Reasons You Should Hire An International Tax Consultant in Toronto

Do you need an international consultant in Canada? 

Over the last 20 years, tax law has become increasingly complex. Not only do we need to take into consideration provincial and national tax laws. On many occasions, we also need to consider international tax laws. 

For instance, what happens when you are a Canadian resident but has inherited a home abroad? Are you liable for inheritance tax in one country or two countries? 

Your international tax accountant Toronto can help you to make sure you pay the inheritance tax in accordance with international laws. The problem is that inheritance tax laws vary from country to country. Often it depends on what tax agreement Canada has with a country. 

International Tax Consultancy For Canadian Residents

Many Canadians presume that international tax laws don’t apply when they inherit a family member living abroad. 

Yes, it is easy to presume that only Canadian tax applies to an international legacy or inheritance. 

However, when money moves across international borders, many laws come into play. 

It is both easy to overpay and underpay. 

So, if a relative of yours passed away in Spain and left you their Spanish villa, what should you do? 

Before you decide to sell it or keep it, you should always consultant an accountant who is qualified in international tax and inheritance law. The first thing you may have to do is to tell Canadian authorities that you have inherited a home abroad. 

Trading Outside of Canada

Thanks to Internet, many Canadian companies now trade all over the world. 

We often assume that these are large organisations. But, that is not always the case. 

There has been a quantum shift in the way we do business. JTT Accounting in Toronto is increasingly meeting up with company owners who are confused about their business’s tax status. 

What do you do when you run a business that ships its good from China directly to a third party country such as France? Where should you pay tax? 

Could you avoid Canadian tax by setting up a company in France? If so, what happens to your drawings or salary as a company director? 

The way we do business is now so complicated that it is best to get it right from the start. 

JTT Accounting can help you. 

At the end of the day, when it comes to international tax law, it is important to realise that one size does not fit all.

Larger global corporations have had to navigate international tax law for a long time. Now, smaller companies are having to do the same. It is a matter of being ready and prepared. 

I Work On A Cruise Ship – Where Do I Pay Tax? 

It is not only companies that are affected by international tax law. 

The way we work has changed beyond all recognition as well. You may find yourself working on a cruise ship for part of the year. 

When the cruise ship company is registered in the Bahamas, where are you going to pay tax? 

The cruise ship company that you work for is probably telling you that you don’t have to pay tax. Is that true? 

Once again, tax law relating to cruise ship workers is not black and white. It all depends on how many months per year you spend outside of Canada. Also, are payments made into a Canadian bank account or have you been encouraged to set up an off-shore bank account? 

Off Shore Bank Accounts

Not every jurisdiction outside of Canada is considered as an off-shore jurisdiction. 

Maybe you are working for an energy company that has its headquarters in the United States. 

You spend part of the year working off-shore in Alaska or the Gulf of Mexico. When you find yourself in this situation, you need to resolve where you are going to pay your tax. 

Should you file your tax return in the United States or in Canada if your wages are paid into a Canadian bank? 

Dealing with off shore banking quickly becomes complicated. It is even more complicated when you have a mortgage or pension plan with an off-shore bank. 

Maybe you are not liable for Canadian tax at the moment. But, have you thought about what happens when you want to move back to Canada? 

Can you just “import” your money to Canada without paying any tax? 

Filling In Forms

One thing is for sure, when it comes to international tax law, two things are essential. 

Number one, you need to be able to prove that you are not liable for tax in Canada. That means that if you are spending part of the year working in France or Switzerland, you must prove that you are a legal resident of that country. 

If you are a legal resident of a foreign country and spend a certain amount of time there, you should probably pay your taxes in that country. 

Form filling is another issue that you need to pay attention to. Even though you are not resident in Canada, you may have to fill in forms when you have assets in Canada. 

Maybe you still have a home in Canada and renting it out? When that is the case, it is good to have an international tax consultant on board. 

Investing In Canada or Thinking About Taking Up A Job Offer in Canada? 

Investing in Canada is popular. You may be thinking about investing in Canadian stock and shares. 

Or, you may even be thinking about moving to Toronto and starting your own business. Many living abroad see Canada as a safe option. 

Compared to many other countries, Canada has a rather low crime rate. When you work in Canada and contribute to the health system, you can also enjoy an excellent standard of health care. 

Before you pack your bags, it is best to speak to an international accountant Toronto. Here are JTT, we have a specialist who can help you with all of your tax planning needs when you are thinking about moving to Canada. 

The move is one thing, but it is also good to know how you can plan for your taxes once you are in Canada. 

Our International Partners

It goes without saying that JTT Accounting Services can’t do all of this on our own. 

Thanks to our many years of business and trading (and accounting) experience, we have been able to build up a network of the best global partners right across the world. 

When we need advice, we know that we have a reliable network of the best international accounting partners that we can contact. 

Not only is it important to get accounting matters right. When you deal with international financial issues, you also need to follow legal guidelines. 

You can trust the international team of experts at JTT Accounting to get it right. We both double and triple check that we get your international matters tax matter right.

This is a brief list of the services we offer:

  • US Tax for Canadian Citizens
  • Tax advice for US nationals working in Canada
  • International Commercial Law
  • Offshore banking and investment
  • Tax saving advice
  • International Inheritance Tax
  • Foreign Tax Credits
  • Setting up Canadian companies
  • Bank accounts

If you can’t see what you are looking for, please get in touch. And yes, you can contract our international tax consultant experts from abroad. Just send us an email. We will get back in touch. 

Final Thoughts

When you would like more information on any of the services we offer at JTT Accouting, please feel free to give us a call. You can also send us an email or fill in the contact form. 

Our international tax consultant team will get back to you as soon as possible.