TAXATION & INVESTMENT INSIGHTS FOR CANADIAN EXPATS IN THE UAE

Miss Rakhi Dhawan, Wayne Bewick, along with Dr. S. M. Tahir chairman of Iqra Group Dubai, Angela Benny Media Coordinator of Arabian Resources Publishing LLC, and Ms. Sangita Bhatia Operations Manager of Canadian Business Council.

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A talk on tax planning and investment for Canadians in the UAE was organized by the Canadian Business Council and Canadian University Dubai on 7 March, 2023 at 6:30pm. The event was held in the auditorium at Canadian University Dubai and attended by Canadian residents and citizens along with other company officials. The presentation on the topics were done by expert keynote speakers Mr. Wayne Bewick and Mr. Ara Sahakian.

The event began with Mr. Ismail Sarhan, board member of Canadian Business Council, giving a brief introduction. Then Ms. Hanane Ellaiti, Head Alumni and Transfer to Canada at Canadian University Dubai, introduced and welcomed Mr. Wayne Bewick and Mr. Ara Sahakian.

Mr. Ara Sahakian is the Managing Partner of PE Gate which is a private equity firm based in Toronto, Canada and it is regulated by the Ontario Securities Commission (OSC). The mission of the company is to empower business ownership, by helping accredited investors who cannot access PE now become a fractional business owner. PE gate targets owner-managers looking for partial exit or retirement. During the event, Mr. Sahakian talked about a useful tax planning tool called Lifetime Capital Gains Exemption (LCGE); Canadian residents who own shares in private companies in Canada can sell their shares with 0% taxable capital gain which is a huge tax benefit. Advantages for investors in PE Gate include no commitment fees, investors make ultimate investment and exit decisions on deals, flexibility to buy and sell shares online, there is complete transparency, and investments qualify for LCGE of C$971,190.

Mr. Wayne Bewick during his presentation

Mr. Ara Sahakian along with Dr. S. M. Tahir and Angela Benny.

The event also featured a talk by Mr. Wayne Bewick who is the Managing Director of Trowbridge Professional Corporation and leads its Private Client Division. Trowbridge Professional Corporation is a firm that deals with a wide variety of tax services such as UK, US and Canadian personal tax, corporate tax, and accounting and payroll services.

Mr. Bewick discussed the new tax laws in Canada. Underused Housing Tax (UHT) started last year and puts 1% tax on non-Canadians who own properties left vacant in Canada. There is a new anti-flipping rule according to which if you buy a property and sell it within a year, you don’t get capital gains rates instead you get income rates. Canada has now also started First Home Savings Account (FHSA) which acts like a Registered Retirement Savings Plan (RRSP) for Canadian residents who can pull out money from it, tax-free, to buy a house.

The surtax now for non-residents is 25% in Ontario, 20% in British Columbia and 5% in Nova Scotia. British Columbia has introduced a Speculation and Vacancy Tax which is 2% for foreigners and 0.5% for Canadian citizens and residents. Vancouver has introduced empty home tax which is going up to 5% this year. The Canada Revenue Agency (CRA) now gets copies for transfers of $10,000 or more.

If your bank sends you a letter enquiring about your residency and tax number, it is Common Reporting Standards and nothing to worry about according to Mr. Bewick. He also mentioned about Whistleblower Provisions where you get a bonus if you inform the CRA about any illegal activities.

The tax rates for Canadian residents are $10,000 if you have $50K salary per year, $27,000 if you have $100K salary per year and $73,000 if you have $200K salary per year. There is $0 tax for non-residents. Canada has the 183-Day Rule according to which if you spend more than 183 days in Canada in a year then you are considered a “deemed resident” for tax purposes throughout the whole year.

The event ended at 8pm followed by some questions from the audience. The talks gave a deep knowledge of the investment and taxes in Canada which will be beneficial, especially for the Canadian expats.

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