If a
Canadian Citizen wants to save tax, then offshore tax planning is the
best option where he can save his tax by making the investment in
offshore which will lead to saving of money and increasing the
investment which is not possible for the person living in his own
country because they have to pay tax for the same.
What is offshore tax planning?
Offshore tax Planning gives
the opportunity to the Canadian citizens who are working abroad. This
facility is not possible for the people who are living in Canada. If the
people working aboard indulge in investment part they will be having
the great feature of saving tax along with applying them in many fields
with the help of the management. Off shore is considered the best option
as it will give the opportunity to the people that they can save and
invest without paying any tax.
Off
shore investment also provides the benefit to the customers at the time
when person is returning to Canada after completion of the job. They
will manage the assets in the better and efficient way. Offshore tax Planning is
the best option as a person can make the best deal in investment part
and manage it from anywhere in the world as they don’t want to pay the
tax for the same. Apart from that, they can also increase the share of the investment as all are tax free.
Benefits of Offshore tax planning
Some of
the main benefits of offshore tax planning are that person can increase
the large share of investment as they don’t have to pay any extra
amount as tax on these investments and they can easily maintain and
control them by living in any location. Offshore tax planning is stable
as the person indulge in investment are having more security in this
field. Investments in offshore will give the best credit rating to the
country along with facing the high regulation in financial market.
Because of this feature most of the people preferred to have offshore
investments.
Taxes for non-residents
Taxes
are paid in the form of money which is levied on property, income and
other taxes. It is important for an individual who is residing in Canada
to pay the tax but the person who is coming for abroad has special
conditions with regards in paying taxes. There are some rules for
taxation for non-residents which will include:-
Non-resident taxation will
allow the person not to pay any tax living in other country apart from
that they can also take part in investment activities like buying the
pension policies along with life insurance policies in which they will
able to save the large amount of tax. They can also save their tax by
buying some special policies like health policies for them or for their
families and claim the deductions per year. Thus investment in offshore
and investment in Canada by non-resident is very useful as they will
able to save big amount of tax which will aid in their savings.
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