It is a question of facts whether an individual is a resident of Canada or not. Also, there are Canadian tax consequences on ceasing to be a Canadian resident (i.e., becoming a non-resident).
We provide the following consultation services:
- Prepare a checklist of action steps for severing ties to Canada on one hand and establishing ties to the country to which the person is moving on the other hand. The steps help to create a clear break of Canadian residency status.
- Advise on the Canadian tax consequences on ceasing to be a Canadian resident
- Quantify the potential departure tax triggered by the deemed disposition of assets at fair market values
- If applicable, recommend a proposed plan to reduce/defer the departure tax and to align the tax treatments of such assets in the country to which the person is moving for avoidance of potential double taxation in the future.