Departure Tax – Becoming a Non-Resident of Canada

Canada levies tax on the basis of an individual’s residency.  Generally, an individual is subject to Canadian tax on his/her worldwide income if he/she is a resident of Canada.  The residency status of an individual is a question of fact to be determined by taking into account all of the circumstances of the individual.  The most important factor in determining …

Enhanced Disclosure Required For Family Trusts Beginning in 2021

In February 2018, the federal government tabled its annual budget, which contained proposals to require certain trusts to file T3 Trust Income Tax and Information Returns (T3 returns) and to provide certain information with respect to the trust’s settlor(s), trustees, beneficiaries and protectors.  On July 27, 2018, draft legislation was released which would give effect to this proposal. The changes …