Can you help me understand what the Canadian non-refundable tax
credits are? Are they similar to personal exemptions in the
states?
As a part-year Canadian resident (I established residency in July
05), I appear to get only a percentage of this tax credit,
corresponding to the percentage of the year that I lived in
Canada, yet they tax me on my income for the whole year. Is this
correct?
I understand that this is your busy season with the April 30
deadline approaching, so I understand that it may be a few days
before you can reply. I will look forward to hearing from you.
-----------------------------------------------------------------
---------------
david ingram replies:
If you are showing yourself as a new resident, you should NOT
report the income earned anywhere before you came to Canada
unless the income in question is from Canadian investments or a
Canadian job.
In that case, you should report your world income and claim full
exemption amounts and foreign tax credits for tax paid to any
other jurisdictions.
GOTO www.centa.com and read the "US/Canada Taxation" section in
the second box down on the right hand side for more information.
Then read the Oct, 1995 newsletter in the top left hand box about
the duties of a US citizen in Canada and then read the October
1993 newsletter for a dissertation about dual citizenship between
Canada and the United States.
--------------------------------------------
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa
Specialists
US / Canada Real Estate Specialists
My Home office is 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 Vancouver (LA)
time - (please do not fax or phone outside of those hours as
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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
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