SURPRISE TAX BILL ON LEAVING CANADA!

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  • Опубліковано 16 січ 2025

КОМЕНТАРІ • 39

  • @bahroz
    @bahroz  3 дні тому +1

    ✅ Reach out to Aamir Jewani Tax Accountant: www.finnection.ca/appointment-nad/
    📚 BOOK ONE TO ONE CONNECT with me: calendly.com/bahroz/coaching

  • @RamMohanKarri-t8f
    @RamMohanKarri-t8f 19 днів тому +1

    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.

    • @bahroz
      @bahroz  19 днів тому

      @@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!
      ua-cam.com/video/Jhgn7Ol00ww/v-deo.html

  • @kristheone1
    @kristheone1 19 днів тому +2

    Thanks for the great video! Could you consider adding timestamps for topics? Thanks!

    • @bahroz
      @bahroz  19 днів тому +1

      Done- time stamps added

    • @kristheone1
      @kristheone1 19 днів тому +1

      Thanks so much!

  • @ankitseksaria
    @ankitseksaria 15 днів тому +1

    Great video Behroz and Aamir.

  • @kalyan151098
    @kalyan151098 19 днів тому +1

    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.

    • @bahroz
      @bahroz  19 днів тому

      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..

  • @au_2026
    @au_2026 22 дні тому +2

    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.

    • @bahroz
      @bahroz  22 дні тому +2

      @@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..

  • @jadoonengr79
    @jadoonengr79 19 днів тому +1

    Voice quality bad around 5:00 minute!

  • @kalyan151098
    @kalyan151098 19 днів тому +1

    Please share link if first video that he us referring to?

  • @chitrahaar1210
    @chitrahaar1210 23 дні тому +2

    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.

    • @bahroz
      @bahroz  22 дні тому +2

      More than 183 days…
      Will make a video on that..

    • @chitrahaar1210
      @chitrahaar1210 22 дні тому +1

      @ 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?

    • @bahroz
      @bahroz  22 дні тому +1

      @ 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)

    • @manaskar6389
      @manaskar6389 16 днів тому +1

      @@bahrozSo you need to stay more than 183 days outside before declaring non residency for tax purposes in Canada?

    • @bahroz
      @bahroz  16 днів тому

      @ yes

  • @alishumaila
    @alishumaila 22 дні тому +3

    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.

    • @bahroz
      @bahroz  22 дні тому +5

      No if you are not a tax resident of canada you don’t pay tax in canada on income out side of canada

  • @seem74
    @seem74 19 днів тому +1

    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?

    • @bahroz
      @bahroz  19 днів тому

      Same applies… tax residency has nothing to do with type of visa so same applies

  • @anonymousgeneious8085
    @anonymousgeneious8085 24 дні тому +1

    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 ??

    • @bahroz
      @bahroz  24 дні тому +1

      @@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

  • @navneetkaushal8306
    @navneetkaushal8306 11 днів тому +1

    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?

    • @bahroz
      @bahroz  11 годин тому

      Will be publishing soon.. stay tuned

  • @deepakjain850
    @deepakjain850 15 днів тому +1

    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.

    • @bahroz
      @bahroz  15 днів тому

      If you are ok with Hindi.. here is a video on property Sale: ua-cam.com/video/Jhgn7Ol00ww/v-deo.html
      Check this out and let me know.

    • @deepakjain850
      @deepakjain850 15 днів тому +1

      @@bahroz thanks, please cover RSU’s also as that is a substantially large chunk and Canada keep taxing it if you leave.

    • @bahroz
      @bahroz  15 днів тому

      @ will cover that in the next video for sure … thanks

  • @ganeshkumar-lw3fz
    @ganeshkumar-lw3fz 17 днів тому +1

    Video is confusing to watch given this perspective of covering non resident in Canada vs US

    • @bahroz
      @bahroz  17 днів тому

      It’s discussed in parts..

  • @CataldoOdette
    @CataldoOdette 23 дні тому +1

    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?

  • @johnface6281
    @johnface6281 24 дні тому +1

    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.

    • @bahroz
      @bahroz  23 дні тому

      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..

  • @kalyan151098
    @kalyan151098 19 днів тому +1

    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.

  • @kalyan151098
    @kalyan151098 19 днів тому +1

    Please share link if first video that he us referring to?

    • @bahroz
      @bahroz  19 днів тому

      They are on my other channel (Hindi).. here is one of them…
      AVOID THESE COMMON TAX MISTAKES ON LEAVING CANADA!
      ua-cam.com/video/a_-r7TEwBjU/v-deo.html