I'm a Canadian and still working in the US with my wife under the TN visa for 18 years and we were granted non-resident status by CRA after filling out and submitting a form that would determine residency status. In the form, we declared a dwelling as well as a rental property (On the rental property, we are filling income tax under the section 216) which are both considered significant ties and yet was still granted non-resident status.
So if you leave Canada to retire and live strictly off of CPP, OAS, company pension from a Canadian company, RIF and savings in TFSA, then there really is no advantage to becoming a non-resident of Canada for income tax purposes. The only time it would make sense is if you are earning money while living outside of Canada.
Can you remain tax resident in this case? Are they gonna determine you are non-resident and start charging non-resident tax because it's profitable for them?
This is a clear explanation of basics. Some of the comments prove that people don't pay attention. Irene says twice,'It's complicated' and says 3 times 'you need to consult with a pro'. No wonder there's no response to detailed, specific questions about corporations in Bahamas or moving to Bulgaria. Book an appointment with a pro people, if you're serious. By the way. Congratulations, Irene. Clear and understandable explanation of basics.
Is it better to set up a foreign subsidiary, say in the Bahamas/Barbados/Dubai or a family office? You are talking about personal income tax. How can you legally use a corporate tax structure to improve tax efficiency?
I'm a divorced father, and my ex-wife claims our daughter as a dependent. I was wondering if it still creates a tie to Canada if she's not claimed as a dependent on my tax return?
I have no home and Canadians cizitenship (5years) with investment accounts including rrsp looking to move to Bulgaria for retirement who have dual tax treaty. I also hold uk passport. Can I claim back withholding tax from Canada in general?
This is classic CRA digging their claws into you trying to make it almost impossible to prove all the criteria needed to exit and cut ties with Canada. I feel like a prisoner!! This is just like living in a third world country communist country like Russia with a bureaucratic Iron Curtain. Immigrants to Canada beware!!
Why does having a spouse in Canada who chooses to remain there become a tie to Canadian residency??? This is like forcing couples to divorce or separate purely for tax purposes!!! That's just disgusting and immoral. This is making us like refugees fleeing from a repressive communist country. 😢 Maybe seeking out a country with no extradition treaty with Canada would be simpler and cutting ties permanently de-facto is what you have to do if it's that complicated. But they might cut off my hard earned pension, being the sadists they are, so a second income source would be needed. By comparison, no such restrictions apply to my UK pension component, not even taxed at all since it's below the poverty threshold and taxable income lower threshold. Whereas the CRA taxes pensioners 25% for providing NOTHING in return, hitting pensioners at their most vulnerable time of life. It's like a penalty tax for ditching Canada and my UK pension is 50% more than the CPP. That's so criminally fraudulent.
Thank you! You turned a complicated topic into bits size chunks for me to digest.
I'm a Canadian and still working in the US with my wife under the TN visa for 18 years and we were granted non-resident status by CRA after filling out and submitting a form that would determine residency status. In the form, we declared a dwelling as well as a rental property (On the rental property, we are filling income tax under the section 216) which are both considered significant ties and yet was still granted non-resident status.
Clear, concise, and understandable . Thank you for your detailed descriptions.
So if you leave Canada to retire and live strictly off of CPP, OAS, company pension from a Canadian company, RIF and savings in TFSA, then there really is no advantage to becoming a non-resident of Canada for income tax purposes. The only time it would make sense is if you are earning money while living outside of Canada.
Can you remain tax resident in this case? Are they gonna determine you are non-resident and start charging non-resident tax because it's profitable for them?
@@baxakk7374wondering this as well.
Well done. Really broke this subject down to be easily understood 😅
This is a clear explanation of basics. Some of the comments prove that people don't pay attention. Irene says twice,'It's complicated' and says 3 times 'you need to consult with a pro'. No wonder there's no response to detailed, specific questions about corporations in Bahamas or moving to Bulgaria. Book an appointment with a pro people, if you're serious.
By the way. Congratulations, Irene. Clear and understandable explanation of basics.
This video is gold. Thank you
Great information, thank you!
People who record complicated material like this need to get a decent audio system. This one is too difficult to follow because of the poor audio!
Is it better to set up a foreign subsidiary, say in the Bahamas/Barbados/Dubai or a family office? You are talking about personal income tax. How can you legally use a corporate tax structure to improve tax efficiency?
How about Canadians a with primary resident and pays taxes but aboard, will there be vacancy tax?
If the property is rent-out to a friend of my son . Does my son which is over 18 can occupy the property?. Does this is accepted by CRA?. Thanks
Great video, thank you.
I'm a divorced father, and my ex-wife claims our daughter as a dependent. I was wondering if it still creates a tie to Canada if she's not claimed as a dependent on my tax return?
I have no home and Canadians cizitenship (5years) with investment accounts including rrsp looking to move to Bulgaria for retirement who have dual tax treaty. I also hold uk passport. Can I claim back withholding tax from Canada in general?
I already left canada for a year with a condo left in toronto... i dunno who to talk to 😢😢
Wish i have someone like you to consult
What really counts as income tax
Businesses that is handled in canada but created overseas?
Basically, you will remain a tax resident of Canada. The lengths you have to go through to move to a different jurisdiction is unbelievable.
This is classic CRA digging their claws into you trying to make it almost impossible to prove all the criteria needed to exit and cut ties with Canada. I feel like a prisoner!! This is just like living in a third world country communist country like Russia with a bureaucratic Iron Curtain. Immigrants to Canada beware!!
Why does having a spouse in Canada who chooses to remain there become a tie to Canadian residency??? This is like forcing couples to divorce or separate purely for tax purposes!!! That's just disgusting and immoral. This is making us like refugees fleeing from a repressive communist country. 😢
Maybe seeking out a country with no extradition treaty with Canada would be simpler and cutting ties permanently de-facto is what you have to do if it's that complicated. But they might cut off my hard earned pension, being the sadists they are, so a second income source would be needed. By comparison, no such restrictions apply to my UK pension component, not even taxed at all since it's below the poverty threshold and taxable income lower threshold. Whereas the CRA taxes pensioners 25% for providing NOTHING in return, hitting pensioners at their most vulnerable time of life. It's like a penalty tax for ditching Canada and my UK pension is 50% more than the CPP.
That's so criminally fraudulent.
I'm out side my country for more than 6 months
rest of the countries: you are not a resident
canada: book an appointment with a lawyer
Looks like maintaining a bank acct in CAN means you are still resident to CRA! Can't avoid????
GIS secured lol