Our expatriate tax specialists have experience handling a variety of complex tax situations. For example, if you’re working abroad or have overseas investments and have already paid tax on that income in the jurisdiction in which you’re working, you may be eligible for a foreign tax credit that can offset some or all of the Canadian tax owing on that income. Our team has the experience and insight to ensure you claim and optimize all of the tax credits available to you.
In addition to reporting your foreign income, often foreign (non-Canadian) assets must be disclosed annually to Canada Revenue Agency most often on form T1135 – Foreign Income Verification Statement. Obvious assets that require reporting are foreign rental properties and foreign bank, brokerage or trust accounts. It is a lesser known fact that even US or UK securities held in a Canadian brokerage account can trigger a reporting and disclosure obligation within your Canadian return.
Contact our tax specialists to ensure you’re not surprised by an unexpected Canadian tax liability on your overseas income or an almost more unpleasant “failure to file” penalty on certain Foreign Disclosure forms
