Non-residency status

Non-residency status

Canadians are now emigrating to other parts of the world for work, for retirement, or simply for adventure. As a result, we are seeing a growing number of Canadians getting non-resident status.

It is important that you know the impact of a departure abroad on your income and assets as well as on taxes payable.

Because Canadian taxation is based on residency, determining your status is important in order to validate income tax returns to be filed in Canada on your global income.

If you are determined to be a non-resident and you receive Canadian income, you will be required, in addition to including it in your return for your new country of residence, to report it as a non-resident in Canada.

However, if you remain a tax resident because you have maintained ties to Canada, you will be required to report your foreign income on your tax return.

If you are planning a departure, non-resident status may be interesting in your planning. See Expat Tax Planning (Expat tax Planning is an affiliated company of: Tax Defenders TM)

Call us today or let us know about your situation by e-mail.

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