Get expert help with Canadian taxes on foreign investment portfolios and foreign rental properties.
Canadian residents must report their worldwide income in Canadian dollars and calculate their income according to Canadian tax rules. We assist individuals with foreign investment and rental portfolios with “converting” their foreign tax information into Canadian tax information that can be used in filing a Canadian tax return. This conversion includes foreign exchange conversion, but it also involves recalculating income and deductions in accordance with Canadian tax law for areas where Canadian and foreign tax rules differ. Common examples of these differences would be the timing of dispositions (whether a disposition is taxable or tax-deferred), the calculation of depreciation and the categorization of income (whether an item of income is interest, a dividend, a capital gain distribution or trust income). This service is often provided in combination with the preparation of Canadian tax compliance using the resulting information.
We have years of cross-border tax experience and can help you easily manage Canadian taxes on foreign investment portfolios or foreign rental properties. Contact us for advice tailored to your unique situation.