Corporate & Business Tax | International & Non-Resident Tax | Personal Tax for Canadians | Tax Audits

Do You Have to File Foreign Property Reporting (Form T1135)?

ByClaudia Ku

Individuals who are residents of Canada are taxable on their worldwide income.  To ensure all Canadian residents correctly report their worldwide income, the tax law requires Canadian residents annually file with the CRA the Form T1135 Foreign Income Verification Statement (commonly referred to as foreign property reporting) if they own, at any time during a…

Corporate & Business Tax | International & Non-Resident Tax | Personal Tax for Canadians | Tax Audits

Withholding Tax for Services Rendered in Canada by Non-Residents

ByClaudia Ku

Do you engage foreign individual or company (collectively referred to as “non-resident person”) as independent contractor to provide services in Canada?  Are you the non-resident person providing independent contractor services in Canada?  If you answer yes to either question, do you know that payments made in respect of services rendered in Canada by non-residents are…

International & Non-Resident Tax | Personal Tax for Canadians

Immigrants – Are You Subject to Canadian Taxes?

ByClaudia Ku

Immigrants to Canada are given a permanent resident status so as to have the legal right to live, work or study anywhere in Canada.  Immigrants need to meet Canadian residency requirements in order to keep their permanent resident status.  There is a misnomer that immigrants in fulfilling their Canadian residency requirements as permanent residents of…

Corporate & Business Tax | International & Non-Resident Tax | Personal Tax for Canadians | Tax Audits

What Are the Best Strategies to Handle A Tax Audit

ByClaudia Ku

Canada’s tax system is based on self-assessment.  In order for the governments to maintain public confidence in the fairness and integrity of Canada’s tax system, the Canada Revenue Agency (the “CRA“) is empowered to audit taxpayers of their compliance of the Canadian tax laws.  If you have received a notification letter from the CRA that…

Corporate & Business Tax | Personal Tax for Canadians

Salary or Dividends – How Should You Get Paid by Your Company?

ByClaudia Ku

Are you an incorporated business owner wondering whether you should pay yourself salary or dividends?  It is not a simple straight forward question and there is no one-size-fit-all answer to it.  Due to the introduction of eligible and non-eligible dividends and the changes of the gross-up and dividend tax credits in the past few years,…