Expat Tax Tip #7 (Canada) — Declaring Foreign Bank Accounts & Assets
Do Canadians Abroad Need to Report Foreign Assets? Yes — if you’re a Canadian tax resident and own foreign property worth more than CAD 100,000, you must report it annually using Form T1135 (Foreign Income Verification Statement). 👉 Official CRA info:https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1135.html 1️⃣ You have a bank account in Hong Kong and a rental apartment in […]
Expat Tax Tip #7 (Australia) — Reporting Overseas Bank Accounts & Investments
Do Aussie Expats Need to Report Foreign Accounts? Yes. If you’re an Australian tax resident, you must declare income earned from all overseas bank accounts, shares, or investments — even if the money never comes to Australia. 👉 Official ATO reference:https://www.ato.gov.au/individuals-and-families/international-tax-for-individuals/income-you-must-declare/foreign-income 💡 Key Points for Expats 🔗 ATO currency converter tool:https://www.ato.gov.au/rates/foreign-exchange-rates ⚖️ Examples […]
Expat Tax Tip #6 (Canada) – Declaring Foreign Income & Double Tax Relief
What Canadian Expats Often Miss: If you’re a Canadian tax resident, the CRA requires you to declare your worldwide income — even if that income was already taxed abroad. 👉 CRA official info: https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents.html 💡 Key Points for Expats 🔗 CRA Tax Treaty List:https://www.canada.ca/en/department-finance/programs/tax-policy/tax-treaties.html ⚖️ Examples 1️⃣ You move to Australia mid-year and […]
Expat Tax Tip #6 (Australia) — Declaring Foreign Income & Avoiding Double Tax
If you’re still an Australian tax resident, you must declare your worldwide income — even if you earned it overseas and already paid tax abroad. 👉 Official ATO source:Australian resident foreign and worldwide income | Australian Taxation Office 💡 Key Points for Expats ⚖️ Examples 1️⃣ You live in Singapore but remain an Australian […]
Expat Tax Tip #5 (Canada) — RRSP, TFSA & Pension Rules for Canadians Abroad
If you’re a Canadian expat, your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA) stay in Canada — but how they’re taxed depends on your residency status and where you move. 👉 Official CRA info on RRSPs and TFSAs abroad: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans.htmlhttps://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account.html 💡 Key Points for Expats ⚖️ Residency & Tax Treatment 🔗 […]
Expat Tax Tip #5 (Australia) – Superannuation Rules for Aussies Abroad
If you’re an Australian expat, your superannuation remains in Australia — but how it’s taxed depends on your residency status and what you do with it. 👉 Official ATO info on super for expats: https://www.ato.gov.au/individuals-and-families/super-for-individuals/super-for-people-living-overseas/ 💡 Key Points for Expats Keep or consolidate your super: You can keep your account active with your existing […]
Canada Expat Tax Tip #4 – Don’t Forget to Declare Rental Property Abroad
Many Canadians think moving overseas means their foreign or Canadian rental income is off CRA’s radar.Not so fast — the Canada Revenue Agency (CRA) still expects you to report rent earned from any property you own worldwide while you remain a Canadian tax resident. 👉 Official CRA reference:Rental Income – Canada.ca 💡 Who Needs to […]
Australia Expat Tax Tip #4 – Don’t Forget to Declare Rental Property Abroad
Many Aussie expats assume that once they move overseas, rent from their foreign property doesn’t concern the Australian Taxation Office (ATO).Not quite! If you’re still considered an Australian tax resident, you must declare worldwide income, including rent from investment properties outside Australia. 👉 Official ATO reference:Rental Properties and Foreign Income | ATO 💡 Who Needs […]
Canada Expat Tax Tip #3 – Departure Tax & CGT Rules When Selling Property Abroad
💡 What Is Departure Tax (Deemed Disposition)? When you leave Canada permanently, the Canada Revenue Agency (CRA) treats you as if you sold most of your assets on the day you leave — even if you didn’t actually sell them.This is called a deemed disposition, and it triggers departure tax, a form of capital gains […]
Australia Expat Tax Tip #3 – CGT Rules When Selling Australian Property Abroad
💡 What Is CGT for Australian Expats? Capital Gains Tax (CGT) applies when you sell certain assets — including property — and make a profit.For Australian expats, CGT can still apply even after leaving the country. 👉 Under the Australian Taxation Office’s CGT rules, property located in Australia is always considered “taxable Australian property.”That […]
English