Hi, I am looking for information about qualifying for an
overseas tax credit. I am a Canadian and the company I work for
wants to send me to Chile. I will be working on the repair and
maintenance of electric motors in mines throughout chile. What
can not be fixed will be sent to Canada. The job is a salesman,
technical director and manger. Will I qualify?
thank-you
david ingram replies:
You can read the form that needs to be filled out yourself.
The general rule is that if the company signs it, you are
entitled to the credit.
Mining qualifies and selling the mining services qualifies.
Print it out at
http://www.cra-arc.gc.ca/E/pbg/tf/t626/t626-05e.pdf and ask Human
resources if they are prepared to sign the form.
Remember that Chile will also tax you on the income you earn
there, usually after you have been employed for 90 days or more.
The T626 only eliminates tax on an amount up to $80,000.. After
80% or $80,000 you have to claim the excess tax paid by filling
in the foreign tax credit lines 431 and 433 on schedule 1 of your
T1 return and form T2036 to calculate the provincial foreign tax
credit.
It is my experience that most accounts miss the foreign tax
credit portion.
And you have to be careful about the figures the company uses. I
have had dozens of the forms changed when I noticed that the
figures put on the T626 forms by the company were not correct.
Happy to look after the returns when required.
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
US / Canada Real Estate Specialists
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Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321 Fax (604) 980-0325
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