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Email this2:49 am
September 17, 2022
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Hi,
I'm a Canadian, living in Quebec. I only pay taxes in Canada but I am thinking about becoming a partner in a British registered company. According to the Canadian government website, the personal income tax allowance is only applicable if at least 90% of your income comes from Canada. If more than 10% of your income is "global income" then you are no longer eligible for the personal income allowance. My question is, since I live in Canada and only pay tax in Canada, does the fact that I would be a partner in a foreign company (and more than 10% of my income would come from this company), prevent me from being able to enjoy the personal allowance? Thanks in advance.
9:01 am
February 7, 2019
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I don't know what the answer is but in my opinion you need to seek professional advice for this ...
| CGO |
9:09 am
April 6, 2013
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Never seen a requirement that 90% of world income must be from Canada to claim the non-refundable tax credits from things like the basic personal amount.
There's no such requirement for Canadian residents. I think you're looking at CRA material for non-residents.
12:17 pm
October 21, 2013
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It's not clear what you mean by the "personal income tax allowance". You may or may not be referring to the "Basic personal amount" that Norman has described.
If you do this, you will be needing an accountant who deals in international. Find one, ask their advice, before proceeding. Don't rely on anything you are told on phone by CRA.
4:27 pm
September 11, 2013
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Also you will need to be more precise about your ownership interest, i.e. you say you are going to be a partner in a foreign company, but you can't be a partner of a corporation, corporations are owned by shareholders (who in turn could be individuals, other corporations or partnerships, etc). So whether you are a shareholder of a corporation or a partner of a partnership is what you need to have clear in your mind from the get-go.
10:48 am
September 17, 2022
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Norman1 said
Never seen a requirement that 90% of world income must be from Canada to claim the non-refundable tax credits from things like the basic personal amount.There's no such requirement for Canadian residents. I think you're looking at CRA material for non-residents.
Aaaah. Thank you. It looks like I've been reading the wrong section of the CRA website. Thank you for pointing this out. As others have said, I think I need to speak to an accountant to get specific advise for my situation. Thanks everyone for the advice.
12:48 pm
April 19, 2019
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Sounds like not a big overseas investment if personal allowance amount tax savings is your goal.
So, this raises the question, what kind of overseas investment - in small amount - is worth investing I wonder? Hope you are not being pulled into a pyramid scheme or something similar. Maybe tell us to learn as well.
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