Leaving Canada tax?
Sep 29th 2018, 5:40 pm
#1
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Joined: Oct 2012
Location: SW Ontario
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Leaving Canada tax?
Is there such a thing? Im completely confusing myself the more I read about leaving. I know I’ll need to do a tax return before I leave in 2019, but will there be an actual leaving tax as well? I don’t intend to have any Canadian property left in Canada. I’ve sold my house already and will also sell my cars before we leave. Anyone recently moved back who can give me some information? Thanks in advance 😀
Sep 29th 2018, 6:08 pm
#2
Lost in BE Cyberspace
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Re: Leaving Canada tax?
Departure Tax ? Where did you hear that one ?
Sep 29th 2018, 9:09 pm
#3
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Joined: Oct 2012
Location: SW Ontario
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Re: Leaving Canada tax?
As I was googling articles about leaving Canada and tax, I found various articles about “departure” tax. I just wondered if anyone who had moved back recently could give me some more information. 😀 I’ll be delighted for someone to confirm that if I have no property or possessions left in Canada I won’t have additional tax to pay!
Sep 30th 2018, 8:44 am
#4
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Location: South Bucks
Posts: 1,654
Re: Leaving Canada tax?
Is there such a thing? Im completely confusing myself the more I read about leaving. I know I’ll need to do a tax return before I leave in 2019, but will there be an actual leaving tax as well? I don’t intend to have any Canadian property left in Canada. I’ve sold my house already and will also sell my cars before we leave. Anyone recently moved back who can give me some information? Thanks in advance 😀
However if you have no assets anywhere, you have nothing to worry about except doing your final tax for 2019.
Sep 30th 2018, 9:14 am
#5
Lost in BE Cyberspace
Joined: Nov 2012
Location: bute
Posts: 9,740
Re: Leaving Canada tax?
So it is like Capital Gains Tax payable by those migrating FROM Canad to R.o t W ?
Sep 30th 2018, 1:37 pm
#6
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Re: Leaving Canada tax?
When leaving Canada it is not about your Canadian Property only. At the time you leave Canada deems you to have sold up all your possessions WORLDWIDE! So if you have property overseas, shares and other assets in another country, they take it that you have sold up everything and they then want their capital gains tax on that. Your final tax return will include all this and that final sum will be what you pay tax on. We had a house in UK rented out for the time we lived in Canada. On arriving to Canada we luckily had a valuation and on returning 15 years later we got another valuation. The increase which was considerable we had to pay CGT on. This was divided between us and was at our base rate tax. You can defer it until you sell or redeem shares later but it is always hanging over your head.
However if you have no assets anywhere, you have nothing to worry about except doing your final tax for 2019.
However if you have no assets anywhere, you have nothing to worry about except doing your final tax for 2019.
