{"id":173,"date":"2017-10-19T14:07:10","date_gmt":"2017-10-19T14:07:10","guid":{"rendered":"https:\/\/www.colegiobolivar.org\/newteach_new\/?page_id=173"},"modified":"2023-02-24T10:17:40","modified_gmt":"2023-02-24T15:17:40","slug":"taxes","status":"publish","type":"page","link":"https:\/\/www.colegiobolivar.edu.co\/newteach\/services\/taxes\/","title":{"rendered":"Taxes"},"content":{"rendered":"

\"\"The school takes no responsibility in the filing of your U.S. or Canadian income tax forms. It is our understanding, however, that overseas workers from the U.S. are tax-free up to $106,000 approximately per year; however, you still must file a return. Canadian teachers have told us that you should check with the Revenue Canada Taxation Department (1-800-267-5177) BEFORE you leave to find out about your particular situation, which has to do with how much you were making before you left, what percentage of your income here is paid to tax (approximately 6.5%), and your residency status. Another suggestion for Canadians is to ask about a non-residency status form from Revenue Canada; a non-resident status could benefit you.<\/p>\n

FAQ About US and Colombian Taxes<\/h4>\n

What taxes does the school pay for import teachers?<\/strong>
\nYou are responsible for your U.S. and Canadian Taxes. If you have investments abroad (house, stocks, etc.), these investments are subject to U.S.\/Canadian taxes, but again, this depends on the individual. Your Colombian salary is NOT tax exempt. You will be responsible for your Colombian taxes, in addition to social security. As well, you will need to file a return in Colombia with the help of a tax lawyer whose fees for which you will be responsible.<\/p>\n

Will we qualify for the foreign tax exclusion in the US?<\/strong>
\nYes, you are eligible for the Foreign Income Exclusion (Form 2555). This means that you can earn up to $106,000 USD in foreign income and it would be tax-free in the U.S. There are two ways a person can qualify for the Foreign Earned Income Exclusion. One is based on the number of days you reside outside of the U.S. and the other is the bona fide living abroad qualification. You can qualify as either, but that is a choice that you make at the moment you file your U.S. income taxes. You are responsible for filing your own U.S. or Canadian taxes. Canadian tax laws are different from U.S. tax laws. Any Canadian citizen should explore your tax responsibilities with the proper authorities.<\/p>\n

Does qualifying for the foreign tax exclusion mean that I may not return to the US at all in a calendar year? (ie- not going home to visit at Christmas or in the Summertime?)<\/strong>
\nOf course not. On the 2555 form they do ask you for the days you are outside of Colombia for “business” or “personal” reasons. This really only impacts people who do business in both countries. In addition, even if you were to exceed the days allowed outside of Colombia, the tax exclusion is based on a percentage. Given the $106,000 deduction possibility, an individual teacher would never be in danger of exceeding this amount.<\/p>\n","protected":false},"excerpt":{"rendered":"

The school takes no responsibility in the filing of your U.S. or Canadian income tax forms. It is our understanding, however, that overseas workers from the U.S. are tax-free up to $106,000 approximately per year; however, you still must file a return. Canadian teachers have told us that you should check with the Revenue Canada […]<\/p>\n","protected":false},"author":6,"featured_media":696,"parent":147,"menu_order":7,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-173","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/pages\/173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/comments?post=173"}],"version-history":[{"count":11,"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/pages\/173\/revisions"}],"predecessor-version":[{"id":1180,"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/pages\/173\/revisions\/1180"}],"up":[{"embeddable":true,"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/pages\/147"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/media\/696"}],"wp:attachment":[{"href":"https:\/\/www.colegiobolivar.edu.co\/newteach\/wp-json\/wp\/v2\/media?parent=173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}