Year-End Planning: Determine Residency Now
aliko-aapayrollservices.com - Small businessess from 1 to 80 employees outsource your payroll management to us and let us worry about your payroll processing.
RSS Follow Become a Fan

Delivered by FeedBurner


Recent Posts

Tax changes to expect when you’re expecting
2016 Tax Tips for 2015 Filing Year
From Proprietorship to Corporation - When is the Best Time to Incorporate?
Tax Specialists Brief your Clients About CRA Fraud And E-Mail Scams
Bank of Canada cuts rates again

Most Popular Posts

Help your teenager build credit responsibly
Being an Executor of an Estate
Anti-Aging
Student Line of Credit
Principal Residence Exemption

Categories

aliko nutrition store- isotonix
aliko payroll services
canada revenue news and videos
canadian news
CPP ,OAS RRIF ANNUITY
Cross border Tax
Disability awareness and Benefits for disabled
estate planning
FINANCIAL LITERACY
HEALTH & NUTRITION
Home Car Insurance
Income Splitting Strategies in Retirement
INVESTING
kids and money -set your children up for financial success
life insurance
on line safety tips
online safety tips
PAYROLL
Real Estate - Investments / Retirement
RETIRE HAPPY BLOG
Retirement planning
SAVE YOUR MONEY
Save your money
SERVICE CANADA NEWS
small business planning
Tax Information for Students
tax news
tax planning
tax tips.ca
Tech news
TFSA

Archives

January 2016
July 2015
May 2015
April 2015
February 2015
December 2014
November 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013

powered by

MY BLOG

Year-End Planning: Determine Residency Now

Year-End Planning: Determine Residency Now
 
 
 
Year-End Planning: Determine Residency Now
 
 
 
 
Residents of Canada must file tax returns to report world income in Canadian funds. That means taxpayers will need to gather documentation to report offshore earnings — and new for 2013, more specific information about income earned by offshore assets with a cost of $100,000 or more.
 
 
A non-resident, on the other hand, must pay Canadian income tax only on income from sources earned inside Canada. But what is your tax obligation if you or someone in the family has left Canada to study abroad, take a job in a far off land or run a business offshore? If unsure, review tax residency rules with your tax advisor before year end.
All the factors in a particular situation will be considered to determine if a taxpayer is a non-resident for tax purposes. Non-residents, according to CRA, routinely live in another country throughout the year and do not have residential ties in Canada, or they stay in Canada for less than 183 days in the tax year.
The major factor is your residence. Residential ties to Canada include: a home in Canada, a spouse or common-law partner or dependants who remain in Canada, and personal property that is left in Canada, such as a car or furniture. Also considered are social and economic ties in Canada.
Other ties that may be relevant include a Canadian driver's licence, Canadian bank accounts or credit cards, and health insurance with a Canadian province or territory. Residential ties that you maintain or establish in another country may also be relevant.
Discuss the relevant facts with your tax advisor before year end. If you are simply moving to another province before year end, you will be taxed for the whole year based on where you reside on December 31. Moves to a lower taxed jurisdiction, therefore should happen before year end for a better tax result.
 

0 Comments to Year-End Planning: Determine Residency Now :

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment