On becoming a resident of Canada, an individual’s world income is automatically subjected to Canadian tax. However, there is a specific exception, when an immigration trust is used to hold foreign investment assets. For many years, Canada has been a tax haven for high net worth individuals who chose to immigrate to Canada through the establishment of so-called “immigration trusts”.

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Systems of taxation vary among countries, making generalization difficult. Specifics are intended as examples, and relate to particular countries and not broadly recognized multinational rules. Taxes may be levied on varying measures of income, including but not limited to net income under local accounting concepts, gross receipts, gross margins (sales less costs of sale), or specific categories of receipts less specific categories of reductions.

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Collection of income tax by the concerned tax department is a common practice in almost all the countries and it is a way of generating

revenue for the Government to carry out various infrastructure projects, developing rural places of the country and improving the country’s economy. In order to

generate this revenue, every country will collect taxes from the citizens residing and working in a country depending on their profits and incomes. Income tax is
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Canada is a country where there is no estate tax and this may sound great from the outside, but then what many don’t realize is that

there is a deemed disposition tax in Canada which is very similar to estate tax. This is a tax that is applied by the Canada Revenue Agency after you die and is a

liability that will have to be dealt with. This can be a problem for many, but then there are ways to get this sorted out by
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As in many other countries, non-residents in Canada are also subjected to taxation and they will have to pay taxes for the income that they generate from sources that are within Canada. The Canadian non-resident taxation policies can be a bit confusing for people as there are a lot of different rules in the taxation laws and if you are not aware of the terms that are used typically in taxation, then you
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