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  1. #1
    Join Date
    Mar 2006
    Posts
    5

    Default Tax Evasion

    Would like to know if a person in Canada has to declare any profits on stocks and shares for tax purposes.
    Also if the person fails to do this, please tell me what the penalty could be?
    Thanks

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default

    You mean, capital gains? Last I heard, capital gains are taxable in Canada.

  3. #3
    Join Date
    Mar 2006
    Posts
    5

    Default

    sorry, i do not know what capital gains are, please can you explain.
    The gains i am referring to are from rising shares.

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default

    Income is normally assessed when the shares are sold or traded. You may wish to consult a tax professional.

  5. #5
    Join Date
    Nov 2005
    Posts
    310

    Default

    Go to the IRS website and look for the publication on the US-Canadian Tax treaty for guidance. Generally the income is taxable in Canada, but you either have the choice of being taxed as a non-resident, or taxed as a US citizen where you get a crdit for any taxes paid to the government of Canada.

    If you are referring to the income being derived in the US and the person residing in Canada, then you will have to try a Canadian board, the Canadian tax authority, or a Canadian tax professional (Charterred Accountant and alike).

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