Tax Tips For Canadians Working Abroad
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- Опубликовано: 11 июн 2024
- Canadians working either permanently or temporarily abroad need to be aware of the tax implications for their situation. It is important to remember that when you leave Canada to work abroad, your tax obligations come with you. This video will discuss the tax implications as well as other information to consider for Canadian citizens who are working outside of Canada.
0:20 - 1. Canadians Working Abroad Permanently.
1:28 - 2. Six Things to Do Before You Leave Canada.
4:01 - 3. Filing Tax Returns in Canada.
4:24 - 4. Withholding Tax for Canadians Living Abroad.
5:46 - 5. Canadians Living Temporarily Abroad.
6:20 - 6. Tax Filing Obligations for Canadians Living Temporarily Outside of Canada.
7:20 - 7. Foreign Tax Credits.
8:12 - 8. Overseas Employment Tax Credit.
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(Including Tax Tips for Canadians, Personal Tax Planning Guide for Canadians: 2014 Edition and 20 Tax Secrets for Canadians)
Disclaimer:
The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video. 
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Enjoyable and very informative!!
Thank you so much for the valuable tips and information!! you are the best
Thank you for the positive feedback.
Thank you for this video hugely helpful
Very useful!
Great Video Thanks
This is so far the best video I found retard to this topic.. It answers all questions I have and other questions arise while watching.. Thank you
Great Video.
Awesome, thanks!
You're welcome
thanks Allan.
well done!
Hi Allan I’ve been watching your videos for a while now and I’m impressed on the amount of knowledge you have locally and foreign..
My situation is ... I’m planning to retire in florida and buy a small business for my son who is 25 years old but he prefers not to loose his health coverage and status in Canada . Would it be better to put the business in my name instead ? or Also additional advice is greatly appreciated.. thanks
Thanks for the info. I would like to know, for a factual resident, can I still contribute to tfsa or RRSP?
Hi. Nice video. Can you pls explain point no 7 with examples? Thank u
Hi Ian, why the 25% withholding tax is required from Canadian non residents only.
How about now days the virtual assistants and online subcontractors who are not Canadians ( Indians, Philippines, other nationalities) who provide services online. do we need to cut withholding tax when we transfer the money? in fact they are replacing the Canadian employees but we don’t issue them T4 or T4A and we don’t even ask them to submit any form (like W8 in USA) to verify that they are under tax treaty.
Hi Allan! Thanks for the video! My wife recently moved to the Caymans. If we keep our primary residence and let our adult kids live in it but myself and a minor child move down with her, is she taxed on her income? We would have no other assets in Canada.
Planning to move Texas (spouse and kids to follow after 2-3 months). My financial is kind of mess. First bought the house and moved their for couple of months but then rented the house and moved to parents place. CRA was informed. So house is no longer a principal residence and bought another house closing in October which will be an investment. Currently my wife is on Maternity leave and both kids getting child tax benefits. If my family moves to Texas after 2 months, will we be considered a resident of Canada or non-resident. Considering we stop EI and CCB from CRA
Thanks for this wonderful video.
Is stock investment's Capital Gain in non-registered account subject to withholding tax?
Hi Yuxuan,
Capital gains from the sale of Canadian marketable securities by a non-resident of Canada are not subject to withholding tax.
Are Canadians' living temporarily outside of Canada still able to receive CCB and HST returns?
Hi Allan, I came to the US to study last year and kept my Canadian residency. I will soon start working in the US and have no plans to return to Canada in the near future. Do I need to return to Canada just so I can record an emigration date? Is there any other way to become a non-resident while remaining in the US?
I thought TFSA is not exempt from departure tax? referring to 3:25
Hi Allan,
Say I have my job in Canada by a Canadian company, but I decide to move to a non-tax treaty country like Nicaragua. I don't have any primary interest, but do have secondary like a bank account and credit cards. Do I keep my taxes the same and pay my income tax or can I pay less since I no longer live in the country.
8:05 did not get it. If I work in Switzerland and taxed at 20% while on that income in Canada tax is 37%. That would mean you don't have to pay 17% to Canada? Or they would give foreign tax credit of 15% and pay to Canada the rest 2%???
Do these apply to all residents of Canada or just citizens?
What if I have a 1099 form.... I always lived in Canada and never even crossed the boarder...but my business is in the US. I sell on ebay.com. Do I need to file to the IRS? And of course I need to file my Canadian ones...
