Which Form 8854 Nonresident 2023-2024

Hi, my name is Alan Madden. I'm a chartered accountant and a tax expert in the Greater Toronto Area. Today's video is called "Canadian Taxes for Non-Residents and the Top Five Myths". In this video, I'm going to clear up some misconceptions and myths. So let's get started. Myth number one: Canadian citizens living outside of Canada have to file a Canadian tax return. This is false. Non-resident Canadian citizens only have to file a Canadian tax return if, during the year, they sold Canadian real estate, earned rental income from a Canadian property, carried on a business in Canada, or were employed in Canada during the year. Myth number two: Canada doesn't levy taxes on non-Canadians who invest in Canada. This is also false. Many non-Canadians happily invest in Canada because of the great returns available here. They must file a tax return to report their investment income earned during the year. Exceptions are for Canadian dividends, Canadian interest income, and selling shares of a Canadian public company. Myth number three: If you temporarily work in Canada, then you automatically become a tax resident of Canada. This is also false. You will become a deemed resident of Canada only if you stay in Canada for more than 183 days in any 12-month period. Deemed residents are required to pay Canadian taxes on their worldwide income. Myth number four: Canadian taxes for non-residents is an absolute certainty for businesses that sell to Canadian customers. This is also false. Canada has tax treaties with many countries across the world, and these treaties normally grant exemption from Canadian income tax. The exemption basically works like this: if the non-resident business doesn't have a fixed place of business in Canada, like an office, then the business profits earned are not subject to Canadian income tax here in Canada. Myth...