Home Forums General Financial, Tax and Insurance Canadians paying tax Reply To: Canadians paying tax

Reply To: Canadians paying tax

Home Forums General Financial, Tax and Insurance Canadians paying tax Reply To: Canadians paying tax

#14323
Wade Berglund
Participant

Hello

I just found out from my brother who worked offshore in the late 1980’s as a helicopter technician. If you are employed by a Canadian Company and doing more than 6 months work in a foreign country, you cannot work in Canada during that time… then you are eligible for the overseas tax credit. As far as I know this will give you an 80% tax rebate. This is still valid, I have done the research and have talked to an accountant about this.
You just have to work 6 months away from Canada in either agriculture, oil and gas, resource survey, mining or any other direct employment in resource exploration or exploitation.
You do not have to sell your canadian assets or be listed as an "out of Canada resident".
The tax form that you will get from the Canadian company will be an T626 form.
Also if you are working on a foreign registered (flagged) vessel you will not have CPP or EI premiums deducted, you could at the end of the taxation year then decide to pay into CPP.

I hope this helps

Cheers

I just realized that another member has already commented about the overseas tax credit.

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