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Do I have to give up my passport as well?

Great video! I found the information on tax treaties to be particularly useful because that is often not covered in videos like this. Even so, I still have unanswered questions on tax treaties. Give me more on that!! A second point - this and other videos like it lean toward people who are trying to escape Canadian taxation. As a pensioner, I want to live abroad but remain a Canadian tax resident (pension income splitting!). That would put quite a different spin on some of your excellent explanations.

If I sell a rental property that is in my name will I have to pay capital gains when I emigrate out of Canada?

Thank you so much for posting these videos. The CRA regulations are complex and you explained them with such clarity. Question: How current are these rules you've featured? In otherwords have some of these rules changed since you ladt posted them 7 yrs ago?

Thank you for your extremely thorough and clear information on this complex topic, which is so important because it has a major impact on the finances of many people. I've looked all over and spoken to some accountants but this is the best explanation I've come across. Do you do private consultations regarding individual complex tax situation involving both personal and business aspects? Thanks

The information you shared in this video is extraordinarily helpful to me. I am a Canadian citizen living in Costa Rica most of the year but maintain virtually all of my secondary indicators in Canada. It’s been difficult to know whether I should be considering myself a Canadian resident or not. I still pay my income tax, bank accounts, credit cards , mailing address, vehicle insurance , Canadian passport etc. And I have a temporary Costa Rican residency . I had been uncertain as to where I stand according to CRA . Your video and the energy you put into making it is greatly appreciated. Thank you, Gracias, Pura Vida

This is golden. You are amazing for sharing this!! It takes nothing away from someone to share and teach in this world, but the impact that can be made with sharing knowledge. Wow. Thank you!

Thank you for this information, studying tax right now for cpa. good overview before I read my textbook.

good videos, really like your style explaining complicated tax rules in simple language, make more videos!

Wow you are a great teacher! you should never stop teaching. Thank you so much

Really well explained. Thank you. Has anything changed since you produced this video?

Clearest explanation on establishing residency in Canada. Thanks so much John.

Canada is awful. It gives nothing but it takes all you have

John why dont you do tax courses on an education channel in a systematic way. I would subscribe to "courses" you teach for more "advanced topics" like the stuff covered in the in-depth.

Hi John, Im a new CPA and In-depth tax guy, working in the reorg world. I love your videos. Can you do a video on a typical structure you like to see prior to sale. So I imagine a 55 a type butterfly so that person can sell a portion of the business...

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John your work is fantastic! Are you open to paid phone consultations?

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Thank you so much for posting this video. Where are we supposed to send our security to? Will CRA inform us? Also, I have a lot of shares of stocks. Can I continue to leave them in my brokerage account when I become a non resident for tax purposes? I don’t plan to sell any of the stocks when I leave. They all provide a dividend income for me.

Fantastic video, John!! You’ve answered all my questions about moving from Canada in one video! Do you provide tax services to individuals who are planning to move to the US? Thank you so much!!

This video was very helpful. Thank you so much!

Of all the videos I've seen on Departure Tax, yours was the most informative and clear! Thanks

I have this question , I do not live in my primary residence always as am a university student in another city . I Just brought the primary residence. Can I give it for rental like short term rental ? Is that legal or how to make its rental at least part of it as short term rental ? Also does this rules change if it’s a new built that I bought ?? HELP

Let's say I bought a stock at a price of $100 per share while I was not a resident of Canada. On the day I attained Canadian residency, the stock's price fell to $10 per share. Later, as a Canadian resident, I sold this stock at $100 per share. How would Canadian tax laws compute the capital gains tax for this transaction? Although I didn't make any profit from this investment-since I initially purchased the stock at the same price I sold it-it seems that I'd still have to pay $45 per share in capital gains tax. Does this scenario result in an overall financial loss due to taxation, even though there was no net gain from the investment?

What happens if I just leave Canada to live in SE asia for say 5 years, then come back to Canada ? Keeping most if not all ties with Canada, just renting my house for income. Submitting tax returns as usual. Will I be hit with a departure tax ?? Any penalties ?

If you fully utilize your exemption, do you create future room as the annual exemption amount is adjusted upwards for inflation? As an example fully utilize now and build up addition room for further exemption say a decade later when the ceiling is adjusted upwards?

What if I am OK paying Canadian tax , if, say I retire in Thailand but maintain most ties to Canada and rent out my house ? Thailand does not tax retirement income or money transfers into the country. What benefit is there to making a clean and total break with Canada if I live in Thailand for several years only ?? Or would CRA levy huge taxes on me and/or fines ? Cant I just move there and file Cdn taxes as normal ?

Thank you so much for this video. My understanding of this concept has greatly improved. Now heading to your page to look for more CPA Tax related concepts. Thank you again.

If as canadian citizens my wife and I left Canada but kept a home vacant to come back to once a while, can I assume that we will continue paying taxes as factual residents of Canada? Or do I have to still get a ruling from Canada concerning my residency? Basically is it illegal not to file the NR73 form and keep paying our taxes considering we have a vacant home? We will be staying abroad for 3 or 4 years before we probably come back in the future. Most of our time would be abroad during these years.

Awesome explanation 👏

Amazing

Try keeping your wife Cathy McIlroy happy in bed cause she likes bullying and stalking people on youtube. You could try that little blue pill.

Hi John I’m interested in using your services can I get your email to connect.

Your videos are well prepared. Could you please provide the references for the 6 boxes that need to be checked? ITA is a little hard to follow. Thank you.

Your videos are very well prepared and presented. I wonder if you could make one about forgiveness of debt.

This is a very informative video, thank you so much for sharing. Love it.

What about an investment company which actively earns money from investment activities. Are those interests / dividends considered as active income?

Wish I had come across this video earlier. A bunch of us got our shares redeemed by the corporation a year after we departed. What made it even worse was that the share price has gone down a further 25% from when we left. All of us has incurred capital losses. Can we use the Allowable Business Investment Loss (ABIL) to claim our losses so that it can be used to offset our other incomes?

Awesome video! Thanks so much!

Very detailed explanation appreciate it. Please do a video on Alternative Minimum Tax (AMT). Thank you.

Appreciate this well explained. Please do more videos on personal taxation.

Does anyone know what the Deemed Resident Tax Rate is?

Hi John. Great video. I have a question for you. I am submitting a change of use for 2021 from principal residence to income producing, with a professional appraisal for a deemed disposition (to set the new fair market value). My question is at what point in time should I submit 45.2 to elect the 4 year principal residence exemption. I.e. Do I submit it now at the same time as the change of use?

Totally clear. I wish I'd had teachers like this.

If I own my own home and live there with my adult children for many years, I then decide to move into a seniors home, where I pay rent, but my children continue to live in the home I own for man years after that. Does the home I own still count as my Principal Residence?

I know when a (solo) parent dies their primary residence is deem to be sold at time of death for FMV. My question is, if the children then sell the house a couple months after the parent passing for more than the FMV at time of death, is there capital gains on the difference between the FMV and sale amount?

Very well explained a complex tax rule and provided all necessary details to clear out common questions. Subscribed and looking forward to more videos. Thank you.

Best explanation! Wasted my time taking CPA courses!

Very clear and concise, thank you for the excellent work!

Another awesome video! Thank you so much.