Top Things to know Before Moving to Canada

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Top Things to know Before Moving to Canada
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Canada is a top immigration destination for
people across the world both from developing and
developed countries. There are many positive
sides to immigrating to Canada. One of the areas
where all the new immigrants dread while coming
to Canada is Income Taxes! Yes, individual
income taxes or personal income taxes, are
extremely high in Canada as compared to the
neighbouring United States. This is even higher
for those coming from the middle eastern
countries with no income taxes at all. So if you
are moving from a country where there are no
income taxes such as the United Arab Emirates or
other gulf countries, you must prepare yourself
to start paying income taxes.
You can take a couple of steps before immigrating
to Canada such as

• Establish your date of change of residency. Tax
  residency and immigration residency are two
  different things.
• 2. Try to realize Capital gains before the date
  of immigration. If not, arrange for the fair
  market value of all of your assets as of the date
  of immigration.

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3. If you are doing a soft landing, do not apply
for a health card or drivers license. 4. Do you
have retirement plans in the country you are
leaving? Maintaining them may have tax
implications in the future. For example, if your
employer is contributing to them, it may restrict
your ability to contribute to RRSPs. A quick
list of tax tips for new immigrants can be found
here in this post written by a Toronto based CPA
firm.It may sound overwhelming when considering
different income streams to maintain while
immigrating to Canada. If you have a substantial
foreign income on which you are not used to
paying income taxes in your current country, you
might be shocked by how much tax you will have to
pay in Canada. Canada taxes its residents on the
worldwide income. The best way to approach this
to seek professional income tax advice in Canada
and request a planner income tax return. A
planner income tax return runs multiple
simulations for different tax scenarios and can
be a helpful tool in personal income tax planning.
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