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You might have two or three options available when you leave a pension plan It s quite common to take the commuted value of the plan when this is an option Consider setting up an IPP if you will be running a business This may allow a tax-free transfer of your commuted value to the new plan Speak to a tax pro who is experienced in IPPs to set this plan in motion
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With careful planning, you can look forward to a golden future And the sooner you start your plan in motion, the brighter your nancial picture will be Turn now to the Tax Planning Tip Sheet at the front of the book and review the strategies that you read about in 6 Check Yes or Not Sure for each strategy that you are willing to consider implementing When you re nished this book, take your Tip Sheet to a tax professional for more information or help in implementing the strategies
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American League Rules: United States Connections
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In the United States you might get away with murder, but never tax evasion Just ask Al Capone
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tepping up to the plate when it comes to dealing with the US tax system is going to take a keen eye And, like Canadian tax law, the US tax system can throw you a wicked knuckle ball when you
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least expect it With some helpful tips from this chapter, and a little planning and preparation, you ll have the tools needed to beat the tax collector in the US This chapter will speak to Canadians who invest in the US, as well as snowbirds, part-time US residents, and others with US connections If you re a citizen of the US, these rules may not apply to you a visit to a tax pro is important
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1 0 1 Ta x S e c r e t s F o r C a n a d i a n s
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Did You Know
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On March 31, 1931, gangster Al Capone was convicted of tax evasion in the US for sidestepping $251,74893 in taxes He was never convicted of murder Just goes to show you might get away with murder, but don t mess with the tax collector!
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Reporting Your US Income
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Tim s Tip 87: Claim a foreign tax credit when you ve paid withholding taxes to Uncle Sam
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The fact is, certain types of income received from US sources are subject to taxes in the US If you live in Canada, these taxes usually take the form of withholding taxes of 5 to 30 percent, payable to the Internal
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Revenue Service (IRS) For the most part, Canadian residents won t find any advantage to earning US source income from a tax point of view Here s why: You ll have to report the full amount of your US income on your Canadian tax return since Canadian residents are taxed in Canada on worldwide income But the story s not over You ll be entitled to claim a foreign tax credit on Schedule 1 of your Canadian tax return for any US or other foreign taxes paid This credit prevents a double-tax problem where you re paying tax on the same income in more than one country Seems fair, doesn t it Here s the bottom line: You ll end up paying tax at Canadian tax rates, but you ll send a portion of the tax to the IRS (the withholding tax) and the rest to CRA A variety of income types give rise to a foreign tax credit Let s take a look at the most common sources
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Interest Income
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Interest income earned on bonds or other debt instruments will attract a 10-percent withholding tax that will be collected by the company that pays the interest The major exception to this rule is interest earned on deposits in US banks This interest is generally tax-free if paid to a non-resident If your US bank has been withholding tax at source, give them a completed Certificate of Foreign Status (which they should be able to provide) to avoid those withholdings There s no need
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