Moving to Canada | US vs Canadian Tax Rules | Personal Tax Advisors
Автор: Sunny's Tax Tips | Personal Tax Advisors Canada
Загружено: 2025-02-28
Просмотров: 607
Thinking of moving to Canada from the US: What you need to know about the differences between the two tax systems.
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Canada's tax residency is based on where you live, not your citizenship, unlike the U.S. [01:22] system where American citizens must file tax returns even if living abroad. [04:51]
Canada has a single income tax return that combines federal and provincial taxes, except for Quebec which requires a separate provincial return. [02:05]
Investment income is treated differently, with Canada not distinguishing between short-term and long-term capital gains. [02:42]
Canada has similar tax-deferred retirement accounts like the RRSP, and tax-free savings accounts like the TFSA, but Americans living in Canada must be careful with TFSAs due to U.S. [04:17] tax filing requirements.
Unlike the U.S. "married filing jointly" status, in Canada everyone must file their own individual tax return, even if a couple's finances are intertwined. [05:37]
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#tax #CRA #Canada #canadarevenueagency #incometax
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