Post by vpainter on Mar 30, 2018 12:38:31 GMT
By Starboyx:
If you're moving from Canada before April 30th, and have yet to file your taxes, don't switch residency status just yet.
In fact, you don't want to do it until you at least finish 6 month probation.
In the event things don't work out, going back within the tax year, and changing your residency status again, will complicate things.
By Starboyx:
Bachelor means you have a wife, single means you are not married. In general, taxes vary depending on your situation, as in, once you leave, will you have primary or secondary ties to Canada?
Primary ties: dependents, primary residence are the two biggest factors.
Secondary ties: rental property, bank accounts, credit cards, driving license, health care; some or all fall into grey area, depending on your province.
I came from Ontario (although originally from Calgary) and in my case, my accountant has informed me I'm deemed a non factual resident of Canada.
What that means is I don't need to cancel my driving license, nor healthcare, and since I have neither primary or major secondary ties (biggest one being rental property or other real estate or major assets), in my name (read below for more details), my bank accounts, credit cards, driving license and healthcare fall into grey area.
As a result, I have the option to either report NIL or report all earnings; either case, I am NOT liable to pay taxes.
Unfortunately, I don't think non factual works for most, especially with spouses and /or children.
In most cases, you will want to consult a tax advisor/consultant or your lawyer.
Your best option, for protection, remove your name from assets such as vehicles or real estate, especially primary residence.
This is what I've done, in Ontario: my numbered Ontario Inc has the le deed and pays the mortgage for primary residence, which is also rental property.
However, this is also the address of the numbered Ontario, so my mortgage gets written off as rent; remember, now you can levee write offs.
You can also transfer the registration/lease/finance of your vehicles to your company; more than 1 vehicle, you now have a fleet.
In this case, ensure you also take out corporate insurance vs personal insurance for your vehicle(s).
To sum it up, incorporate yourself in Alberta, list yourself as the sole director, transfer all les over to the company, and that's it: now you're protected.
These are now considered corporate assets/enies.
The fees for registration and annual NIL filing for you company are worth it VS paying the CRA.
On the note, HSBC and Barclays have off shore in Jersey/Isle of Man; however, they require both your passport and SIN details, which is then shared with the CRA, so it defeats the purpose.
If you're moving from Canada before April 30th, and have yet to file your taxes, don't switch residency status just yet.
In fact, you don't want to do it until you at least finish 6 month probation.
In the event things don't work out, going back within the tax year, and changing your residency status again, will complicate things.
By Starboyx:
Bachelor means you have a wife, single means you are not married. In general, taxes vary depending on your situation, as in, once you leave, will you have primary or secondary ties to Canada?
Primary ties: dependents, primary residence are the two biggest factors.
Secondary ties: rental property, bank accounts, credit cards, driving license, health care; some or all fall into grey area, depending on your province.
I came from Ontario (although originally from Calgary) and in my case, my accountant has informed me I'm deemed a non factual resident of Canada.
What that means is I don't need to cancel my driving license, nor healthcare, and since I have neither primary or major secondary ties (biggest one being rental property or other real estate or major assets), in my name (read below for more details), my bank accounts, credit cards, driving license and healthcare fall into grey area.
As a result, I have the option to either report NIL or report all earnings; either case, I am NOT liable to pay taxes.
Unfortunately, I don't think non factual works for most, especially with spouses and /or children.
In most cases, you will want to consult a tax advisor/consultant or your lawyer.
Your best option, for protection, remove your name from assets such as vehicles or real estate, especially primary residence.
This is what I've done, in Ontario: my numbered Ontario Inc has the le deed and pays the mortgage for primary residence, which is also rental property.
However, this is also the address of the numbered Ontario, so my mortgage gets written off as rent; remember, now you can levee write offs.
You can also transfer the registration/lease/finance of your vehicles to your company; more than 1 vehicle, you now have a fleet.
In this case, ensure you also take out corporate insurance vs personal insurance for your vehicle(s).
To sum it up, incorporate yourself in Alberta, list yourself as the sole director, transfer all les over to the company, and that's it: now you're protected.
These are now considered corporate assets/enies.
The fees for registration and annual NIL filing for you company are worth it VS paying the CRA.
On the note, HSBC and Barclays have off shore in Jersey/Isle of Man; however, they require both your passport and SIN details, which is then shared with the CRA, so it defeats the purpose.