Tag: non resident and international tax

How to Save Canadian Taxes as a New Immigrant

Being a new Canadian Immigrant can bring up new tax implications. Set up an immigration trust to save on your new Canadian taxes.

How to Save Canadian Taxes as a New Immigrant Watch Video

Being a new Canadian Immigrant can bring up new tax implications.

Canadian corporate loans to non-residents

There are a few reasons Canadian companies can choose to grant a loan. However, corporations need to be aware that lending to non-residents can lead to a requirement for the Canadian company to pay tax. Clearly, this situation is far from ideal. In this article, we will look at the tax implications of Canadian corporate … Continue reading Canadian corporate loans to non-residents

Foreign Accrual Property Income – Part 2

I have previously discussed how the Foreign Accrual Property Income (FAPI) applies to Canadians who establish corporations in a different country. For my previous article, please visit What is the Foreign Accrual Property Income (FAPI) in Canada? . After reading the article, more shrewd readers may ask, “What if I create a corporation in a … Continue reading Foreign Accrual Property Income – Part 2

Understanding Foreign Accrual Property Income in Canada.

Are you a Canadian Taxpayer looking to invest in another country? Have you heard of the ‘Foreign Accrual Property Income (FAPI)? If you have not, do not invest before you read this article!   Imagine, if you will, a scenario. There is a wealthy Canadian taxpayer in the highest personal tax bracket. He has contributed … Continue reading Understanding Foreign Accrual Property Income in Canada.

Non resident withholding tax – What is a section 217?

Are you a nonresident of Canada? Do you know what the Section 217 Election means for you? Doing business in another country can be difficult, as you have to deal with two systems and two different sets of laws. In this article, I will explain more about this potentially confusing topic and provide you with … Continue reading Non resident withholding tax – What is a section 217?

Taxes for International Companies and Individuals in Canada Watch Video

Are you looking for information on international taxes and Canada?

Taxes for international companies and individuals in Canada

Are you looking for information on international taxes and Canada? International companies and non-resident Canadians conducting business in Canada are subject to a wide array of different tax implications. Some of these implications include issues with permanent establishments, non-residential tax returns and withholding taxes.

Do I need to file an NR4 slip and summary with the CRA?

As a non-resident, you will be subject to withholding tax on your rental income. The NR4 must be filed by the withholding agent to report gross rental income and taxes withheld by the last day March. If you did not have a withholding agent, you do not have to file an NR4. Instead, you will … Continue reading Do I need to file an NR4 slip and summary with the CRA?

Do I need to file NR4 return with CRA if no taxes were remitted?

Yes. If you earned gross income of $50 or more during the year, a NR4 slip has to be filed regardless of whether non-resident withholding taxes were remitted or not. If gross income of less than $50 was earned in the year and taxes were remitted to CRA, a NR4 return also has to be … Continue reading Do I need to file NR4 return with CRA if no taxes were remitted?

How do I set up a non-resident account number?

You will need to set up an NR account number if you’ve never remitted non-resident income tax deductions. You can do this by contacting the CRA at 1-855-284-5946. The CRA can set it up over the phone and also tell you how to remit your deductions.  

Tax on foreign inheritance Canada

Français Do Canadians pay tax on an inheritance from abroad, overseas, our outside of Canada? This article will answer this question in detail, and provide a summary of inheritance tax in Canada. Estate of Deceased Person outside Canada When a person dies an estate, which is a type of trust, is automatically formed. The estate … Continue reading Tax on foreign inheritance Canada

Tax Returns and Forms for Non-Residents

Are you a non-resident of Canada, or are you planning on becoming a non-resident in the near future? If yes, then you need to learn about the tax returns and forms for non-residents; otherwise, you could end up with a nasty surprise from the taxman. Becoming A Non-resident Becoming a non-resident for tax purposes is … Continue reading Tax Returns and Forms for Non-Residents

Tax impact for non-resident withdrawing Canadian retirement fund?

As a non-resident, the withholding agent (plan issuer) will be required to withhold 25% of the payment (unless the tax treaty between Canada and your home country reduces the rate). The 25% withholding tax will be your final tax obligation to the CRA for the year so you will not be required to file a … Continue reading Tax impact for non-resident withdrawing Canadian retirement fund?

Are there special rules for the principal residence exemption for non-residents?

Yes, the principal residence exemption will be adjusted based on the amount of time one is a non-resident. If an individual is a non-resident for the entire year, the individual will not be entitled to the principal residence exemption.  

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