Canadian Tax Residency - the pros and cons
In this short video, Renate T. Tanaka our resident Tax Director and Canadian specialist explains everything her fellow Canadian should consider before giving up their Canadian Tax Residency, watch the video...
If you work in a low tax jurisdiction such as Dubai in the United Arab Emirates or anywhere in America even, you could save thousands of dollars in tax by becoming a non resident of Canada.
There is a lot of serious considerations though, such as selling your home, relinquishing your Medicare and considering Canadian Revenue Agency Departure Tax.
The CRA values your property when you give up your Canadian residency and you can be charged tax on the balance. They will pretend that you have sold your assets and may tax part of the balance.
Overall it's a complicated issue and you should certainly come and talk to us about it.
Renate T. Tanaka is a US Canadian Expat Tax Specialist with over 25 years experience and you can book a FREE tax consultation with her to discuss your situation. You can get the very best, most experienced advice for free, simply contact Renate via her profile page, use the "Free Consultation" form at the bottom of the page. Click this link here to go there now;