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| Name | How To Claim Foreign Money On Your Taxes | CloudTax Tax Tips |
| Video Uploader | Video From CloudTax |
| Upload Date | This Video Uploaded At 08-02-2019 07:40:51 |
| Video Discription | Have you earned money in another country and are you worried about paying double taxes? We are here to help individuals earning income in another country from being taxed twice. You may be able to claim the Federal foreign tax credit if you paid foreign taxes on income you received from outside of Canada. To claim your tax credit, you are required to disclose the country where you earned the income, and your profits, losses and gains. If you have earned income in more than one country, you need to submit a separate foreign income tax credit form for each country. Likewise, if you have business income and non-business income from foreign countries, this needs to be submitted using separate forms. Foreign income and foreign taxes must be converted to Canadian dollars. You should use the Bank of Canada exchange rate in effect on the day you received these amounts. The amount of foreign income tax you claim is equal to the amount of Canadian income tax you would otherwise pay on the foreign income. If a tax treaty with the foreign country exists, you are not eligible for the tax credit. The purpose of the tax treaties is to avoid double taxation and to prevent tax evasion on foreign earned income. For example, if you are a Canadian resident and worked in the United States during the tax year, and if you paid taxes in the US, you can deduct the taxes that you paid in your Canadian tax return. However, you have to include the income that you earned while you were in US as well. ****** If you liked this video, please hit ๐ฅ๐ข๐ค๐, click ๐ฌ๐ฎ๐ฌ๐๐ซ๐ข๐๐, & feel free to ๐ฌ๐ก๐๐ซ๐! For more information about this and other tax topics, please visit www.cloudtax.ca ๐ ๐1 888-953-2112 ๐ ๐จ๐ฅ๐ฅ๐จ๐ฐ ๐๐ฅ๐จ๐ฎ๐๐๐๐ฑ: Instagram: https://www.instagram.com/cloudtaxcanada/ Facebook: https://www.facebook.com/CloudTaxApp/ Twitter: https://twitter.com/cloudtaxcanada Thanks for watching and being awesome! Remember, weโre always here to help you with your taxes! ๐ ๐ข๐ฅ๐ ๐๐จ๐ฎ๐ซ ๐๐๐ฑ๐๐ฌ ๐ ๐จ๐ซ ๐ ๐ซ๐๐ ๐๐ข๐ญ๐ก ๐๐ฅ๐จ๐ฎ๐๐๐๐ฑ! |
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