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Taxable Entities in Canada

In Canada, tax liability is determined by whether a legal structure is categorized as an individual, a corporation, a trust, or a non-resident entity. • Individuals: Human beings who are residents of Canada are responsible for paying tax on their worldwide income, which includes earnings from employment, investments, and profits from business structures like sole proprietorships • Corporations: A corporation is treated as a separate legal entity from its shareholders . Resident corporations are liable for tax on their worldwide income, though specific legal designations such as registered charities and non-profit organizations may be exempt from these requirements • Trusts: These are considered taxable entities that must compute their own taxable income . However, the legal structure of a trust allows it to distribute income to beneficiaries, shifting the tax liability so that the income is taxed in the hands of the recipient instead of the trust • Non-Resident Entities: For those not residing in Canada, tax liability is restricted to income derived from Canadian sources or the sale (disposition) of "taxable Canadian property" .