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Determining tax residency in Canada involves assessing your residential ties, including having a home, spouse, or dependents in the country. Residential ties, personal property ownership, and social connections also plays a role. If you spend 183 days or more in Canada in a tax year, you are generally considered a resident. However, it’s recommended to seek advice from a tax professional or the Canada Revenue Agency for a personalized assessment based on your specific situation.
All sources of income, including employment earnings, business profits, capital gains, rental income, and foreign income, are subject to taxation in Canada.
In Canada, 50% of your capital gains are taxed. The amount of the capital gains will be added to your other sources of income. The tax percentage will be applied on your total income.
Taxpayers in Canada may be eligible for various deductions, including those for medical expenses, charitable donations, education expenses, and employment-related expenses, depending on their individual circumstances.
- Employment income, self employment income.
- Pension income.
- Foreign income.
- EI – Employment Insurance.
- Rental income, investments, dividends.
- CCB – Canada Child Benefit.
- GST Credit.
- Ontario Trillium Benefit.
- Climate Action Incentive.
- Worker’s compensation and social assistance.
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