Do I have to file my Canadian taxes if I retire, work or live abroad?
Karyn Saunders
If you become a non-resident then no you do not have to file taxes. Becoming a non-resident is a matter of selling all property and closing all personal accounts. You can leave your RRSP's in Canada but no other ties to the country can remain. Once you become a non-resident then you do not need to file yearly taxes. If you are not a non-resident then you will need to file your taxes every year.
If you become a non-resident then no you do not have to file taxes. Becoming a non-resident is a matter of selling all property and closing all personal accounts. You can leave your RRSP's in Canada but no other ties to the country can remain. Once you become a non-resident then you do not need to file yearly taxes. If you are not a non-resident then you will need to file your taxes every year.
Posted September 16, 2013
ROSALIND MCCOY - PANAMA SIGNATURE REALTY
But bear in mind, if you own any property on the soil of Canada, when you sell it, you have to submit 25% of the sale to the Canadian government. If you want to avoid that hefty tax, you may consider to sell off your property before moving overseas, or just leave the property untouched until you move back.
But bear in mind, if you own any property on the soil of Canada, when you sell it, you have to submit 25% of the sale to the Canadian government. If you want to avoid that hefty tax, you may consider to sell off your property before moving overseas, or just leave the property untouched until you move back.
Posted October 23, 2013
David Whittington - Tucan Golf Club and Resort
Personally, we have the Canadian Pension Plans plus we have the Old Age Pension, which are considered income so we still have to file on those. I believe that the only time you don’t have to file is if you supremely leave Canada; if you renounce your citizenship, etc. However, we only have to pay income tax when the money is earned in Canada. We’re paying Panamanian taxes on the money we make here, but not Canadian tax. In Canada you...
Personally, we have the Canadian Pension Plans plus we have the Old Age Pension, which are considered income so we still have to file on those. I believe that the only time you don’t have to file is if you supremely leave Canada; if you renounce your citizenship, etc. However, we only have to pay income tax when the money is earned in Canada. We’re paying Panamanian taxes on the money we make here, but not Canadian tax. In Canada you only can be taxed once on your income.
(Choosing at lot and home at Tucan Country Club and Resorts, Panama, pictured.)
Posted July 11, 2016