In Canada, non-resident businesses are only subject to tax on their income from Canadian sources. Personal income tax is based on residency as well. Company owners who remain in Canada for less than 183 days per calendar year are considered non-residents and, therefore, not liable. If you ...
Be a resident of Canada. If the HBP won’t work for you, there are a few more federal first-time home buyer grant and assistance programs worth investigating, including an easy-to-claim tax credit. The First Home Savings Account Summary: The First-Home Savings Account offers tax advantages...
Finally, when it comes to inheritance, remember that if you were to pass with assets in an RRSP, that money is likely to get taxed at the highest tax rate, as it will all be deemed income for the year you pass away. Non-registered accounts would also trigger capital gains in a simila...
Individuals and families that immigrate to Canada by way of Quebec investor visa can eventuallyobtain Canadian citizenshipafter living in the country for 48 months. To be eligible for citizenship in Canada, applicants must have been physically present in the country as a permanent resident for a mi...
In Ontario, you have the Non-Resident Speculation Tax (NRST) which is 15% of the purchase price and is paid by non-citizens who are also not permanent residents. The NRST applies to purchases in what is called the Greater Golden Horseshoe Region (GGH) which is a swath of land including...
If you know you’ll be receiving a large lump sum, such as an inheritance, you can speak to your lender about your mortgage prepayment options.² Convertible mortgage A convertible mortgage is a flexible loan agreement thatlets you change to a different type of mortgage at any timeduring yo...
as a Canadian resident. This question mark comes in the form of the interpretation of US Tax Law. It’s not that Interactive Brokers is in and of itself unsafe for Canadians to use from a tax standpoint, it’s that the USA has some unique tax rules when it comes to inheritance tax. ...
Tax exemption eligibility: Individuals may be eligible for tax exemption up to $10,000 if they are a Permanent Resident importing a vehicle for the first time, or a Canadian Citizen returning from an extended stay in the U.S., contact the Canada Border Services Agency (CBSA) at 1-800-461...