International Taxation

Understanding Tax Treaties: The Basics and Importance Tax treaties play a pivotal role in the global tax system. They are bilateral agreements between two countries designed to avoid double taxation on income and capital, as well as to prevent tax evasion. In an increasingly interconnected world, where businesses and...

Offshore Audits: What You Need to Know In recent years, the Canada Revenue Agency (CRA) has ramped up its focus on offshore tax compliance, leading to a significant increase in offshore audits. These audits are designed to ensure that Canadians with offshore assets and income are reporting them accurately and paying the...

With the rise of cryptocurrency, the Canada Revenue Agency (CRA) has become increasingly vigilant in ensuring Canadians report all taxable income, including earnings from cryptocurrency. Although many crypto transactions occur online and may seem anonymous, the CRA has developed sophisticated methods for identifying unreported income from digital...

CRA’s Offshore Audits: What You Need to KnowIn recent years, the Canada Revenue Agency (CRA) has significantly ramped up its efforts to combat offshore tax evasion. With the global economy becoming increasingly interconnected, CRA’s focus on offshore audits is more critical than ever for taxpayers with international financial...

Determining tax residency is crucial for understanding your tax obligations in Canada. This blog will explore the factors the Canada Revenue Agency (CRA) considers when determining an individual’s tax residency status and how tax treaties, like the one between Canada and the United States, come into play.Tax Residency: The BasicsIn general,...

Earlier this year, a story that captured the attention of Canadians involved a tenant being assessed by the Canada Revenue Agency (CRA) for failing to withhold 25% of their rent payments to a non-resident landlord. This situation arose because the tenant was unaware that their landlord was a non-resident of Canada. The tenant had even inquired...

Moving to a new country like Canada can be an exciting adventure for expatriates, but it also comes with certain tax implications that must be carefully navigated. For expatriates residing in Toronto, the Greater Toronto Area, and other locations, understanding Canadian tax laws is crucial to ensure compliance and minimize tax liabilities. In...

When you leave Canada and become a non-resident for tax purposes, you might be subject to the departure tax. This is essentially a capital gains tax on the deemed disposition (forced sale) of your worldwide assets.What is the Departure Tax?The departure tax is triggered when you cease to be a resident of Canada. The Canada Revenue Agency (CRA)...

Exporting a vehicle subject to the Select Luxury Items Tax Act (SLITA) can lead to a rebate of the Luxury Tax paid, but navigating the process involves adhering to specific conditions. This guide will break down the requirements and steps necessary to claim a rebate when exporting a luxury vehicle.  Understanding Section 39 of the Select Luxury...

Are you considering leaving Canada for tax purposes, otherwise known as becoming a non-resident of Canada for tax purposes? Whether you’re relocating for work, retirement, or simply seeking a change in lifestyle, there are important tax implications to consider. Why People Leave Canada for Tax Purposes  There are several reasons why...