Yikes- after reading other threads- I'm more nervous about our first year of paying taxes here.
Can anyone recommend an accountant who specializes in Canadian expat tax returns in HK? Paying tax in 2 countries for the first time... I want to make sure we do this right.
I don't even know where to begin to look.
thanks!
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hmm
20 yrs ago
If you have declared non-residency in Canada (used to be an NR71 form I believe), and have been granted this status, you do not need to pay Canadian Income tax in Canada. Compared to Canada your income tax here will be much better. 20% is highest rate, but 16 or 17% seems to be about max. Not sure if they will put a provisional tax grab on you for next year...
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Shane Weir, Weir and Associates in the Landmark, Gloucester tower. Great at Canadian Tax stuff, saved me a bundle too.
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I just went to see Shane, and he's charging us HK4,000.00 an hour!!! how can that save us money? That's a hell of a lot an hour, just to save a few hundred C$ dollars, that's C$ 600.000!!
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It is pretty amazing how much money people in HK charge - esp relating to expat services such as tax, financial planning, etc. If you have money when you first go there - you will not have any when you are finished doing what you went there to do.
Lucilla - why not contact your accountant in Canada and get them to do the leg work for you - in these days of electronic communication there is no reason to have to see someone in your country of residence if they are going to charge as much as that.
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Thx dimac4. I don't have an accountant in Canada, otherwise I would have contacted him for sure.
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TC, I was just very surprised by the charge. Especially since we're trying to save. I'm not saying I won't do it I was surprised!
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Do NOT bother with an accountant. It's very easy to do yourself. HK tax filing is incredibly simple compared with the mess in Canada (I am canadian, been here for a few years).
It's only in certain circumstances an accountant is going to save you money - maybe if you have complex investments or properties or fancy pants stuff that I don't.
Download tax forms from IRD website. Fill them out. Send in. Pay money. Repeat on a yearly basis.
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