A Few Important Tips For Pre-Immigration Tax Planning Before Coming to Canada

Here are a few important tips for pre-immigration tax planning before coming to Canada. First of all, you need to know your sources of income before coming to Canada. While some forms of income are tax-free in Canada, others may not be. For this reason, it is essential to have your foreign assets and income documented. For better understanding and assistance you can contact to Canadian Immigration lawyer.

Keeping a record of your foreign assets

Keeping a record of your foreign assets is essential to minimize taxes that you may owe upon your arrival in Canada. There are specific reporting requirements for foreign assets. Generally, you must file form T1135 each year if you own foreign real estate that is valued at over $100k. If you are unsure of the reporting requirements, consult an RBC advisor.

Before you come to Canada, you should record the fair market value of any property you own in your home country. If you plan to sell a property, keep track of the price fluctuations and determine the adjusted cost base of the property. This information will help you calculate your capital gain or loss on the property that you eventually sell in Canada. You should also report any changes in the value of your property since you began your residency in Canada.

It is important to note that some countries, including Canada, have tax treaties with other countries. These treaties prevent double taxation. If you had already paid taxes in the U.S., you will not owe double taxation when you return to Canada. By following these tax treaties, you will be able to avoid double taxation.

Getting a Canadian tax professional

If you plan on living in Canada, you may want to consider hiring a tax professional. A Canadian tax professional will help you prepare and file your tax returns. Depending on your situation, you may be able to claim foreign tax credits and deductions. An accountant can walk you through the steps. Tax preparation software makes the process simple. Be sure to have all your documents handy before you begin. Here are some benefits of hiring a Canadian tax professional:

Getting a Social Insurance Number upon arrival in Canada

Upon arrival in Canada, you will need to obtain a Social Insurance Number (SIN), otherwise known as a National Assessment Service (NAS). This number identifies you as a Canadian citizen, permanent resident, or temporary resident of Canada. Getting a Social Insurance Number is mandatory for filing taxes and accessing government benefits. If you are a Canadian citizen, permanent resident, or temporary resident, you can apply for a SIN at the appropriate government office.

The application for a SIN must be completed with your information and the supporting documents that verify your identity. The name on your primary and secondary documents must match. You must mail the original documents to the relevant service office. The Social Insurance Registration Office cannot be held responsible for lost or stolen mail. A SIN will usually arrive within 15 days of your arrival. The process is relatively simple and quick. Getting a Social Insurance Number upon arrival in Canada is not as difficult as you might think.

Calculating non-refundable tax credits

When you move to Canada, you will have to pay taxes on your income. In addition to the basic personal amount, you will have to pay taxes on employment insurance and Canada/Quebec Pension Plan contributions. In addition, you will have to pay employment insurance premiums and tuition and education expenses. Luckily, there are a number of tax credits that will help you pay less tax once you arrive in Canada. In order to maximize your benefits, you should calculate your non-refundable tax credits.

You should also calculate the fair market value of any property you own in the U.S. before moving to Canada. This is essential because it will determine the capital gain or loss on a later sale. You should also keep a record of changes in the value of your property from the start date of your residency to the date you sell it. You can consult a tax advisor to determine which type of tax credit you are eligible to receive.