Canadians can travel far and wide, but never quite far enough to avoid paying taxes. Keeping control of your accounting obligations, both at home and overseas, is much easier when you have access to experienced accountants. Liu & Associates has the knowledge required to help you navigate the international tax landscape.
International Assets or Businesses
Canadians carrying out business in any area outside of Canada are subject to Canadian income tax. Assets and investments come in all shapes and sizes, including:
- International funds and bank accounts;
- Debt securities issued by a non-resident;
- Shares of foreign corporations, even if they are held by a Canadian broker;
- Shares of Canadian corporations on deposit with a foreign broker;
- Foreign real estate;
- And many more.
Canadians are taxed on any income earned, worldwide. To keep you from being taxed twice, Canada has implemented a foreign income tax credit. Our team can help you understand where and why you’re getting taxed, and how to get the most out of your return by utilizing available credits.
Foreign Family Trusts
There are certain tax implications if your trust beneficiary is not a Canadian resident at the time of distribution. Our team can explain these implications, and help you make sure your family is protected from unnecessary tax losses.