GTA Accounting Insights

Category: U.S. & International Taxes

How to become a Non-resident of Canada?

In this article, we will discuss how to become a non-resident of Canada. In order to become a non-resident of Canada; there is a requirement to end-up all primary ties and most of the secondary ties to Canada. We have further elaborated what includes in Primary ties as follows: What includes in Primary Ties to…
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Pros & Cons of becoming a Non-resident of Canada

In this article, we will discuss the pros and cons of becoming a non-resident of Canada as follows: Canada Child Benefit Upon becoming a non-resident of Canada, you will stop receiving the Canada Child Benefit. GST/HST Credits Upon becoming a non-resident, you will stop receiving GST/HST tax credits from the CRA. Repay Home Buyers Plan…
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Tax implications for Canadians selling U.S. property

There are a few things Canadians selling their U.S property should be aware of: 1: The 15% holding tax: As a Canadian or a non-resident of the U.S., you are subject to U.S. tax laws when selling your U.S. property. Regardless of the cost of your property, a 15% tax must be paid on the sale…
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Are You Expecting Inheritance from Overseas?

Most people wonder what do you do when anticipating an inheritance from abroad and they want to minimize Canadian taxes on the forthcoming income that will come from this overseas inheritance. The solution is to commence the planning process before the person you’re expecting the overseas inheritance from dies. How Canadian Inheritance is taxed in Canada…
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Do You Have to File Foreign Property Reporting (Form T1135)?

To begin with, all of Canadians’ global income is taxable. To add to that, the tax law requires Canadian residents to register with the CRA for the Form T1135, Foreign Income Verification Statement which is also known as the foreign property reporting. Filing of this form is done yearly by all residents who are in possession of…
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Tax Implications for Canadians Working Temporarily in The U.S.

Are you a Canadian resident working in the US? There’s a Canadian-US tax treaty that was signed to help cater to situations where Canadians move to the US temporarily to work. It is very important to take time and understand how you are supposed to be taxed. Generally, you will not pay taxes on employment…
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Tips for Americans Performing Services in Canada

Are you an American receiving payment for services performed in Canada? Understanding your tax obligations in Canada and the US can be a bit confusing. We’re here to help you understand the taxation rules that apply to your situation. Will You Pay Tax for Services Performed in Canada? Americans who are offering services in Canada…
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