Tax Regime in Barbados -

Sent: Monday, February 20, 2006 8:40 AM
To: taxman at centa.com
Subject: Tax Regime in Barbados
Hello,
First off, please accept my apology for ignoring the time zone
factor and
disrupting your morning.
I am a Canadian citizen working & resident in Bermuda (since July
2003).
I'm contemplating a career move that would put me in Barbados.
I'm aware
that there is a tax treaty between Canada and Barbados, what is
not clear is
the import this has on Canadian (non residents) working in
Barbados.
Specifically, can CCRA assess a tax on foreign income earned
(either while
abroad or upon repatriation of funds) and what is the local tax
rate imposed
by the Barbados government?
Kind regards,
======================
david ingram replies:
It's okay and was obviously just retribution.  I had
miscalculated and sent a fax to the island of Corfu at 1:30 AM
the night before.  Since I got my client's sister (the fax was at
her house) and do not speak Greek, I have no idea what she was
saying but it was colourful.
God does that to you.
I have three clients in Bermuda at the moment.  Two working in
the hotel business and one in a bank.
None in Barbados.  However, I love Barbados. Spent a day hunting
down the BIG HOUSE where Harry Belefonte filmed "Island in The
Sun".
The Barbados tax is approximately
The BLP recently amended the Income Tax Act to:
*    Increase personal allowance from $15,000 to $25,000 over
four years by annual
increments of $2,500, starting in income year 2004.
*    Reduce the basic rate of income tax from 25% to 22.5% in
2003 and to 20% in 2004.
*    Reduce the top rate applicable to taxable income in excess
of $24,000 from 40% to 37.5% in
income year 2005, and from 37.5% to 35% in income year 2006.
*    The BLP Government will review the personal income allowance
in 2007, and increase it as
financial circumstances allow.
----------------------------------------
So there are two rates of tax at the moment.
However, under Article IV of the Canada Barbados Tax Convention,
you are not taxable in Canada if you do not have a house or
apartment (owned or leased) sitting empty and waiting for you to
sleep in it tonight.
You can get hold of a copy of the treaty at
http://www.fin.gc.ca/scripts/Publication_Request/request_e.asp?do
c=barbados_e.pdf&title=Canada-Barbados+Income+Tax+Agreement.
=================
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa
Specialists
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Home office at:
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North Vancouver,  BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
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Calls welcomed from 10 AM to 10 PM 7 days a week (please do not
fax or phone outside of those hours as this is a home office)
email to taxman at centa.com
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed
information or consultation and is to be regarded only as general
comment.   Nothing in this message is or should be construed as
advice in any particular circumstances. No contract exists
between the reader and the author and any and all non-contractual
duties are expressly denied. All readers should obtain formal
advice from a competent and appropriately qualified legal
practitioner or tax specialist for expert help, assistance,
preparation, or consultation  in connection with personal or
business affairs such as at www.centa.com. If you forward this
message, this disclaimer must be included."
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