Thank you Allan for posting this 3-part series. My wife and I live and work abroad and really appreciate the clarity you have brought to this topic along with the very clear and helpful visuals. Government forms are not the most fun thing to do or follow so this is a great help. Some surprising information regarding property ownership that was enlightening. Thanks very much.
Great information! Do you still need to pay capital gain tax if you sell your primary residence while you are a resident of Canada? And later move the funds out of Canada and file next year returns as a non-resident. Thanks
thanks Allan. to be considered non resident for tax purpose, do you have to get out of Canada before 1st January of that year or anything like that? and complete all the formalities before you leave?
Hello Allan- thanks for the video. I am contemplating retiring to a country that has a tax treaty with canada. My main income will be a pension paid in Canada that I will transfer from my bank account. I will be making out non-resident tax forms every year, as well as tax in the other country. We will sell our primary residence before leaving but we still have a rental property. My son may agree to act as an agent, however there seems to be quite alot of rules, maybe it isn't worth it. Big question, how does foreign real estate property deemed disposition capital gain apply when we would pay capital gains on the property in the other country as well? This whole retiring thing is more complicated than I realized!
Thanks Alan, When does the T1243 due- the month you leave or when you file ordinarily by the following April? And does the departure tax on stock capital gain fall under the capital gains taxation amount or is it just a flat 25% of the profit on the stock?
Hi Alan, Thanks for the info! Well explained. Questions: You said in Part 2, you can contribute to your RRSP the tax year you leave Canada to offset your departure TAX. Let's say I leave Canada June 2022 and File My taxes (including my departure tax) in April 2023 . If i contributed to my RRSP between July 2022 and Feb. 2023, that will still count right? even though i left in June 2022?
Thanks so much for these videos…they are a real blessing! Curious…if one has had a long term crypto currency investment & plan on leaving it as such..but declares all other resources mentioned above in your videos..and get a citizenship elsewhere(in a non-tax country) applying for non-resident Canada…is that legit? Trying to understand. Thanks for you wisdom.
Your videos are very informative. I am wondering though that while filing the tax return for the departure year, the employment income from country of new residence (example W2 from USA) need to be reported on the Canadian tax return?
Can you clarify a point you made in the video where you said it was optional to list real estate property on the T1161, yet in your example you listed a house? Is it really optional to list real estate on the T1161?
One suggestion, provide the link from CRA with both the paper form and the electronic fill-out form (www.cra-arc.gc.ca/E/pbg/tf/nr73/README.html). The electronic fill-out form is really convenient and you can save your progress to fill out later or have on file for evidence. Thanks very much again for this helpful UA-cam post.
I come from Hong Kong, a non-Canadian citizen living outside the Canada and trading Canadian stocks through a U.S. internet broker. Should I have to pay capital gains tax to Canada government on the money I earn? Many thanks.
Hello Allan, if I own shares on the nasdaq or european exchange, do I need to pay deposition tax on that and if so, is it better to sell them before leaving, many thanks
Thank you Allan for posting this 3-part series. My wife and I live and work abroad and really appreciate the clarity you have brought to this topic along with the very clear and helpful visuals. Government forms are not the most fun thing to do or follow so this is a great help. Some surprising information regarding property ownership that was enlightening. Thanks very much.
Thank you for the feedback
Great video series! Where can we find the latest official list of countries that Canadian has tax treaties with?
Great information! Do you still need to pay capital gain tax if you sell your primary residence while you are a resident of Canada? And later move the funds out of Canada and file next year returns as a non-resident. Thanks
Hi Allan, great video! I am wondering what is the benefit of the form T2061A? and the tax implications. Hope you respond!
hi Allan, thank you for your video. In part 2, we know we can keep the TFSA, but cannot continue to contribute, the same for the mutual funds in TFSA?
thanks Allan. to be considered non resident for tax purpose, do you have to get out of Canada before 1st January of that year or anything like that? and complete all the formalities before you leave?
Am I required to pay Departure Tax on foreign assets other than real estate (e.g., stocks, ETFs held outside of Canada)?
Hello Allan- thanks for the video. I am contemplating retiring to a country that has a tax treaty with canada. My main income will be a pension paid in Canada that I will transfer from my bank account. I will be making out non-resident tax forms every year, as well as tax in the other country. We will sell our primary residence before leaving but we still have a rental property. My son may agree to act as an agent, however there seems to be quite alot of rules, maybe it isn't worth it. Big question, how does foreign real estate property deemed disposition capital gain apply when we would pay capital gains on the property in the other country as well? This whole retiring thing is more complicated than I realized!
Thanks Alan, When does the T1243 due- the month you leave or when you file ordinarily by the following April? And does the departure tax on stock capital gain fall under the capital gains taxation amount or is it just a flat 25% of the profit on the stock?
Will TFSA gains be taxed if you become a non resident?
No. You may keep it. But no new room will be accumulated
great insights on non-residency! thanks
Thank you!
Hi Alan, Thanks for the info! Well explained. Questions: You said in Part 2, you can contribute to your RRSP the tax year you leave Canada to offset your departure TAX. Let's say I leave Canada June 2022 and File My taxes (including my departure tax) in April 2023 . If i contributed to my RRSP between July 2022 and Feb. 2023, that will still count right? even though i left in June 2022?
If your a Canadian citizen and you retire to your country of origin become a non resident do your beneficiary still claim your life insurance.
We say "CerTain" not "CerDin" and "BuTTon" not "Bu ' in" in Canada.
Thanks so much for these videos…they are a real blessing! Curious…if one has had a long term crypto currency investment & plan on leaving it as such..but declares all other resources mentioned above in your videos..and get a citizenship elsewhere(in a non-tax country) applying for non-resident Canada…is that legit? Trying to understand. Thanks for you wisdom.
Your videos are very informative. I am wondering though that while filing the tax return for the departure year, the employment income from country of new residence (example W2 from USA) need to be reported on the Canadian tax return?
No, you do not have to pay tax in Canada on your US income so long as you earned the income while you were a non-resident of Canada.
Can you clarify a point you made in the video where you said it was optional to list real estate property on the T1161, yet in your example you listed a house? Is it really optional to list real estate on the T1161?
Hi Eddie, Canadian and foreign real estate must be listed on form T1161. Departure tax does not apply to Canadian real estate.
@@AllanMadanCA Does it apply for Rental property as well?
One suggestion, provide the link from CRA with both the paper form and the electronic fill-out form (www.cra-arc.gc.ca/E/pbg/tf/nr73/README.html). The electronic fill-out form is really convenient and you can save your progress to fill out later or have on file for evidence. Thanks very much again for this helpful UA-cam post.
Thank you for the feedback
Wow this is a great video.
Thanks for very informative video. Alan I have room in my TFSA b4 I left Canada. Can I still contribute in TFSA and do investment from my TFSA.
I come from Hong Kong, a non-Canadian citizen living outside the Canada and trading Canadian stocks through a U.S. internet broker. Should I have to pay capital gains tax to Canada government on the money I earn?
Many thanks.
No, you won't have to pay capital gains tax in Canada.
Thank you!
Hello Allan, if I own shares on the nasdaq or european exchange, do I need to pay deposition tax on that and if so, is it better to sell them before leaving, many thanks
Forgot to mention that I am a Canadian citizen who is planning to become a non resident
Yes, securities listed on foreign exchanges are subject to departure tax. Consider selling those securities before becoming a non-resident of Canada.
@@reddevil2038 did you leave canada? I’m about to do same