Thanks! Very detailed compilation of information! one another important aspect which is the primary house sale (Any capital gains is tax free in Canada when person is in Canada) and its implications post the exit to USA would have been a great addition to this content.
@@RamMohanKarri-t8f will make one for this channel.. but for now you can review this topic on my desi channel… SALE OF PRINCIPAL PROPERTY FOR NON RESIDENT CANADIANS! th-cam.com/video/Jhgn7Ol00ww/w-d-xo.html
I dont think its date of exit. For liquidation date, i dont think it has to literally be by the date you exit, it before when you declare you are non resident of Canada and resident of US. For example if you move out in nov, technically for 2024 you are still tax resident of Canada. So you can liquidate anytime before end of dec.
If as a Canadian citizen someone is living outside Canada then is it mandatory to become non resident? I think becoming non resident is optional. Especially for people who live say 4 months in Canada, 5 months in India and 3 months travelling in USA/EU/Asia. For them can they continue filing taxes in Canada as a resident and keep going business as usual for TFSA RRSP etc. Becoming a non resident is mandatory only if you have tax liability in other countries and you don’t want to pay double taxation.
@@au_2026 yes you can choose to continue paying tax in canada.. but typically it’s a bad idea if you don’t need to since canada taxation is on the higher end..
When I will be considered non resident how many days I need to be outside of Canada? Also could you please make a video on if i am moving back to India about taxation rules in both countries.
@ so if i stay 183+ days out of Canada I will be considered non resident Canadian right? What if my salary still get credited in my Canadian bank account?
Hi, thank you for posting it. Can we have a similar discussion on exit strategy from Canada and moving to UAE since UAE doesn’t have tax treaty with Canada. What the process would it be for a Canadian citizen as well as for a Permanent resident moving permanently from Canada to UAE? Is it advised to withdraw RRSP or TFSA or other investments before moving? What happens to CPP for a citizen and for a PR exiting Canada? I would like to know can a PR even after loosing the status after leaving Canada is eligible for CPP after the retirement age? How the CPP is accessible from UAE or India?
Great discussion. How about Canadians moving temporarily to US like a Job on TN visa or as a Student for Masters or Doctrate. How will this affect the registered and non registered investments?
What if someone has a registered Business in Canada but he doesn’t stay in Canada for 183 Days and he is making money out of it, Will he be tax resident and get the benefits of reduced tax ??
@@anonymousgeneious8085 if you are earning income in canada then you get taxed on that income in canada even if you are not living in canada… With that said you can get a tax adjustment with the country you are living in assuming there is a tax treaty so you only pay differential tax
Can you please help with two more topics House and RSU’s in case of moving to USA. RSU’s were earned in Canada and vesting schedule is four years. Also what is the best strategy for house, sell it or keep it.
If you are Canadian living in usa on a visa. This is not about only investments you pay tax on payroll in USA and you still report and pay taxes on your earnings to Canada as a citizen of canada.
I really appreciate your efforts! A bit off-topic, but I wanted to ask: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
Thanks for a detailed video - highly informative! I’ll be moving from Canada to the US in January 2025 for a job and wondering if I should sell my crypto accounts (non-registered) in December 2024 and put some of the gains in my RRSP to offset the potential tax liability for my 2024 tax filing. If I sell before I leave in January 2025 I know there will be a departure tax but thinking it would be more advantageous to sell in 2024 to make use of the RRSP contribution to offset the taxable capital gains.
I highly recommend you connect with a cross border tax expert… they will save you and rather help you recover a good chunk of tax.. for instance it might be best not to move in January rather a bit later… like best time to move from tax purposes is July… that way you are 6 months in canada and 6 months in usa so your marginal tax rate is super low…. Not sure about bitcoin… best to seek help here..
I dont think its date of exit. For liquidation date, i dont think it has to literally be by the date you exit, it before when you declare you are non resident of Canada and resident of US. For example if you move out in nov, technically for 2024 you are still tax resident of Canada. So you can liquidate anytime before end of dec.
They are on my other channel (Hindi).. here is one of them… AVOID THESE COMMON TAX MISTAKES ON LEAVING CANADA! th-cam.com/video/a_-r7TEwBjU/w-d-xo.html
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✅ Reach out to Aamir Jewani Tax Accountant: www.finnection.ca/appointment-nad/
📚 BOOK ONE TO ONE CONNECT with me: calendly.com/bahroz/coaching
Thanks! Very detailed compilation of information! one another important aspect which is the primary house sale (Any capital gains is tax free in Canada when person is in Canada) and its implications post the exit to USA would have been a great addition to this content.
@@RamMohanKarri-t8f will make one for this channel.. but for now you can review this topic on my desi channel…
SALE OF PRINCIPAL PROPERTY FOR NON RESIDENT CANADIANS!
th-cam.com/video/Jhgn7Ol00ww/w-d-xo.html
Thanks for the great video! Could you consider adding timestamps for topics? Thanks!
