Personal Finance & Money Asked on October 31, 2021
Main question in the title.
I already received a "bonus" (was supposed to be a relocation stipend before the internship got moved to virtual). For that check, the following taxes were removed: Federal and NY withholding tax, Social Security, and Medicare tax. All in all, about 40% of the check went to taxes.
At the end of the month, I should receive a large check with all my wages for the month of July, so I want to make sure that the tax situation is worked out.
If I do have to pay U.S. tax, do I also have to pay Canadian taxes on top of that?
Any advice would be welcomed, as I never had to deal with taxes before.
This PDF will provide some insight into international taxation policies, but like the comments said, consult a tax professional.
Per Wikipedia, Canada taxes local income, and foreign income of residents.
Also from Wikipedia:
Countries that tax income generally use one of two systems: territorial or residence-based. In the territorial system, only local income – income from a source inside the country – is taxed. In the residence-based system, residents of the country are taxed on their worldwide (local and foreign) income, while nonresidents are taxed only on their local income. In addition, a small number of countries also tax the worldwide income of their nonresident citizens in some cases.
Answered by rocky on October 31, 2021
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