Is there a Canadian equivalent to Section 179 of the US tax code?
hi Allan, thank you for the useful insight about tax. We just landed as new immigrants but we will temporary leave Canada soon to work overseas for a year. we open a bank acount and deposit 6k cad? Are we obliged to file for tax and are we still consider a non-residents of canada for tax purposes?
Hi Pinoy in Qatar,
Since you did a 'soft landing' and then left Canada very shortly, and only have a couple of secondary ties, you do not have to file a Canadian tax return.
@@AllanMadanCA hi allan very informative video do u know if this is applicable as well in USA ??
is there a deadline for the tax exemption on capital gain from the sale of my main residence considering I owned the property for 10 yrs
Hi Zafer,
The principal residence exemption forms (T2091, Schedule 3) should be submitted with your tax return for the year in which your property was sold. Your tax return and the related forms are due by April 30.
Thanks for this wonderful video.
I have a question about my status:
- I spend less than 30 days a year in Canada.
- I have no income from any Canadian sources in or out of Canada.
- I have no property in Canada.
- My permanent home is in another country.
- My home country (the same country where my home is and where I work) has no tax treaty with Canada.
- I have a Canadian bank account with very little funds in deposit and a Canadian credit card that I only use when I go to Canada.
- I got my Canadian driver's license last year.
- I have a health card but have never used it.
- I use a friend's address in Canada to receive mail but have never lived there and have no lease under my name.
Am I considered a non-resident or factual resident?
Thanks!
Hi Mohammad,
You are likely a non-resident of Canada. However, I strongly suggest that you cancel your Canadian mailing address and Health Card so that you have fewer ties to Canada.
Allan Madan thank you so much for your response sir! Appreciate it.
Why should he have fewer ties with Canada? I almost have the same situation.
How would the government even know you have foreign property?
When you are moving from Canada to the USA, your primary residence is an exempt to the departure tax. Does it mean that I can move to the U.S. and keep my property as long as I want and rent it out while I am away?
If I one day decide to return to Canada and become a tax resident in Canada again, I will then make the house a primary residence again and sell if I need to at no tax. Does this thought process make sense tax-wise?
Hi Andri,
If you leave Canada and rent your house, and then return again, there will be a capital gain for tax purposes based on the increase in value in your home from the date you leave to the date you return.
What are tax implications for a Canadian living and working abroad temporarily and which is self-employed? Let's say I'm a freelance web developer and want to contribute to my CPP.
Hi manutor, if you are a tax-resident of Canada, you are taxable on your global income, including income from self employment. Complete form T2125, Statement of Business Income & Expenses, and attach this form to your Canadian Personal Tax Filing. If you paid tax in a foreign country on your foreign business income, complete form T2209 to claim a foreign tax credit against your Canadian income taxes payable.
Is TFSA subject to withholding tax?
No, TFSA withdrawals are not subject to withholding tax.
Can you keep your primary residence in Canada as well as buy more property in Canada if you work abroad and are deemed a non-resident of Canada for tax purposes?
Hi jalexandergayle,
No, unless there is a tax-treaty between Canada and your host country that allows an individual to maintain a primary residence in both countries.
@@AllanMadanCA thank you, so if I wanted to keep my property and buy more, I would have to keep paying taxes, assuming I dont pay any taxes in the host country, would I be taxed on all of my income as if i were a regular Canadian?
Hi @@jalexandergayle,
Assuming that you cut all of your primary ties, and most of your secondary ties, you can still own Canadian rental properties and be classified as a non-resident of Canada. You will be taxable on the rental income received, and not on your foreign income.
Hi Allan, are you available to chat privately?
At least you stop paying taxes when go overseas, not like the US which makes no sense at all.
That might be changing. A liberal parliamentary member is trying everything he can to change that, and make Canadian non-residents pay taxes, even though they are not using most of the facilities, like healthcare, the infrastructure, local services etc!! It is essentially criminal to do this!! See article by Chandra Arya (link below)! Oh, and keep voting liberal, 🙄 even though they are trying to screw over everyone as much as they can!
policyoptions.irpp.org/magazines/april-2020/canada-needs-to-start-taxing-canadians-who-live-abroad/
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Everyone should stop paying income taxe. They can't go after all of us.
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