These departure taxes really burn me inside… freedom tax
@neilirvine7129
3 ай бұрын
To be fair you would always have these taxes due. They are just charging them when you cut ties.
@arnoldvosloo220
3 ай бұрын
@@neilirvine7129 Could be true but not necessarily man. If you own your own business or other assets that you have no intention of selling, they will make you calculate the unrealized gain on your own shares and pay tax on departure. You'd probably have to go into debt just to pay the tax. This happens all the time for Canadian business owners leaving the country. Other developed countries like the UK don't have an exit tax like this.
@arnoldvosloo220
3 ай бұрын
@@neilirvine7129 If you own your own business then you will get screwed over. Many other countries don't have a departure tax (e.g., UK) but unfortunately Canada is one of the few that does.
@sandeeptanjore1253
3 ай бұрын
@@arnoldvosloo220 Canada knows how to take but needs coaching (court cases etc.,) when it owes 🙂
@Lilac16
3 ай бұрын
Smart canadians are leaving this country to retire. You pay less tax , your money goes further, and you get better health care. Stay here and you will be drained.
@gwarlow
3 ай бұрын
When did you leave Canada and where do you live now? 😊
@user-sy6jf4hm3t
3 ай бұрын
You don't pay exit tax on RRSP/FHSA/TFSA, Primary residence, etc. You don't need to sell anything. Just leave for a year and file. Depending on where you reside, you'll pay 15% with a treaty country, or automatic 25% non treaty. Use Questrade for your accounts to continue to access but no more reinvesting in registered accounts. Non registered can still be invested and depending on the country of residence, you may not have to pay significant taxes.
@rgrg5442
3 ай бұрын
Thank you for such great information. Why to use Questrade? Can you set it in Canada and use overseas?
@mstefa007
3 ай бұрын
Yes, Questrade , Manulife, probably other brokers too but not all. Wealthsimple will close it and kick you out. You can trade and withdraw but not add to registered account.
@MonsieurLabbe
3 ай бұрын
Yes, Eastern Europe is my goal. 10 years from now, 6 months overseas and back to Canada for 6 months of summer/fall
@arnoldvosloo220
3 ай бұрын
You probably won't be considered a tax non-resident if you do that. DYR
@markm4195
3 ай бұрын
They will have a war very soon. It is a wrong direction at this moment
@Blueskies1180
3 ай бұрын
I’ll be in South America half the year when I retire… can’t waiiitttt
@pettermillar4158
3 ай бұрын
Yes, but that half year you are out you still paying everything same as you are in here plus you are paying everything abroad. You pay property taxes, insurances, power, TV, phone and internet, car insurance, condo fees if you have condo. This can apply for those who are wealthy to live at both places during year. Half year overthere and half overhere. Lot people forget health insurance abroad and fact that they are already old and not in condition to travel so often, 2 times in year, like they were young.
@glitzy4895
3 ай бұрын
thank you so much for your info. we plan to relocate to Thailand in 10 years.
@grayandgray
3 ай бұрын
If I launch a sailboat into the deep blue, no country, I will have to figure that out!
@canpin
3 ай бұрын
Planning to do 6-6 months canada-asian country
@irakristanti8547
3 ай бұрын
Can someone already did, give us insights? Please & thankyou. Cos I wanna do the same….however many people said its too far (Asia), & its ‘totally different’ culture/country, which makes it rather difficult.
@guillermohernandez8114
3 ай бұрын
Thank you for the info 👍
@jagjitparhar214
3 ай бұрын
What a joke. Taxes on everything we do buy receive in Canada and if you wanna leave. Pay pay pay.
@alant383
2 ай бұрын
Tax on tax, which is illegal under the Geneva Convention!! We already paid into the CPP after tax and then get taxed again in retirement when you can least afford it. Typical Turdo tax policies
@daviddean6032
3 ай бұрын
Adam, thank you for this information. I did not know this. ❤
@samspade1841
3 ай бұрын
Can’t believe I’m considering leaving the country. Never thought I’d think this way. Our government has destroyed the future and divided Canadians for their corrupt benefit. Disgraceful government
@brucenicholls213
3 ай бұрын
Corruption everywhere ! Good luck !🥺😱🥺
@DLevasseur
3 ай бұрын
Can you not file your tax return yearly under section 217? If you still have some ties to Canada, you should be adjusted based on the nominal tax rate on the yearly amount you claimed
@neilbertram1922
3 ай бұрын
"There will be a 15%-25% withholding tax that you won't get back".... that's scary. If you retire abroad... can you come back later? and re-establish your health care?
@mstefa007
3 ай бұрын
As a citizen, yes, once you come back you need to spend 3 months in Canada to obtain health care again.
@HelloKitty-cd3gx
3 ай бұрын
Thank you for an enlightening topic. Does the departure taxes also apply if you have dual citizenship?
@thumbodyelse21
3 ай бұрын
yes, short answer
@blackwatch7151
3 ай бұрын
The departure tax isn't that bad if you plan for it. Sell or transfer your house to your kids a year or two before you declare as a non-resident. Mexico is by far the best deal. 15% withholding tax in Canada on CPP, OAS, work pension and RRSP withdrawals, as long as the withdrawals are a consistent amount each month. Most countries will incur the 25% tax in Canada and you may end up paying more than 25% like in the States.
@arnoldvosloo220
3 ай бұрын
True it's not bad if you don't have any significant assets outside your personal residence. If you own a business, art, shares etc then prepare to get bent over
@mstefa007
3 ай бұрын
Correct, if you die or leave or in any way become out of reach for CRA they want their share.
@thumbodyelse21
3 ай бұрын
I had no issues when I left Canada. The "departure tax" is blown out of proportion.
