Foreign Plan

AAA

DEFINITION of 'Foreign Plan'

A retirement savings plan created by a person or a company to benefit individuals who are not Canadian residents. These beneficiaries may or may not be Canadian citizens, but the plan applies to income they earn for services they perform outside of Canada.

INVESTOPEDIA EXPLAINS 'Foreign Plan'

Foreign plans are one of the most complex topics related to personal income tax in Canada. Individuals interested in creating a foreign plan for themselves or for another non-Canadian resident would be well advised to seek the assistance of a professional.

RELATED TERMS
  1. Canada Revenue Agency - CRA

    A federal agency that collects taxes and administers tax laws ...
  2. Registered Retirement Savings Plan ...

    A legal trust registered with the Canada Revenue Agency and used ...
  3. Registered Retirement Income Fund ...

    A retirement fund similar to an annuity contract that pays out ...
  4. Registered Pension Plan - RPP

    A form of a trust that provides pension benefits for an employee ...
  5. Self-Directed RRSP

    A type of RRSP (Registered Retirement Savings Plan) whose owner ...
  6. Deferred Profit Sharing Plan - ...

    An employer-sponsored Canadian profit sharing plan that is registered ...
Related Articles
  1. Will Your Retirement Income Be Enough?
    Retirement

    Will Your Retirement Income Be Enough?

  2. When should I take my Canadian Pension ...
    Retirement

    When should I take my Canadian Pension ...

  3. Retirement Planning Basics
    Options & Futures

    Retirement Planning Basics

  4. 5 Smart Money Strategies From Around ...
    Savings

    5 Smart Money Strategies From Around ...

comments powered by Disqus
Hot Definitions
  1. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  2. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  3. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
  4. Over The Counter

    A security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, etc. The phrase "over-the-counter" ...
  5. Earnings Before Interest After Taxes - EBIAT

    A financial measure that is an indicator of a company's operating performance. EBIAT, which is equivalent to after-tax EBIT ...
  6. Direct Participation Program - DPP

    A business venture designed to let investors participate directly in the cash flow and tax benefits of the underlying investment. ...
Trading Center