Canadian Tax Law help? - GoFuckYourself.com

BradM · 12-15-2008, 12:04 PM

Specific help needed. Let's say I have 100k in the US and I want to transfer it to my Canadian accounts. Will I pay tax on this? I am unsure how that works

Agent 488 · 12-15-2008, 12:10 PM

http://www.howlandtax.com/articles/foreign.htm

JayDeeZee · 12-15-2008, 12:27 PM

Good question.

Bump

d-null · 12-15-2008, 01:47 PM

you pay tax on that $100k in the year that you made the money, where the money is sitting is irrelevant

if you made the money in the U.S. then the IRS requires tax returns to be filed as well, but there is a tax treaty where you are not taxed twice on the same income, but you must file in both countries

this is my understanding and how I have done it, but I am not a tax expert so my disclaimer is that the above is only my opinion and should not be taken as legal or taxation advice

d-null · 12-20-2008, 01:00 AM

did you get it worked out?

grumpy · 12-20-2008, 03:34 AM

you only pay tax in the country where you made the money. You can only be taxed once on income no matter where you transfer your money to.

d-null · 12-20-2008, 03:38 AM

Quote:

Originally Posted by grumpy

you only pay tax in the country where you made the money. You can only be taxed once on income no matter where you transfer your money to.

by my understanding, that is not all true, you may be taxed in your own country of residence for money made in other countries

12-15-2008, 12:04 PM	#1
BradM Confirmed User Join Date: Dec 2003 Location: 1123,6536,5231 Posts: 3,397	Canadian Tax Law help? Specific help needed. Let's say I have 100k in the US and I want to transfer it to my Canadian accounts. Will I pay tax on this? I am unsure how that works

12-15-2008, 12:27 PM	#3
JayDeeZee Confirmed User Industry Role: Join Date: Aug 2006 Posts: 3,595	Good question. Bump __________________

12-15-2008, 01:47 PM	#4
d-null . . . Industry Role: Join Date: Apr 2007 Location: NY Posts: 13,724	you pay tax on that $100k in the year that you made the money, where the money is sitting is irrelevant if you made the money in the U.S. then the IRS requires tax returns to be filed as well, but there is a tax treaty where you are not taxed twice on the same income, but you must file in both countries this is my understanding and how I have done it, but I am not a tax expert so my disclaimer is that the above is only my opinion and should not be taken as legal or taxation advice __________________ __________________ Looking for a custom TUBE SCRIPT that supports massive traffic, load balancing, billing support, and h264 encoding? Hit up Konrad! Looking for designs for your websites or custom tubesite design? Hit up Zuzana Designs Check out the #1 WordPress SEO Plugin: CyberSEO Suite

12-20-2008, 01:00 AM	#5
d-null . . . Industry Role: Join Date: Apr 2007 Location: NY Posts: 13,724	did you get it worked out? __________________ __________________ Looking for a custom TUBE SCRIPT that supports massive traffic, load balancing, billing support, and h264 encoding? Hit up Konrad! Looking for designs for your websites or custom tubesite design? Hit up Zuzana Designs Check out the #1 WordPress SEO Plugin: CyberSEO Suite

12-20-2008, 03:34 AM	#6
grumpy Too lazy to set a custom title Join Date: Jan 2002 Location: Holland Posts: 9,870	you only pay tax in the country where you made the money. You can only be taxed once on income no matter where you transfer your money to. __________________ Don't let greediness blur your vision \| You gotta let some shit slide icq - 441-456-888

12-15-2008, 12:10 PM	#2
Agent 488 Registered User Industry Role: Join Date: Feb 2006 Posts: 22,511	http://www.howlandtax.com/articles/foreign.htm