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11-15-2012, 10:03 AM
Diamond Joe Quimby
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Originally Posted by theaub View Post
They are definitely employees by all standards of the law. A good accountant can get rid of a decent sum of their taxes but there's certainly other items that no one can really deal with (ie provincial tax and some deductions)
Precisely. A good accountant can go a long way.

Aside from the increased tax rate as a whole, the main worry for any American citizen playing in Canada would be the double taxation, as they will be taxed federally by both the Canadian and American government. But then again, there are foreign tax credits that can be used to knock down income on both sides of the border. So...though it may seem to the naked eye that these increased taxes paid to the Canadian and Ontario government will be a hassle, they could actually aid in reducing the tax owed to the IRS as itemized deductions. With the right accountant, there actually could be a net decreased in the total amount of tax owed.

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