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Hello!
I am a foreigner and non-resident of Canada.
If I open an account with inheritance money coming from my home country, do I pay taxes on that initial deposit?
If I have an account which receives income from my personal business, in which threshold do I fall in terms of the percentage I have to pay? The products of this business are made in Mexico but are sold in Canada.
If I incorporate here in Canada (my business partner is Canadian), how much is the corporate tax? and if both of us are employees of the company where do we fall in terms of the percentage of payable tax?
This will be in Ontario.
Hi, if you deposit money that you received from an inheritance into a Canadian bank account, then you will not pay Canadian income tax on the amount deposited.
If the Canadian corporation (which you and your partner plan to setup) is controlled by you (50% + 1 vote), then the corporate tax rate will be approximately 26%. If the Canadian corporation is controlled by your Canadian partner (50% + 1 vote), then the corporate tax rate will be 13.5% on the first $500,000 of corporate profits, and 26% thereafter. Furthermore, the personal tax that you will pay on Canadian salary earned depends on the amount you earn. The more you earn, the higher tax rate you pay.