Who Pays Tax in Canada, and on What Income? - TaxTips.ca

    - T4055 Newcomers to Canada

Non-Residents and Deemed Residents

A person who is not a resident of Canada for any part of the year, and visits Canada for less than 183 days in a year, will pay Canadian income tax only on income earned from Canadian sources.

A person who is not a resident of Canada for any part of the year, but who visits Canada for a total of 183 days or more...

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Date: 2018-03-28 22:21:41
Website: https://www.taxtips.ca

Giving up Canadian residence - Tax planning guide GTC


Giving up Canadian residence

In general, if you cease to be a resident of Canada, you'll be deemed to have disposed of and reacquired your capital property at its FMV on that date. You'll be subject to tax on any taxable capital gain resulting from this deemed disposition.

These deemed disposition rules apply to all capital property unless specifically excluded. Such excluded property...

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Website: http://www.taxplanningguide.ca

Selling Your Home? What The New Tax Rules Mean For You ...

Ready to file your tax return? If you're a homeowner, make sure you understand the new rules about reporting the sale of your home.

From determining potential deductions to figuring out how much we should put in our registered retirement savings plans (RRSP) or tax-free savings accounts (TFSA) , tax season already brings up more than its fair share of thorny questions. And recent changes to tax...

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Website: sunlife.ca

New Changes to Capital Gains Tax Rules | Shupilov.com

New Changes to Capital Gains Tax Rules

Reading Time: 4 minutes, 26 seconds

A series of new tax rules implemented across Canada in the last quarter of 2016 will have implications on homeowners and their approach to capital gains strategies. Families with more than one property should take the time to read and understand the new requirements, as a means of minimize the amount of tax owed to the CRA...

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Website: https://www.shupilov.com

Dealing with Non-Resident Beneficiaries - Business Lawyers

By: Wesley Brown

"Globalization" of the Beneficiaries

I first started practicing law in 1980. My recollection is that was an era when it was unusual for there to be non-resident beneficiaries of an estate. Times have changed, and it seems that non-resident beneficiaries are now more the rule than the exception.

Under the federal Income Tax Act, non-resident beneficiaries are treated fundamentally...

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Website: http://www.businesslawyers.com

How capital gains tax strategies change under the new tax ...


For most Canadians, the new requirement to report the sale of a principal residence will be nothing more than a compliance exercise--but one shadowed by the threat of unrestricted audits and sizeable penalties. To help you negotiate through the new reporting rules, please see the 8 questions you have about principal residence tax rules . But for families with more than one property as well...

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Website: http://www.moneysense.ca

What are the income tax rates in canada - Answers.com

The federal income tax rates for Canada are as follows:

15% on the portion from [$0 - $42,707]

22% on the portion from [$42,707 - $85,414]

26% on the portion from [$85,414 - $132,406]

29% on the portion [$132,406 +]

The provincial rates differ in each province. See the related link from Canada Revenue Agency for more information.

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What is the highest income tax rate in...

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Website: http://qa.answers.com

Becoming a Non-Resident of Canada - Madan CA

Home Non-Resident & International Tax Becoming a Non-Resident of Canada

Becoming a Non-Resident of Canada

Allan Madan, CA


Are you considering leaving to work, live or retire abroad? Read further to learn about�how you can become a non-resident of Canada. This article also explores the pros and cons of completing Form NR73 �and the�10 major tax implications of becoming a...

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Website: http://madanca.com

Buying Property in Canada - The Canadian Real Estate ...

Please note that the comments contained on this page are for information purposes only and do not constitute legal advice.

Buying Property in Canada

The bottom line is that buying real estate in Canada is very easy.

From a residency point of view, if you plan to stay in Canada for 6 months or less each year, the government considers you a non-resident, which means that you can still open a bank...

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Date: 2017-06-22 21:35:05
Website: http://www.assignmentscanada.ca

Transferring Property Among Family Members - A Potential ...

My name is Mark Goodfield. Welcome to The Blunt Bean Counter [TM], a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with a National Accounting Firm in Toronto. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. The views and opinions...

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Date: 2018-04-05 13:01:07
Website: http://www.thebluntbeancounter.com

Related topics : capital gains tax exemption for joint property / investment property capital gains tax exemptions / capital gains tax canada rental property / capital gains tax canada property / capital gains tax on rental property

Cyprus Company Incorporation | €950 - Company Set Up

Tax Incentives

Cyprus has a significantly upgraded image as a jurisdiction since its EU Accession on 1 May 2004.

With the enactment of its New Tax Legislation on 1 January 2003 (including 3 amending laws, the last one in November 2004) and the abolition of the "offshore regime", Cyprus has put a simplified, effective and transparent tax system in place that is fully EU, OECD, FATF and FSF...

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Website: http://www.fbscyprus.com

Canadian Snowbirds and U.S. Tax - Joseph C. Grasmick


Many Canadians have found that the best way to deal with the harsh Canadian winter is to not deal with it at all. Instead they fly to sunny Florida, or other locations in the southern United States, for several months out of the year. Although the weather can be enticing, Uncle Sams tax collector, the Internal Revenue Service, may have a few unpleasant surprises for the unwary. ...

