Introduction – The Canadian Foreign Tax Credit System An individual who is a Canadian tax resident is liable to pay Canadian income tax on worldwide income. This could result in double taxation where that Canadian taxpayer is also subject to income tax in another jurisdiction on any part of...
What is a retiring allowance? A retiring allowance is a payment made by an employer to an employee when their employment is terminated. This payment is typically based on the employee’s length of service and their position within the organization. While the terms “retiring allowance” and “severance package” are...