Presentation: Tax tips for new immigrants

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Presentation: Tax tips for new immigrants


As a new resident to Canada, you could have some tax concerns if you have foreign wealth.


If you have a foreign trust, depending on the country of residence, you could be hit with a huge tax bill if you try to make that trust resident in Canada. Or, doing so might actually save you money.

So it’s important to understand the rules.


One idea is to establish an inbound trust. This lets a Canadian non-resident transfer the gift or inheritance directly to that trust, with the Canadian resident as a beneficiary.


How does this help? The income and gains earned in the trust accumulate on a tax-free basis.


Another tax-saving strategy? If you’re married, consider establishing a spousal loan in order to split income.

Courtesy of © 2018 Transcontinental Media G.P. These materials are for reference and guidelines only. You are responsible for the advice you give your clients.