Financial Post 05-May-2002 You could leave a trail for the taxman when you try to access your money in an offshore tax haven, like the Caymans. One of the fantasies overtaxed middle-class Canadians occasionally indulge in is of setting up a…
Professionals Planning to Work Abroad (or coming home) – March 3rd 2016
APEGGA Professional Speaker Series On March 3rd The Expatriate Group did a presentation for APEGGA. The topic was “Canadians planning to work abroad (or come home)”. Living as an Expat Canadian is much more than tax implications. During the presentation we identified the 6 dimensions of Expat Planning: Goals, Tax, Lifestyle, Wills, Currency/Banking and Financial Planning. This presentation gave…
6 must-know tax facts for Canadians earning abroad – Repost
By Mark Gollom, CBC News Posted: Apr 25, 2012 The Canada Revenue Agency defines someone as a “factual resident” for taxation purposes if they maintain “significant residential ties” to Canada. Canadians can travel far and wide, but never quite far enough to avoid paying taxes. Whether you’re working in a bar in Paris, or on a global trek, you may still be on the hook for paying tax on income…
Why Canadian mutual funds can cause U.S. tax headaches – Repost
Why Canadian mutual funds can cause U.S. tax headaches Written by: Max Reed Common Canadian investments can inadvertently cause U.S. tax problems for U.S. citizens in Canada. Let’s take a really common example that we see frequently. Jack is a U.S. citizen in his 50s who married Jill (a Canadian citizen) many years ago. They have both lived in Canada…
How The U.S. May Tax a Canadian Tax Free Savings Account – Repost
How The U.S. May Tax a Canadian Tax Free Savings Account Written by: Terry Ritchie Qualified individuals in Canada can start a Tax Free Savings Account (TFSA) and earn income in a tax-free manner. The TFSA account provides tax benefits for savings where investment income earnings, including capital gains and dividends, are not taxed when withdrawn. However, unlike the…
Non-Resident RRSP Redemption: Withholding Tax Explained
June 08, 2015 by Jeanette Boleantu The Expatriate Group strongly recommends that appropriate tax advice be sought prior to the withdrawal of any RRSP balances. There are two tax consequences that exist for withdrawing registered products before you retire –regardless of your tax residency status. The amount you redeem is taxable income: You have to report the amount you take…