Is there a restriction in the amount of tax deductions I can claim?
I am considering making an investment which should pay for itself, after downpayment, through tax refunds by increasing my tax deductions. Am I allowed to reduce my tax payable to zero, or is there a minimum income tax payable in Canada?
Yes, Canada has AMT (alternative minimum tax). The calculation is complicated, but computers do it well.
You should ask your investment advisor to calculate the maximum amount you can invest without attracting AMT.
What income do you have to earn to be considered rich?
If you earn more than $100,000 annually? If both partners earn $200,000+ together annually is this a comfortable income to live in Canada? If you both aren’t frivolous spenders, invest wisely and save your money is this a comfortable earning? To me that is plenty.
It depends on who you’re asking. If you ask someone with more money than you, you’re poor. If you ask someone with less money than you, you’re rich. To me $200,000+ is incredibly rich. But I live comfortably (or comfortably enough) on ~$20,000 a year.
What was Canada like during the Great Depression?
How did Canada‘s place in the international community (and especially relation to Britain) change during the interwar years (Between 1920′s to the beginning of WW2) Please help!
After WW1 Britain was greatly affected in the negative. To make this a positive, it pumped a lot of money in the markets. Unfortunately US who could not counter this competition, fell behind; Its economy crashed.
Now Canada had just opened their economy to the world and were mainly reliant on US for their prosperity. After the crash, investors stopped investing in Canada. Canada’s economy also suffered. Banks had gone bankrupt. Employers set off workers. Ppl lost jobs. Their purchasing power decreased due to no income or very low income. Disparities showed and Chaos was everywhere. Also Canada’s govt intervened in the economy. It privatized some public industries.
Canada suffered. Then in WW2 Canada joined. And The Europeans demanded material for war in higher quantities. Canada supplied them. This gave a rise to industrial activity in Canada and then Canada slowly established its economy to a better level.
Hope this helps and Best of Wishes!
Does anybody know the price range for a nice apartment in Canada?
I’m hoping to hear answers from people in Canada or ex Canada residents. Is it cheaper to live in Canada? Or is it cheaper in America? I’m wanting to relocate.
Unless you are a Canadian citizen, you can’t just relocate. Americans can visit Canada for a maximum of 180 days without a visa and may not attend school, work, or look for work without an appropriate visa.
In order to work in Canada (even temporary) you require a work permit. That requires a job offer from a Canadian company which has permission to hire foreign workers. Permission is only given in highly skilled professions (doctors, engineers, nurses, specialized trades, etc.) or highly temporary jobs (seasonal farm workers, remote ski resorts, off-season hotels, etc.). Finding such a job offer, even for skilled workers, can take years. If you are a skilled doctor, nurse, or engineer, etc. … You don’t have to worry about the cost of an apartment. Your income will easily cover it. Work permits are temporary, lasting a few years or until your job offer ends.
In order to stay permanently you need to obtain permanent residency. This is even harder to obtain. You need to either: marry a Canadian willing to sponsor you; skilled job offer in specific professions and then complete for one of 10,000 positions each year; net worth of $1.6M and invest $800k in Canada; complete certain university degrees in Canada and then obtain a job offer shortly after graduating; be nominated by one of the provinces (doctor willing to work in a remote community, buy/run a farm, world class performing artist, etc.). Processing times, even if you manage to qualify, are three or more years.
Apartment costs vary wildly by city. A one bedroom apartment ranges from an average of $470 (Quebec City) to $890 (Vancouver) with individual prices all over the map. Living costs in Canada are about 25% higher than in the United States — with taxes, gas, realty, food, etc. All being significantly higher. Incomes are slightly higher (10% or so, but varies by job a lot) and health care and education costs are noticeably lower. US standard of living is slightly higher than Canada and disposable income is higher (despite health care and education), although net wealth is considerably lower due to high US personal debt ratios, low savings rates, and lower value of realty.
What is involved in a US citizen immigrating to Canada?
If I sell my property in the US, pay all the capital gains taxes on it and buy a place in Canada, what’s involved?
Is there a tax or problem moving my money out of the US or into Canada?
Do pursue citizenship or can I stay as a resident alien? Or will they tell me to head back to the US at some point?
Thanks in advance
Americans are free to purchase property in Canada. However, purchasing property does not allow you to live or work in Canada. Americans are free to visit for a maximum of 180 days each year. Visitors may not attend school, work, or look for work in Canada, nor can you obtain a driver’s license, social insurance number, open a bank account, apply for health insurance, etc., etc.
In order to stay temporary in Canada, you would need either a study permit, work permit, or permanent residency. Permanent residency requires meeting specific requirements such as: marrying a Canadian; having a net worth of $1.6M and investing $800k in Canada; obtaining a skilled job offer from a Canadian company in specific professions and then competing based on age, language, education, work experience, etc. For one of 10,000 positions each year; complete certain university degrees in Canada and find work in your profession shortly after graduating; be nominated by one of the provinces (doctor willing to work in a remote community, willing to buy/run a farm in certain provinces, world class performing artist, etc.) You must pass medical, background, and financial checks. Processing times in most categories are three or more years.
You can retain your permanent residency status by remaining in Canada for a minimum of two years out of the past five years. Citizenship requires that you live in Canada at a permanent resident for a minimum of three years.
If you are found in Canada after 180 days without a valid visa, or you attempt to find employment without a visa you’ll be deported and banned from the country.
All American citizens are required to submit US income tax returns and report income earned outside the United States. This is subject to US income taxes (although at lower rates). You’ll be taxed twice.
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