This post is also available in: Français (French)
What is FAPI?
FAPI stands for foreign accrual property income and comes into play when Canadian taxpayers own a foreign corporation that is earning passive income or capital gains. Passive income generally includes income from property such as interest, rent and royalties, income from a business other than an active business, and certain taxable capital gains from the disposition of property. The purpose of FAPI is to the Canadian tax deferral that could result from using offshore holding companies to hold investments.
For more detailed information Contact us for a free consultation regarding your FAPI issues:
UHY Victor LLP Canada U.S. Tax Team
UHY Victor is taking action to maintain the health and welfare of our team, our clients and support communal efforts to respond to the coronavirus pandemic.
UHY Victor will remain open during this difficult period and client services will continue. We have implemented contingency plans which allow us to continue to operate as we all deal with the spreading pandemic.
In light of the present situation we have introduced the following measures:
UHY Victor will continue to monitor the changing situation and, will respond proactively as this major health challenge evolves.
We encourage all to stay informed and to visit the Public Health Agency of Canada COVID-19 site, and follow the guidelines set out by the government of Canada:
For more information on the guidelines of the Government of Canada on how to be prepared for COVID-19: Click here.