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Date: 2010-05-13 13:56:44
Website: http://www.grasmick.com

Payments That Are Subject to Withholding Tax - IRAS

Nature of Payments That Are Subject to Withholding Tax

The following types of payments attract withholding tax when paid to non-resident companies:

Interest, commission, fee in connection with any loan or indebtedness ;�

Royalty or other payments for the use of or the right to use any movable property;�

Payments for the use of or the right to use scientific, technical, industrial or...

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Website: https://www.iras.gov.sg

Tax Deductions On Rental Property Income In Canada ...

When it comes to tax write offs for landlords, expenses that can be claimed are generally broken up into two categories: current expenses & capital expenses.

A current expense is something that usually reoccurs periodically.� For example, general maintenance such as re-staining a deck every few years would be a current expense.

A capital expense is basically a lasting improvement to the...

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Website: https://youngandthrifty.ca

Related topics : capital gains tax canada rental property / capital gains tax on rental property / tax credits deductions from income / capital gains tax canada property / capital gains tax canada real estate non resident

CPABC - Tax Tips 2014 - bccpa.ca

Employment Income, Deductions, and Credits

Reducing Payroll Deductions

If you are making RRSP contributions, you might be able to reduce the income tax deducted from your pay cheque. Ask your employer to make the contribution(s) to your RRSP directly and deduct the payments from your salary. The employer calculates the required income tax withholdings based on the portion of your salary remaining...

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Website: https://www.bccpa.ca

The Blunt Bean Counter: Probate Fee Planning- Income Tax ...

Planning to reduce or eliminate probate taxes requires one to navigate a minefield of income tax rules,�joint tenancy and right of survivorship issues and legal precedents. Questions of legal versus beneficial ownership of property and evidence of intention often come into play. The scary thing is, that�this type of planning is often done by the uninformed.

When I started writing this blog...

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Date: 2018-04-05 22:08:00
Website: http://www.thebluntbeancounter.com

Related topics : canada income tax capital gains / capital gains tax income / canada income tax act / income tax act summary / tax income act

Canadian Income Taxes - Tax Tips - Taxes Canada

Don't miss out on the following tax saving ideas:

Office in the home

Salaries paid to an assistant (your partner or child perhaps)

Supplies used to earn employment income

If you already are claiming the above expenses, don't forget to see if you qualify to claim the GST rebate for the GST you paid on deductible expenses.

If you are a waiter don't...

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Date: 2014-03-11 21:29:31
Website: http://www.taxescanada.ca

Netherlands Technical Explanation | Internal Revenue Service


General Scope

Article 1 provides that the Convention is applicable to residents of the United States or the Netherlands except where the terms of the Convention provide otherwise. The Convention, at the request of the Netherlands, departs from the convention adopted in the U.S. and OECD Models, and employs the term "State" instead of the term "Contracting State" to refer to the United...

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Date: 2018-04-05 21:03:31
Website: https://www.irs.gov

"What is CRM2 and what does it mean for me?" - RE: Investing

CRM2 is a set of new requirements that the Canadian Securities Administrators (CSA) are implementing to ensure investors receive essential information about the costs and performance of their investments. The new requirements, part of the Client Relationship Model Phase 2 (CRM2) cost and performance reporting requirements, apply to all firms registered to deal in securities or act as portfolio...

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Website: http://www.getsmarterreinvesting.ca

“Does the RRSP withholding tax remain ... - RE: Investing

Generally, financial institutions will immediately deduct the applicable withholding tax based on the amount of each withdrawal. Because withdrawals are fully taxed as income on your income tax return, the amount of the withholding tax may be less than what is owed on the total amount withdrawn in one year.

Your financial institution may apply the withholding tax based on the total amount of...

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Website: http://www.getsmarterreinvesting.ca

Complete Guide to CRA T1135 Forms - Toronto Tax Lawyer

Foreign Investment Verification, or T1135, is a form that must be filed with Canada Revenue Agency (CRA) by anyone who, at any time during the year, owns foreign property valued more than $100,000 in Canadian currency. Failure to file or incomplete disclosure of foreign property may result in monetary penalties and in certain instances may carry gross negligence charges against the taxpayer.


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Website: https://taxpage.com

Federal Insurance Contributions Act tax - Wikipedia

The Center on Budget and Policy Priorities states that three-quarters of taxpayers pay more in payroll taxes than they do in income taxes. [8] The FICA tax is considered a regressive tax on income with no standard deduction or personal exemption deduction. The Social Security portion of the tax is imposed on the first $117,000 in 2014, $118,500 in 2015 and 2016, $127,200 in 2017, and $128,400 in...

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Date: 2018-04-03 05:20:53
Website: https://en.wikipedia.org


What are the 10 Most Missed Tax Deductions

What are the 10 Most Missed Tax Deductions

1. Equivalent-To-Spouse Credit

The equivalent-to-spouse credit can be claimed if you are single, divorced or separated. It is calculated the same way as the spousal credit with some restrictions. 

If the dependent is not a child, he or she must be a Canadian resident. If a child is claimed as a dependent, he...

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Website: http://www.taxmanagementcentre.com