Canadian Expat Taxes
This week I had the pleasure of speaking with Arun (Ernie) Nagratha, CPA, CA, CPA (Illinois) of Trowbridge Professional Chartered Accountants and Tax Advisors to discuss Canadian taxes for expats and those living abroad. Some of our questions and topics include:
- I understand Canadians can be seen as non-residents. What is a non-resident for tax purposes, how does this effect my citizenship or legal status in Canada?
- What criteria does one need to met to become a non-resident?
- What if there is a tax treaty between Canada and the country I go to? How does that impact me?
- What type of tax return is filed if you intend to become a non-resident?
- Do Canadians need to pay tax on foreign earned income abroad if one does not become a non-resident?
- How are Canadians taxed on their assets such as investments in Canada while living abroad?
- Can Canadians continue to use their Canadian bank accounts after expatriating?
- What if I live abroad and want to own property in Canada, can I? What if I rent it out what implications does it have?
- I want to bring my savings back to Canada from abroad, will Canada tax me?
Dan Stevens from the Costa Rican times joins me this week to talk about the FATCA delay, Miss Costa Rica 2014, the Chikungunya Virus, a conclusion to the Cuban in limbo in SJO airport, and the possibility that the new presidential jet may have been used by a drug cartel.
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