Introduction
The Canadian Expat believes that Canadians abroad represent an incredibly rich and valuable resource for Canada. Canadians living and working abroad are directly and indirectly responsible for billions of dollars in bilateral trade. They are exceptionally well educated, linguistically adept and culturally bilingual. They are cultural and economic ambassadors for Canada. The more we as a country engage them, the more Canada will prosper.
There are an estimated 2.8 million Canadians living and working outside of the country. To put that in perspective it would constitute the 4th largest province in Canada.
http://thecanadianexpat.com/features/values-mission-vision
In the 21st Century the most interesting thing about a person is their “tax residency”
Absolutely! And the ability to break tax residency in your old country of residence is key to being able to plan your financial future after moving to a new country. https://t.co/N3pAUnzEPX
— Fix the Tax Treaty! (@FixTheTaxTreaty) January 24, 2019
It’s not only Americans abroad who have difficult tax issues. Moving to another country subjects all people to new and difficult tax problems. Canadians are NOT exempt from problems when they move from Canada. It’s important that tax residency in Canada be clearly understood. These problems include (but are certainly not limited to):
Becoming a non-resident: Severing Tax Residency With Canada
To sever @taxresidency with Canada or not to sever … That is the question: "A Few Items to Consider When Moving Abroad From Canada"
https://t.co/KVbeoRodi8— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) January 29, 2019
The cost of becoming a non-resident: Canada Departure Tax
Because capital is increasingly mobile, more and more countries are taxing assets when @taxresidency is severed: "Canada's "residence-based" departure tax vs. the US "citizenship-based" Expatriation Tax – Focus on Canada's tax" https://t.co/2WrHAz2laa via @TaxationAbroad
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) January 24, 2019
Living as a non-resident of Canada: Taxation on Canadian source income while a non-resident of Canada
One example of how Canada taxes Canadian source income if the owner is not a tax resident of Canada: "Tax Considerations for Non-Residents Owning Canadian Real Property"
https://t.co/QbRbMEQX6P— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) January 29, 2019
Taxation and reporting of Canadian assets while living as a tax resident of another country
The tax and reporting treatment of the Canadian RRSP for @CDNExpatsAbroad living in the UK: "UK Tax HMRC Requirement to Correct"
https://t.co/gu8qMcm3Yt— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) January 29, 2019
John Richardson – Follow me on Twitter: @Expatriationlaw