2016 Checklist for Corporations & Shareholders Year End Taxes As the calendar year-end approaches, taxpayers have a few more weeks to organize their financial affairs. All financial transactions affecting the 2016 tax year will have a December 31, 2016 cutoff, with the exception of the RRSP contributions, which allow for an extra 60 days after year-end for contributions that will count
As a non-resident, a little bit of extra tax planning is required when selling Canadian real estate. The 25% Withholding Tax The CRA requires that the purchaser withhold 25% of the gross sale amount from a non-resident. (Note that the 25% of the gross sale proceeds withheld would normally be in the seller’s lawyer’s trust account, and this individual has
Canadians moving abroad have the option to either continue maintaining their residential ties to Canada or sever them (or most of them) completely. By continuing ties, the obligation to pay Canadian taxes will continue. Similarly, if a Canadian plans to not pay taxes on income earned outside of Canada, they must sever ties with Canada so that they’re no longer
MEW and COMPANY
Chartered Professional Accountants
Suite 418–788 Beatty St. Vancouver, BC V6B 2M1
Tel: 604 688 9198 | Fax: 604 688 9192
Suite 418–788 Beatty St.
Vancouver, BC V6B 2M1
Tel:604 688 9198
Fax: 604 688 9192
Lilly Woo, CPA, CA, CFE, CFP (ext. 1)
Richard Mew, CPA, CA, CFP (ext. 2)
For everything from consultation to a comprehensive corporate tax plan, call us, we’re here to help. Whether you’re an incorporated Canadian business or a Canadian individual, whether you need financial statements or a comprehensive tax and estate plan, we know how to work within the current Canadian tax laws to minimize your tax burden and maximize your net worth
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