Done- time stamps added
Thanks so much!
Please share link if first video that he us referring to?
Great video Behroz and Aamir.
I dont think its date of exit. For liquidation date, i dont think it has to literally be by the date you exit, it before when you declare you are non resident of Canada and resident of US.
For example if you move out in nov, technically for 2024 you are still tax resident of Canada. So you can liquidate anytime before end of dec.
Yes this is true for tfsa… it’s a grey area though… the argument here is that you are not decided whether you want to stay in usa or come back..
Voice quality bad around 5:00 minute!
If as a Canadian citizen someone is living outside Canada then is it mandatory to become non resident? I think becoming non resident is optional. Especially for people who live say 4 months in Canada, 5 months in India and 3 months travelling in USA/EU/Asia. For them can they continue filing taxes in Canada as a resident and keep going business as usual for TFSA RRSP etc. Becoming a non resident is mandatory only if you have tax liability in other countries and you don’t want to pay double taxation.
@@au_2026 yes you can choose to continue paying tax in canada.. but typically it’s a bad idea if you don’t need to since canada taxation is on the higher end..
When I will be considered non resident how many days I need to be outside of Canada? Also could you please make a video on if i am moving back to India about taxation rules in both countries.
More than 183 days…
Will make a video on that..
@ so if i stay 183+ days out of Canada I will be considered non resident Canadian right? What if my salary still get credited in my Canadian bank account?
@ it depends on the source of the salary if the salary source is Canadian organization then you will need to pay tax on it in canada (first)
@@bahrozSo you need to stay more than 183 days outside before declaring non residency for tax purposes in Canada?
@ yes
Hi, thank you for posting it. Can we have a similar discussion on exit strategy from Canada and moving to UAE since UAE doesn’t have tax treaty with Canada. What the process would it be for a Canadian citizen as well as for a Permanent resident moving permanently from Canada to UAE? Is it advised to withdraw RRSP or TFSA or other investments before moving? What happens to CPP for a citizen and for a PR exiting Canada? I would like to know can a PR even after loosing the status after leaving Canada is eligible for CPP after the retirement age? How the CPP is accessible from UAE or India?
Great discussion. How about Canadians moving temporarily to US like a Job on TN visa or as a Student for Masters or Doctrate. How will this affect the registered and non registered investments?
Same applies… tax residency has nothing to do with type of visa so same applies
What if someone has a registered Business in Canada but he doesn’t stay in Canada for 183 Days and he is making money out of it, Will he be tax resident and get the benefits of reduced tax ??
@@anonymousgeneious8085 if you are earning income in canada then you get taxed on that income in canada even if you are not living in canada…
With that said you can get a tax adjustment with the country you are living in assuming there is a tax treaty so you only pay differential tax
Can you please help with two more topics House and RSU’s in case of moving to USA. RSU’s were earned in Canada and vesting schedule is four years. Also what is the best strategy for house, sell it or keep it.
If you are ok with Hindi.. here is a video on property Sale: th-cam.com/video/Jhgn7Ol00ww/w-d-xo.html
Check this out and let me know.
@@bahroz thanks, please cover RSU’s also as that is a substantially large chunk and Canada keep taxing it if you leave.
@ will cover that in the next video for sure … thanks
If you are Canadian living in usa on a visa. This is not about only investments you pay tax on payroll in USA and you still report and pay taxes on your earnings to Canada as a citizen of canada.
No if you are not a tax resident of canada you don’t pay tax in canada on income out side of canada
Video is confusing to watch given this perspective of covering non resident in Canada vs US
It’s discussed in parts..
I really appreciate your efforts! A bit off-topic, but I wanted to ask: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
Thanks for a detailed video - highly informative! I’ll be moving from Canada to the US in January 2025 for a job and wondering if I should sell my crypto accounts (non-registered) in December 2024 and put some of the gains in my RRSP to offset the potential tax liability for my 2024 tax filing. If I sell before I leave in January 2025 I know there will be a departure tax but thinking it would be more advantageous to sell in 2024 to make use of the RRSP contribution to offset the taxable capital gains.
I highly recommend you connect with a cross border tax expert… they will save you and rather help you recover a good chunk of tax.. for instance it might be best not to move in January rather a bit later… like best time to move from tax purposes is July… that way you are 6 months in canada and 6 months in usa so your marginal tax rate is super low….
Not sure about bitcoin… best to seek help here..
I dont think its date of exit. For liquidation date, i dont think it has to literally be by the date you exit, it before when you declare you are non resident of Canada and resident of US.
For example if you move out in nov, technically for 2024 you are still tax resident of Canada. So you can liquidate anytime before end of dec.
Please share link if first video that he us referring to?
They are on my other channel (Hindi).. here is one of them…
AVOID THESE COMMON TAX MISTAKES ON LEAVING CANADA!
th-cam.com/video/a_-r7TEwBjU/w-d-xo.html