March 3, 2008
Income earned abroad is taxable
The Canada Revenue Agency (CRA) has provided a tax alert on its web site reminding Canadian taxpayers that they must report their worldwide income from all sources, both inside and outside Canada.
The tax alert warns Canadians about tax havens for the purpose of tax avoidance and evasion -- and the serious consequences for not reporting income.
Did you know that under Foreign property ownership reporting rules you have to report foreign property with a total cost of more than $100,000 CDN on your tax filing.
For more information on this tax alert, see:
http://www.cra-arc.gc.ca/newsroom/alerts/2008/a080228-e.html
Posted by Taxes.ca Editorial Team [permalink]
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