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May
06

Minimize Tax of Deceased Taxpayer

You can’t escape your tax obligations even in death.  That holds true even if we don’t have estate tax here in Canada – when a taxpayer dies, there is deemed disposal of any capital property, so any capital gains will be taxed at that time.But in cases where the property is distributed to the remaining spouse or to a spouse trust, taxes on capital gains can be deferred until the property is disposed of by the remaining spouse.In addition to the final return, the remaining spouse or legal representative can choose to file up to three optional returns for the year...
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Apr
29

What Are Your Tax Obligations If You Are Temporarily Outside Canada?

You are considered Factual Resident of Canada for tax purposes if you maintain your residential ties with Canada while travelling or living abroad.There are different types of factual residents.  If you are, you may be one of the following: You work temporarily outside Canada You teach or attend school in another country You commute daily or weekly to the United States for work You vacation outside CanadaAs a factual resident, your tax obligations are the same as a resident of Canada wherein you are obligated to report your world income, claim deductions and credits and pay federal and provincial or territorial...
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Apr
27

Tax Obligations of a Newcomer

You are considered a newcomer in Canada for tax purposes if you are on your first year as a new resident of Canada.  After your first tax year, you are no longer considered a newcomer.You become a resident of Canada for income tax purposes when you establish significant residential ties (please see previous blog for more details on residential ties), usually on the date you arrive in Canada.Newcomers who have established residential ties with Canada may be: Persons in need of protection People who have applied for or received permanent resident status from Citizenship and Immigration Canada People who have received...
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Apr
25

Your Canadian Residency Status Affects Your Tax Liability

Your tax liability is based on your status as a resident or non-resident of Canada based on Canada’s tax system.  Residency must first be established before your liability for income tax is determined.Determining your residency status can only be made after all factors have been reviewed.  The entirety of your circumstances must be evaluated in order to accurately establish your residency status in Canada.The major factor in establishing your residency status in Canada depends on your residential ties.  Residential ties can include: A home in Canada A spouse or common-law partner or dependents in Canada Personal property in Canada such as...
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