19) Will I have to pay income taxes in Canada or the U.S. after I move?
Admin
|
Canada and the U.S. have a tax treaty which, in order to avoid double taxation and prevent tax evasion with respect to income and wealth taxes, should make moving to Canada as easy as possible. While one of the main differences between the two countries is that Canadian income tax law is based on residency (while U.S. tax law is based on citizenship), the Canada-U.S. tax treaty provides for several mechanisms known as foreign tax credits to ensure that the individual does not have to pay double taxes to both countries.