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Becoming Tax Exile In Canada
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Income tax is the way most of the countries collect revenue for the government. When you want to stop paying the income tax in any county, then you should leave the country. For instance, if you want to stop paying income taxes in Canada, then you should be exiled from the country. However, if you do not wish to move out of the country, then you need not worry. When you think that becoming tax exile or leaving the country is a very easy option, you need to know that this is not as easy as you think. When you want to be an income tax exile, the Canadian rules are strict. They have clauses that check various features. You need to meet these clauses before you want to become an income tax exile. The Canadian income tax department works by the NR 73 Form, which you need to be aware of, if you are planning to become an income tax exile.
When you want to be an income exile in this tax haven, then you would be questioned about your income tax eligibility in the new resident country. There are even many ways that tell you how to stay away from paying income tax in Canada. There are also books that tell you take the money earned in Canada and move to a different country and stay away from paying income tax in Canada. The country considers anybody who has no entity to pay the income tax, you would be considered a factual resident of Canada. In such cases, you would not be able to receive any services of Canadian country. This is very clear that the residents pay a tax and receive the services, only when he or she is bound to offer the country something.
When you are not in Canada and have moved out of the country and if you receive the CRA form, then you need to know that filling up the CRA form can actually trap you. So, what should you do if you get the CRA form? Simple, do not fill the form. You can get back to Canada and set things right. Of course, you can explain in detail and there are ways out. This is because if you are just migrating for a short time, the tax process can be tiresome. You would be charged a lot and much more hassles are associated.
When you are migrating out of this country, there are few things you need to do. Talk with a tax professional, and check if you need to pay the income tax in the given scenario. You can get the entire details of the income tax for the tax payers. Take some time and finish reading it. You can find all relevant information without fail. There are income tax professionals who can help you in this regard. Contact a reputed professional and see what you can do about the CRA form when you are not in the country. You can find loads of information online.
Ken Donaldson is a chartered accountant who practices as an independent tax specialists. He also author of canadian income tax, in this article he provides tax haven tips. For more information you can visit Taxca.com.
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