Canada boasts remarkable beauty and is a great country, but its harsh climate and high tax rates are prompting some citizens to seek a more favourable lifestyle elsewhere.
They are desiring to explore new opportunities and experiences abroad, including seeking better job prospects, lifestyle changes and retiree migration for a more affordable cost of living.
Any are you thinking of leaving Canada either officially or with a Plan B? Learn about the requirements and procedures for leaving, as well as the cultural differences and challenges you may face as an expat. Understand the Canadian tax laws for non-residents and how to manage your assets and accounts from abroad. Find out how to access medical care in your new country and network with other like-mind expats.
Canadians travelling extensively, living or working abroad may still have to pay Canadian and provincial or territorial income taxes. It is important that you understand your residency status and the income tax rules that apply to you while you are outside Canada. Before departing, make sure you understand the requirements and procedures involved. Notify relevant authorities, cancel or transfer services, and tie up loose ends to ensure a smooth departure. Seek guidance from immigration consultants and connect with fellow Canadians who have made the move for valuable tips and advice. Most importantly, engage the services of a specialized tax professional to ensure you properly are leaved of your tax obligations to the Government of Canada.
Your residency status depends on why and how long you are staying outside Canada, the ties you establish in your new country, how long and how often you return to Canada and your residential ties to Canada. These factors will determine whether you will be considered a factual resident, deemed resident, a non-resident, or a deemed non-resident of Canada for income tax purposes and will determine the amount of Canadian income tax you will pay.
If you are planning to be outside of Canada for an extended period, you may inform the Canada Revenue Agency (CRA) before you leave to determine your residency status.