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Post by air2023 on Sept 8, 2023 4:02:28 GMT
Hi, I am a Canadian accepted the job offer and moving in couple of months. I am looking for some insight into the tax implications in Canada of the salary earned outside the country. Any Canadian who is currently working there please shed some light about this.
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Post by energyguy on Sept 8, 2023 14:47:35 GMT
Your Canadian tax residency depends on your ties to Canada. If you significantly reduce you residential ties to Canada, then your Saudi compensation may be tax free. That said, highly recommend you consult a tax expert before you leave Canada. CRA has lots of good info online here: www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.htmlIf you do become a non-resident of Canada for tax purposes, a couple of items to be aware of: 1. You will pay a departure tax to CRA on your non-registered investments - this departure tax can be significant depending on how much money you have saved and the performance of your investments. 2. If you retain but rent out your house, you will need to pay a couple of taxes. You'll pay tax on your rental income and capital gains tax on the capital appreciation of your house when you move back to Canada. This could be significant if Canadian real estate prices continue to increase. Again, recommend you hire a tax expert for advice. |
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