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Volume 2 Issue 7 | July 2014
A TAX CHECKLIST FOR IMMIGRANTS TO CANADA   
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Today, Canada is a cultural mosaic, with people from all over the world now calling this country home. Here is a tax checklist of things to consider when immigrating to Canada.

 

Start making Canadian tax filings: Canada taxes people if they are residents here. You'll face tax on all of your income, including income from outside Canada. If you earn passive (investment) income inside a foreign corporation that you control, you may have to report that income on your Canadian personal tax return, and you'll have to file Form T1134 in addition to your Canadian tax return. The penalties can be steep if you fail to report this income, called FAPI (Foreign Accrual Property Income).


Click here to read more. 

PAY YOUR SPOUSE A DIRECTOR'S FEE 


wire-bound-pad.jpgIf your spouse is a director of your corporation, consider paying your spouse a director's fee for services performed.  A director's services usually include attending directors' meetings, directing the management and affairs of the business, approving financial statements, declaring dividends, approving changes to share capital and electing officers of the company.

Note that your spouse will also be jointly liable with the other directors for the fulfillment of certain regulatory requirements, such as salary withholdings and GST collections.

Credit: This is a July 28, 2014 publication of BDO's Weekly Tax Tip.

Just for laughs

CASL LAW EFFECTIVE JULY 1, 2014 

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Contact Green, Meikle & Smith Chartered Accountants

Green, Meikle & Smith
Chartered Accountants
1020 Matheson Blvd. E., Unit 10,
Mississauga, ON L4W 4J9
Tel: 905 919 3543 Fax: 289 210 0728
This newsletter is intended for general informational purposes only and should not be construed as personalized accounting, tax or investment advice. Particular tax tips or strategies discussed here should be evaluated relative to each individual's situation and objectives. Please contact us directly if you need specific advice on your accounting, tax or business situation.
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