Tax Implications of Leaving Canada Permanently

Are you thinking about leaving Canada but feel overwhelmed by the tax implications? I've got you covered!

In my latest video, I dive deep into the complexities Canadians face when moving abroad. From understanding departure taxes to handling rental income while you're away, I share all you need to know to navigate these financial challenges with confidence.

Whether it's your first time considering a move or you're already living abroad, this guide is packed with vital information to help you manage your taxes efficiently.

➡️Register for my upcoming webinar on February 29th where we will be discussing How to Create $10K Monthly Cash Flow in U.S. Real Estate Investing for Canadians:

Key Moments In This Episode
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00:00 Introduction to Tax Implications
02:25 What Determines Tax Residency?
07:01 Understanding Departure Tax
09:21 Exceptions to the Rule
14:13 Managing Rental Income from Abroad
16:44 Filing Obligations for Non-Residents
21:02 Corporate Property Ownership Abroad
23:19 Effects on RSP and TFSA
27:47 Global Tax Implications to Consider

If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.

Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies so you don’t miss a thing!

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Please make sure to speak to a professional that knows your personal situation before making a decision.

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DISCLAIMER:

Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice.
The information contained in this video is for general information purposes only.
While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk.
In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information.

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[sdandrea]

The tax burden in Canada is HUGE. Take a detailed look at ALL the taxes we pay in Canada (at ALL levels). We never have a party running on a platform to REDUCE taxes by increasing efficiencies and reducing costs. Instead, it's all about government spending more, then taxing more. So you work to get taxed on earned income, then more tax due when these savings are invested. Canada = Land of Taxation. Best country on Earth to pay taxes.

[golavoda]

Left Canada three years ago and living happy life in Netherlands ❤❤

[ecvent]

That’s an amazing video. So, besides taking almost 50% of your monthly income during your working years… when is time to retire and you realize you can’t survive in Canada then Canada still wants 1/4 of all you have… crazy greedy.

[GringosOnTheGulf]

We left Canada for Mexico and it was the best decision we ever made. ♥️ Great video my friend thanks for sharing. 😊✌🏼

[TheYoutubes-fs]

This is without a doubt the best financial /tax YouTube video I have seen in many years.

[panijefer]

If you like to save money, don't sell/dispose of everything in the last year (nonresident year). Start selling/disposing of assets a year or two before departing.

[anchorage-regenerative]

Thank you so much! This shed a lot of light on the matters I've been considering!

[be-i-ng]

do you have a video advising on Canadians retiring abroad while maintaining Canadian ties to maintain OAS and other pension/benefits ?

[rudihofer]

i own nothing in canada, i put all my possession into a shipping container and sent it, ,,elsewhere, no income but pensions .Also recieved my tax forms from revenue canada .

[mishasusoeff]

I hate this version of Canada… never in my life did I dream it could be so corrupt. I dream of leaving everyday. Frankly, in the past I didn’t mind paying taxes, and as a high net worth entrepreneur the amounts are significant. Recently every dollar I send these people makes me complicit in their corruption. It makes me sick to my stomach to participate. I can’t believe what my beloved country has become.

[SuccessForever]

Do not FEAR what they tell you, continue to live your life to the fullest and not look back. Your life is yours. They only look for their financial gains

[timkuehn]

Very well done - thanks for posting this!

[Tugela]

So many people posting here seem pretty clueless about tax. The departure tax only applies to capital gains and other monies that have deferred tax, such as RRSPs. It is tax you would have to pay anyway, and since you are closing off your accounts on departure, you pay it then.

Every country does this, not just Canada.

[b.b.finsclara]

EEEEXCELLENT You are very THROUGHOUT AND detailed!!! BLESS YOU!!!

[astseesit]

This is EXACTLY the information I have veen looking for. Thank you. Love this post.

[McLenStarison]

What about a deemed non-resident who is working in a foreign country like the UK?

[azfanjaffeer]

One of the most factual, specific and helpful videos on this topic. Nicely done!

[anchorage-regenerative]

Just to make sure I understand you correctly: if I still hold non-registered mutual fund investments, RRSP, TFSA and draw OAS and CPP, and have no foreign source income, BUT I sell my primary residence well before I leave the country, can I still remain a Canadian tax resident even though I don't have a house here for me to return to?

[CanadaMath]

In 2004 I wrote a somewhat famous article called 'Top 8 reasons not to immigrate to Canada'. In short, the Canadian authorities tried to destroy my life. They made it so that I could not be employable in Canada. So I moved to the U.S. in 2005 and then some years later I moved permanently to the Philippines. I am happy that so many years later videos like yours are saying essentially the same things that I did. I was ahead of my time. I will never go back to Canada. Not to live, not to visit, not even a connecting flight. Too cold, too expensive, taxes are astronomical, no culture, no freedom, no jobs, no opportunities, only modern slavery, worst healthcare system, unbearable political correctness, crime infested/drug infested, xenophobic people, too depressing. It has become a North Korea style dictatorship in the western world.

There are many reasons why Canada has fallen apart. But the number one reason is ‘multiculturalism’. My friends, multiculturalism simply does not work. Different cultures do not come together and mix, different cultures come together and clash. The world is divided into different countries for a reason: because people hate each other and only want to be with their own kind. The number two reason for Canada’s demise is ‘socialism’. In this modern era of aging populations, it is mathematically impossible for socialism to continue. The government does not have the money to take care of old people and provide healthcare, pensions, welfare, unemployment benefits, disability benefits and the numerous other programs, even with the astronomical taxation that burdens hard working Canucks. Well Canada, you had a good run. Time for Canucks to move to an emerging country. We welcome you here in Southeast Asia.

Multiculturalism destroys the fabric and identity of a country. Socialism bankrupts a country.

[theresasmith]

Very well done video. If anyone rents in Canada make sure to ask if owner is a Canadian. Many tenants were stuck with taxes for non resident which left Canada on top of rent. A tenant must send 25% to CRA monthly if landlord didn't do so. I heard many tenants stuck with over $40, 000 of taxes owed to CRA on top of rent. I feel bad for these tenants.