Your Guide to Canadian Immigration for Self-Employed Individuals

Dear Reader,

Are you considering making Canada your new home? Whether you're self-employed, a skilled worker, or an entrepreneur, there are various immigration pathways available to you. In this newsletter, we will explore the eligibility criteria and options for self-employed individuals and the tax implications of being self-employed in Canada.

Eligibility for Self-Employed Individuals

If you are self-employed and dreaming of immigrating to Canada, your work experience can count towards meeting the eligibility criteria for immigration programs. The National Occupational Classification (NOC) system is used to evaluate your work experience.

To apply to a skilled worker program, you can use evidence of your overseas self-employment, such as articles of incorporation, self-employment income records, or documentation from third parties confirming your service and payment details.

If you are interested in a dedicated self-employed program, two notable options include:

1. The Federal Self-Employed Persons Program: This program allows self-employed foreign nationals with experience in cultural activities or athletics to become permanent residents in Canada. To be eligible, you need at least two years of self-employment experience or participation in world-class cultural or athletic activities.
2. Quebec's Self-Employed Worker Immigration Program: This program grants individuals the opportunity to establish themselves as independent tradespeople or professionals in Quebec. Eligibility criteria include factors like age, a minimum deposit, and meeting the Quebec Economic Class selection grid requirements.
3. Physician Self-Employment: Recent changes have made it easier for physicians to immigrate to Canada. Exemptions for physicians working in a fee-for-service model have expanded their access to economic permanent residence programs.

Work Permit Options for Self-Employed Individuals

Many self-employed individuals enter Canada with a temporary work permit. This experience can support future applications for Canadian permanent residency. Some self-employed individuals may be exempt from the Labour Market Impact Assessment (LMIA) if they are the sole or majority owner of a Canadian business.

Options for specific agreements include:

1. CUSMA: US or Mexican citizens investing in Canadian businesses may apply for Investor work permits.
2. CETA: European member states' citizens can also apply for Investor work permits for Canadian business management.
3. Intra-Company Transfer: This option is ideal for entrepreneurs starting a new business in Canada, provided they demonstrate the company's potential for success.

Tax Implications of Being Self-Employed in Canada

Self-employed individuals in Canada must file their income taxes by June 15th, a month later than the general deadline. You should register for GST/HST if your revenue exceeds $30,000 within one calendar quarter or the last four consecutive calendar quarters.

Completing form T2125, the Statement of Business or Professional Activities, allows you to report your income and deduct allowable expenses from your gross income. This deduction can help you reduce your taxable income and, consequently, lower your income tax liability.

Immigrating to Canada as a self-employed individual is not only feasible but also rewarding. Whether you qualify for skilled worker programs, self-employed programs, or work permits, you have several pathways to call Canada your new home.

For personalized guidance and to explore the best immigration route for your unique situation, consider consulting with an immigration expert.

Sincerely,

Ronen Kurzfeld

Kurzfeld Immigration Law Firm

Website: https://www.immigrationway.com/