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Nov 19, 2020 4:41 am
Hello Allan,
Are Canadian Corporations Taxed On Foreign Income in any of the following cases:
Case 1- They Don't have income In Canada, but have employees/expenses
Case 2- They Don't have income In Canada and don't have employees or expenses in canada except for the keep up of the corporation.
Can you point me to the area in the tax code where this is explained?
Thank you
1 Reply
Nov 27, 2020 6:25 pm
A company incorporated in Canada is taxable on its worldwide income. This is because a company incorporated in Canada is a tax resident of Canada.