Are Taxes in Canada Higher than in the US?
Taxes are an essential part of any country's financial system, funding everything from healthcare and education to infrastructure and defense. When comparing two neighboring countries like Canada and the United States, a common question arises: Are taxes in Canada higher
Understanding Provincial Tax Residency Rules in Canada
As a Canadian resident, you are generally required to pay income taxes not only to the federal government but also to the province or territory in which you reside. However, determining your provincial tax residency can be more complex than
What is Foreign Asset Reporting in Canada?
If you are a Canadian resident for tax purposes and you own certain foreign assets with a total cost amount over $100,000 Canadian at any time during the year, you are required to file a Foreign Income Verification Statement (Form
What is the average tax rate in Canada?
Taxes. Ugh, not the most exciting topic, but an important one in Canada, especially when it comes to figuring out how much you get to keep from your hard-earned income. So, if you've ever wondered what the average tax rate
Understanding the Process: Canada Revenue Agency Explained
The Canada Revenue Agency (CRA) plays an important role in the lives of all Canadians. As tax season ramps up, it's important to understand the ins and outs of the CRA - from how to file your taxes properly to
What is Expat Tax in Canada? A Complete Guide in 2024
Canada has been experiencing strong immigration growth over the past decade, with over 300,000 new permanent residents entering the country every year since 2015 (Government of Canada, 2023). Many of these newcomers arrive on work permits or as part of
Non-resident rental income tax filing requirements in Canada
If you are a non-resident of Canada who earns rental income from property in Canada, you may have to file a Canadian income tax return to report that rental income. This blog post will provide a comprehensive overview of the
Top 25 Tax Savings Tips For Expats Living In Canada for 2024
Living in Canada as an expat can have great financial benefits, but also some complex tax implications. Follow these 25 tips to make sure you maximize your tax savings while living abroad in Canada. 1. Claim Foreign Tax Credits If you paid
The 183 Day Rule in Canada
When moving to Canada, one of the most important things to understand is the 183 day rule. This refers to the amount of time you can spend in Canada without being considered a resident for tax purposes. Here is an
Expat Tax Update In Canada For 2024
For expats calling Canada home, navigating the tax system can be complex enough. But 2024 throws in a curveball with several noteworthy updates, impacting everything from tax deductions to retirement contributions. Buckle up, expats, and let's unpack these changes together! The