@luikmex
3 ай бұрын
Yes, most Canadians in Mexico keep paying CRA taxes. The holding tax is 15% only as there is a treaty with Canada. If you have a health issue and return back to Canada there is a three month wait to get back onto Canadian Provincial programs. My advice is always stay a factual resident based on Canadian rules and never leave Canada fully as a resident, even when you live permanently abroad.
@blackwatch7151
3 ай бұрын
@@luikmex If you remain a factual resident you are charged what the average tax rate is in Canada which would be about 27% on a normal income vs 15% as a non-resident in Mx. You would be better off to claim residency in Ontario or BC and just pay as if you were living there.
@samanthathompson9812
3 ай бұрын
@@luikmexHow do you stay a factual resident if you don't live there?
@arnoldvosloo220
3 ай бұрын
Well if you have no assets then yeah you're not going to have to pay much departure tax
@thumbodyelse21
3 ай бұрын
@@arnoldvosloo220well if you've never done it you won't know the process well make a comment like that. I have it's easy and straight forward.
@garyspurrell9569
3 ай бұрын
Great video. Great information 😮
@golfinginthailand
3 ай бұрын
I had to pay a 25% withholding tax when I worked in Saudi Arabia. It was all paid back at the end of the year when I did my taxes. I'm sure that most of the withholding tax will be returned as they can't tax you for more than what you made in pensions, etc.
@kellyinPH
3 ай бұрын
Yes very true. Shockingly CRA was my biggest help on which forms to file to have tax reduced
@bobmanp8653
3 ай бұрын
they with hold the 25% so they get you to do taxes every year, then when you do your taxes for the year its all figured out.
@buckw65
3 ай бұрын
Love this show!! I do have a question....would the 25% with holding tax be added to the other income taxes you normally pay?? Or is it a wash.... holding taxes vs fed and prov income taxes
@tidy
3 ай бұрын
I have paid taxes all my life. No one should have to pay taxes when leaving!
@judithvilla6026
3 ай бұрын
Thanks for the tip about the cross border tax accountant. Looking ahead at my non registered investment funds with the sale of primary residence looming. How do these accountants charge for advice?
@martharamos8833
3 ай бұрын
Good morning ThAnk you very much for your videos I have a question of I am all ready retired planing to go to an other country for five months I need to pay taxes or the taxes Please I appreciate your answer Thank you very much Martha
@glitzy4895
3 ай бұрын
here my questions: 1) if u leave Canada and lives abroad permanently, CRA will take 25% off your Canada income as withholding tax, and u will never get it back? 2) If you own a house in Canada, u r better off selling it before u leave Canada for good. otherwise if u sell years after you have become non-resident, your house sale $ will be taxed because they treat you as non-resident? thank you
@mrslcom
3 ай бұрын
I think if you retire abroad, you can make an election to CRA to maintain your tax residency in Canada as if you never leave, for better or for worse.
@cid70897
3 ай бұрын
Are the 6 months counted from January 1st to December 31st of each year? Example: if a Canadian leaves on June 18 when do they have to come back so as not to lose OAS/GIS, health care and other benefits?
@kellyinPH
3 ай бұрын
You never lose OAS and I believe It’s 183 days total
@RMilsomMusic
3 ай бұрын
Would this still apply if you were a snowbird, but kept a residence in Canada?
@mrslcom
3 ай бұрын
No, it doesn't apply to snowbirds.
@surreycase
3 ай бұрын
Would you have to pay a departure tax on non-registered account? If so, would it be advisable to move as much as you can to a rrsp
@maryjoan4128
3 ай бұрын
WOW it goes to show how disillusioned people are with Canada, If I could go I surely would. Timely Subject THANKS
@ybc8495
3 ай бұрын
leave and stay both expensive for me, and huge tax burden.
@derekcox6531
3 ай бұрын
CRA gets their juicy bite,whether you stay or go. There’s no escaping unscathed from Canada.
@arnoldvosloo220
3 ай бұрын
@@derekcox6531 They get their bite only on income (including unrealized gains) you've earned in Canada. If you leave and then make money abroad they don't.
@garth217
3 ай бұрын
@@arnoldvosloo220 Really?. That's common sense
@arnoldvosloo220
3 ай бұрын
@@garth217 You'd think so. But some are under another impression
@itsthepoolguy
3 ай бұрын
I have a question, with the 25% withholding tax. Can I still file my taxes each year and get a return from the withheld tax on my retirement income when living abroad?
@pettermillar4158
3 ай бұрын
No, that's why Government withhold taxes and you are no more resident overhere.
@keninvic2627
3 ай бұрын
@@pettermillar4158where did you get that info from, you still file taxes and will get a refund
@DR17dede
3 ай бұрын
My god. Where did freedom go?
@davidmarchand6371
3 ай бұрын
Madan Chartered Accountant is listed by Google as temporarily closed, do you know why?
@dangrather1280
3 ай бұрын
Many people probably trying to get away from the Liberal nonsense.
@Amabadam
3 ай бұрын
Isn’t RRSP supposed to be Tax Free!???!
@GT-tm1ft
3 ай бұрын
No. You put money in without paying tax, but you are taxed when you withdraw, ideally in a lower tax bracket than when you were working.
@arnoldvosloo220
3 ай бұрын
Who told you that?
@MonsieurLabbe
3 ай бұрын
TFSA is tax free, not RRSP
@derekcox6531
3 ай бұрын
The only tax free investment vehicle in Canada is,in fact,the TFSA. I highly recommend every Canadian invest inside a TFSA especially if you’re not a high income family.
@arnoldvosloo220
3 ай бұрын
@@derekcox6531 TFSA contributions are after-tax, though. If you assume constant tax rates, both TFSA and RRSP have the same effect of tax free growth.
Пікірлер: 85