To All:
If you are a Canadian Resident, working for a Canadian company in a designated industy (i.e. Offshore Exploration) and you have worked at least 182 days out of the country,(not phyisically) on that job deriving 90% of your income from that job, you are entitled to claim the Overseas Employment Tax Credit or OETC.
The OETC exempts your first $80,000.00 of 80% of the payable Federal Income Tax and in most provinces a reciprocal 80% tax break (100% exemption in Quebec).
In short, you pay tax on 20% of your total income up to $80,000.00 or about a 6% flat tax on your total income.
For further info, check the Customs & Revenue website on the OETC.
Hope this helps.
Cheers
OffshoreIgor
[ 17 September 2001: Message edited by: offshoreigor ]
[ 17 September 2001: Message edited by: offshoreigor ]