kilted_highlander78
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Post by kilted_highlander78 on Oct 17, 2012 15:57:27 GMT
o Canadians,
I am strating this thread to talk in some details about the CRA form NR73 regarding the non-resident status in Canada. I am going today to talk to an expert accountant who will help me through this process; and I shall inform you what happens.
Meanwhile, if you have two cents to chip in regarding this issue, please do.
KH78
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kilted_highlander78
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Post by kilted_highlander78 on Oct 17, 2012 17:13:37 GMT
Here is what I learnt so far: 1. NR73 is actually NOT required, it is just a questionnaire with no legal bindng value. 2. There are no special forms to fill out unless you have property and you are going to dispose of it in a fair market value (in this case look for the disposition form on the CRA's website). 3. You have to sever all ties in Canada (some argue including bank accounts and phone numbers) and establish ties in SA. 4. SA and Canada has no taxation treaty, so yuo HAVE to sever all ties 5. This pdf is awesome ( www.edmontonretirementplanner.co ... Canada.pdf) Although the information I got was from a CMA/CPA taxation accountant. Hope this is helpful
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Post by Calgary2Udh on Oct 18, 2012 3:45:51 GMT
Here is what I learnt from a professional financial planner:
1) you don't require to file NR73, in fact it is encoued not to file it at all. 2) As a non resident of Canada You are not eligible to contribute towards RESP or RRSP. So one should freeze all the saving accounts before departure. 3) You have to give up your provincial health care within 3 months of your departure from Canada. 4) You should cancel all the credit cards except keep one. 5) You can keep your house but rent it, your rental income will subject to taxation. 6) you can keep your driver's license as it is considered to be your secondary ties.
The bottom line, according to my understanding, is to sever all your major ties in Canada and make your ties in SA for example, getting iqama, getting local driver license, getting local bank account/cc, getting a local home address and p.o box address etc and keep your documentation up to date. So that if ever CRA questions you about your non-residency status you have all of your supporting documentation ready to show.
Regards C2U
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Post by tfcfan on Oct 18, 2012 7:21:20 GMT
very helpful information guys - thanks!
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Post by poolisa01 on Mar 3, 2013 11:49:13 GMT
Very informative guys. I am based in Calgary and on my last leg of the recruitment process.
Thanks!
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Post by gbhatia on Mar 22, 2013 1:21:18 GMT
Thanks for this info. I just found this thread and it answers a number of my questions.
One other thing to keep in mind is to document the fair market price of your house if you decide to rent it out. Since it is now an investment property, capital gains tax will be owing on any rise in the price while you are a non resident. We are getting a professional appraisal from a real estate agent done for this purpose. Hopefully it will suffice.
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Post by cargarean on Jul 3, 2019 20:05:11 GMT
This forum helped me a lot during the waiting period.
I am from Calgary and going through the contingencies. Can anyone please recommend a reputable expat tax accountant in Calgary. Thanks!
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Post by StarboyX on Jul 13, 2019 22:25:11 GMT
This forum helped me a lot during the waiting period. I am from Calgary and going through the contingencies. Can anyone please recommend a reputable expat tax accountant in Calgary. Thanks! I have several friends who have their own firms and can definitely assist. However, you should also come here and look into this after 6 months probation is over too. You'll have time and this past year Grant Thompson was brought in to give Canadians tax prep advice.
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Post by cargarean on Jul 16, 2019 16:09:53 GMT
Will do. Thanks StarboyX! Good to know there's GT there now.
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