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Offshore Tax Planning And Non-resident Taxation
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If a Canadian Citizen wants to save tax, then offshore tax planning is the best option where he can save his tax by making the investment in offshore which will lead to saving of money and increasing the investment which is not possible for the person living in his own country because they have to pay tax for the same.
What is offshore tax planning?
Offshore tax Planning gives the opportunity to the Canadian citizens who are working abroad. This facility is not possible for the people who are living in Canada. If the people working aboard indulge in investment part they will be having the great feature of saving tax along with applying them in many fields with the help of the management. Off shore is considered the best option as it will give the opportunity to the people that they can save and invest without paying any tax.
Off shore investment also provides the benefit to the customers at the time when person is returning to Canada after completion of the job. They will manage the assets in the better and efficient way. Offshore tax Planning is the best option as a person can make the best deal in investment part and manage it from anywhere in the world as they don’t want to pay the tax for the same. Apart from that, they can also increase the share of the investment as all are tax free.
Benefits of Offshore tax planning
Some of the main benefits of offshore tax planning are that person can increase the large share of investment as they don’t have to pay any extra amount as tax on these investments and they can easily maintain and control them by living in any location. Offshore tax planning is stable as the person indulge in investment are having more security in this field. Investments in offshore will give the best credit rating to the country along with facing the high regulation in financial market. Because of this feature most of the people preferred to have offshore investments.
Taxes for non-residents
Taxes are paid in the form of money which is levied on property, income and other taxes. It is important for an individual who is residing in Canada to pay the tax but the person who is coming for abroad has special conditions with regards in paying taxes. There are some rules for taxation for non-residents which will include:-
Non-resident taxation will allow the person not to pay any tax living in other country apart from that they can also take part in investment activities like buying the pension policies along with life insurance policies in which they will able to save the large amount of tax. They can also save their tax by buying some special policies like health policies for them or for their families and claim the deductions per year. Thus investment in offshore and investment in Canada by non-resident is very useful as they will able to save big amount of tax which will aid in their savings.
Josep Guardiola is a non-resident taxation specialists. He also author of tax treaties, in this article he provides Offshore tax planning tips. For more information you can visit Taxca.com.
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