Tag Archive for Canadian Tax

Canadian FAQ #205 – Cash on a Balance Sheet

Grant Gilmour

Tax Question:

What is Cash on a Balance Sheet?


The Cash category appears under Current Assets on a Balance Sheet. Most companies have bank accounts which they use to keep a record of their deposits and payments. Cash generally includes all bank accounts and petty cash.

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Canadians With US Rental Property – What Are The Cross-Border Tax Implications?

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Canadians earning income from US rental property can be fraught with unexpected tax problems, which could severely hurt their after-tax return on investment. It is important to consult a cross-border tax professional before the purchase to understand all the US and Canadian tax implications of owning US rental property and to make the best decision for their situation on the right structure to own and finance the purchase of US rental property.

This is the first of a series of articles on the cross-border tax considerations of investing in US rental property. If you are planning to purchase US rental property, you need to have some basic understanding of the following US and Canadian tax law before you can make a sound decision on how you should own and finance the purchase of US rental property. Read more

Thousands of Canadian Expats In The U.S. Needlessly Pay Canadian Tax!

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Canadian citizens are not subject to Canadian tax on worldwide income if they are not resident in Canada. Rather, a Canadian citizen who is a non-resident of Canada is only subject to Canadian tax on certain Canadian source income (most commonly, rents or capital gains from Canadian real estate; dividends from Canadian companies; income from employment in Canada). This is no different than any other non-resident-citizenship generally is not relevant in determining liability for Canadian taxation.

Every year thousands of Canadians move to the U.S. to continue their careers there. In many cases, these Canadian expats continue to file Canadian tax returns and pay Canadian tax on their U.S. employment income under the assumption that they are still tax residents of Canada. This generally translates into a big tax cost. Even though Canada Read more

Canada – A Tax Friendly Destination For Wealthy Immigrants!


Probably more than ever before, Canada is considered to be a highly desirable destination for wealthy immigrants.

Many non-tax reasons can be cited, including Canada’s:

• Healthy diverse economy
• Natural resources that are the envy of the world, including abundant supplies of fresh water, oil and gas, potash, timber and gold
• Banking system that is considered the healthiest in the world
• Stable democratic government
• Highly multi-cultural society that welcomes people of all backgrounds Read more