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 #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 (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 #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 […]
Australia Expat Tax Tip 2 – Common Mistakes Australian Expats Make
When you’re an Australian expat, even small missteps can cause big tax headaches with the ATO. Here are the most common mistakes to avoid: 1️⃣ Assuming You’re Automatically a Non-Resident Many Aussies think leaving the country is enough to lose tax residency.🚩 Wrong: The Resides Test, Domicile Test, and 183-Day Test still apply.If you maintain […]
Canada Expat Tax Tip 2 – Common Mistakes Canadian Expats Make
Moving abroad doesn’t free you from the CRA’s radar. Many Canadians run into tax problems because of these avoidable mistakes: 1️⃣ Assuming You’ve Cut Ties AutomaticallyLeaving Canada doesn’t automatically make you a non-resident.🚩 The CRA looks at ties like: Home in Canada Spouse/children who remain Bank accounts or provincial health coverage👉 Details: Leaving Canada (emigrants) […]
Australia Expat Tax Tip 1 – Understanding Australian Tax Residency
Understanding tax residency is the first and most crucial step if you live abroad as an Australian. Your residency status with the ATO decides which income gets taxed, where, and on what basis. What Is Tax Residency in Australia? It’s legally determined by whether you “reside” in Australia — not just your visa […]
Canada Expat Tax Tip 1 – Understanding Canadian Tax Residency
If you’re a Canadian living abroad (or planning to), figuring out your residency status with the CRA is essential. It determines what income you must report, and whether you’re taxed on global earnings or just Canadian-source. What Is Tax Residency in Canada? CRA looks at residency status using several categories: factual resident, deemed […]
English