Taxation

Personal and Corporate Taxation Information

The Canadian tax system is based on self-assessment.  As a result it is important for all Canadians to have an understanding of the tax laws as they apply to their situation.

  • Do you need to file a tax return at all?
  • If so, what type of tax return is required?
  • What income needs to be reported on your tax return?
  • What expenses can you claim?
  • What credits are available?
  • What happens if you are late?
  • What if you forgot something?

The questions that arise when thinking about your tax situation can be endless.

Taxation Help and Service

Please review my blog posts as I attempt to answer some of these questions in a general way and I invite your comments and questions on these topics.  If you are located in Victoria or Oak Bay I would also be happy to assist you with your tax return, whether it is personal, corporate, a trust filing or some other reporting requirement.

Tax Liability

Whether you are liable to pay income taxes in Canada will depend on your residency.  Unlike some other countries, most notably the US, where you can be liable for income tax based on your Citizenship of that country, Canada’s rules are strictly related to your residency throughout the year.  Whether or not you are a resident of Canada is a question of fact based on a number of indicators.  If you resided in Canada throughout the year as an individual, had a regular abode, did not leave the country at any time, had family resident here, etc… would all indicate full resident status in Canada, regardless of your Citizenship status.  Once it is determined that you are a resident of Canada you become liable to pay Canadian Income tax on your worldwide sources of income.  Assets held outside the country are not exempt from tax.  Canada has tax treaties with many other countries, however, that are designed to avoid double taxation in overlapping jurisdictions through the use of tax credits.  If you are uncertain of your taxable status in Canada or abroad it is highly advisable to seek professional assistance.