Hi,
I am a Canadian PR living in Canada. What are the tax implications of any profits over investments I make in a foreign country (non- US) when I decide to bring the investment(with profits) back to Canada?
Would this differ for US investments?
Thanks
Tax on foreign investment income
Moderator: Mark T Serbinski CA CPA
There is no such thing as 'bringing back' profits to Canada or US. Profits earned ANYWHERE are taxable in your country of residence REGRDLESS of where they are earned or where you keep the money.
You cannot hide money. It is illegal.
You cannot hide money. It is illegal.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
...you could also have taxobligation in your country of citizenship, if, like for example US, your home country taxes you regardless of where you live.
I have seen to many posts where people mistakenly think that they aren't taxed in Canada or US unless they 'bring the money' into the country. This is a misconception.
I have seen to many posts where people mistakenly think that they aren't taxed in Canada or US unless they 'bring the money' into the country. This is a misconception.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing