I am looking for a tax expert who could advice me on the process of leaving Canada, residency, final tax return, relocation etc. Can someone suggest one?
Thanks
T
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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"
Location: God's own country
Posted on: 17-11-10 13:55:13
Quote:
Originally posted by Timon
I am looking for a tax expert who could advice me on the process of leaving Canada, residency, final tax return, relocation etc. Can someone suggest one?
Thanks
T
It is so straight forward. Google and you will know the answers.
Basically you will infrom CRA on the date of living and you can "severe" ties in canada as long as you stay less then 183 days a year in canada and donot own a vacant residence. All other stipulations are minor and will not affect your "non residency" such as having a cdn. DL. , OHIP card etc...
When you severe your ties to canada, you pay no income tax on world income (you pay tax only for what youearn in canada like interest, rent etc...)
CRA (Canada) has a tax treatly with India and hence you can reduce your taxes even more based on that.
You will not be eligible for CCTB, UCCB, GST/HST credits once you stay less than 183 days of a year in Canada.
You need to file a return till the day you were in canada. CRA website has that form.
A tax expert can give you some tips on how you can save money / get money from the cdn. govt. to leave canada.
All the best.
PEace
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I am a Gents and not a Ladies.
Quote:
Originally posted by ashedfc
As long as you maintain any relationship to Canada, for example Bank account, Club membership, Drivers License, Fishing license, Hunting license, etc, you cannot have your final tax return filing. Once you surrender everything (I mean literally everything Canadian & become a non-resident), than yes - you can have a final tax return.
Only people who die, they have final tax return. In fact in the year of death - they have to file the income tax from 1st Jan till the date of death, a Final tax refering to that SIN No. & an Estate tax which is final allocation of all his assets & liabilities. (So altogether 3 times after death... they haunt you even after death)
For non-residents the filing is still due, you may choose to file at a later date, but filing is still required.
When do I file my final tax return? For e.g, If I were to leave canada by March 31st of 2011, Do I need to wait till Jan 2012 to file my final tax return? Do companies provide T4's for such a short period? How about my CPP/EI? What would be the impact of my RRSP withdrowals?
Thanks for all the help.
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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"
Location: Western Hemisphere
Posted on: 17-11-10 15:45:58
Quote:
Originally posted by Timon
When do I file my final tax return? For e.g, If I were to leave canada by March 31st of 2011, Do I need to wait till Jan 2012 to file my final tax return? Do companies provide T4's for such a short period? How about my CPP/EI? What would be the impact of my RRSP withdrowals?
Thanks for all the help.
Tax filing needs to occur the following year from Jan 1 till Apr 30 (although for NR, deadlines may vary). Yes, companies will provide T4 for whatever period you were employed and they would do that between Feb and Mar of the following year (2011 T4 will be issued in 2012).
My take is CPP will be withdrawn per law, but whether or not you are eligible to withdraw as income at retirement would depend on whether or not you have completed the necessary eligible number of employment years.
RSP will always be taxed upon withdrawal and possibly penalized for early withdrawal. Leaving it dormant will not hurt as you will not have to pay taxes until withdrawal at retirement, unless of course, there are too many years between now and retirement and you are absolutely winding everything clean in Canada.
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Dimple2001
I used Centa.com when I left Canada in 2006 . He is really good but a little expensive
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We will find a way or we will make one
Quote:
Originally posted by ashedfc
As long as you maintain any relationship to Canada, for example Bank account, Club membership, Drivers License, Fishing license, Hunting license, etc, you cannot have your final tax return filing. Once you surrender everything (I mean literally everything Canadian & become a non-resident), than yes - you can have a final tax return.
That is not true. The major ties (for Cdn residency for the tax purpose) are the property owned in Canada and immediate family living in Canada. What TK has said is correct.
Will Having an RRSP in Canada make me a resident for tax purposes?
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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"
