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Top Things to know Before Moving to Canada

The best way to approach this to seek professional income tax advice in Canada and request a planner income tax return. A planner income tax return runs multiple simulations for different tax scenarios and can be a helpful tool in personal income tax planning.

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Top Things to know Before Moving to Canada

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  1. Top Things to know Before Moving to Canada https://www.maroofhs.com/tax-services-canada/personal-taxes/

  2. Canada is a top immigration destination for people across the world; both from developing and developed countries. There are many positive sides to immigrating to Canada. One of the areas where all the new immigrants dread while coming to Canada is “Income Taxes”! Yes, individual income taxes or personal income taxes, are extremely high in Canada as compared to the neighbouring United States. This is even higher for those coming from the middle eastern countries with no income taxes at all. So if you are moving from a country where there are no income taxes such as the United Arab Emirates or other gulf countries, you must prepare yourself to start paying income taxes. You can take a couple of steps before immigrating to Canada such as: Establish your date of change of residency. Tax residency and immigration residency are two different things. 2. Try to realize Capital gains before the date of immigration. If not, arrange for the fair market value of all of your assets as of the date of immigration.

  3. 3. If you are doing a soft landing, do not apply for a health card or drivers’ license. 4. Do you have retirement plans in the country you are leaving? Maintaining them may have tax implications in the future. For example, if your employer is contributing to them, it may restrict your ability to contribute to RRSPs. A quick list of tax tips for new immigrants can be found here in this post written by a Toronto based CPA firm.It may sound overwhelming when considering different income streams to maintain while immigrating to Canada. If you have a substantial foreign income on which you are not used to paying income taxes in your current country, you might be shocked by how much tax you will have to pay in Canada. Canada taxes its residents on the worldwide income. The best way to approach this to seek professional income tax advice in Canada and request a planner income tax return. A planner income tax return runs multiple simulations for different tax scenarios and can be a helpful tool in personal income tax planning.

  4. You can reach us at: 3-100 Hanlan Road, Woodbridge, ON L4L 4V8 Phone: (647)724-4308 Email: Canada@MaroofHS.com https://www.maroofhs.com/contact/ https://twitter.com/MaroofHS https://www.facebook.com/MaroofHSCPA

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