Wednesday, 14 September 2016

Originally posted on Facebook as "Financial Planning Tip - April 9,2016 -001 Tax - Residency 101"

"According to Jamison Aldcorn, author of Contemporary Practices in Financial Planning (CCH/Advocis Education Programm) "Canada imposes tax on the twin basis of residency and income source.

For example, Canada taxes its residents on their world wide income. It taxes non - residents on income earned in Canada"

The question therefore arises "Where do I fit in relation to income which is generated in Canada?

Think: dividend income from companies which are traded on the T&T Stock Exchange whose parent company is registered in Canada;

Bank accounts which hold Canadian dollars, rental income from properties located in Canada....

Was tax deducted at source on the funds (income) earned over the year?" How do I report on same?

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