Contact UsI am a Canadian resident and have an interest in various offshore trusts and corporations. What is my exposure from a Canadian perspective?
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Tax Professional Answers
Larry Stolberg, CPA, CA
The Canadian Income Tax has various foreign reporting forms, not much different from that of the U.S. foreign information returns, with penalties attached for not filing.
With regards to non-resident income areas of concern would be our FAPI rules (similar to the U.S. PFIC AND SUBPART F rules) and the possibility of a non-resident trust becoming or deemed to be resident in Canada for Canadian tax purposes.
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418 weeks ago
With regards to non-resident income areas of concern would be our FAPI rules (similar to the U.S. PFIC AND SUBPART F rules) and the possibility of a non-resident trust becoming or deemed to be resident in Canada for Canadian tax purposes.