Unit No: 201-170 Robert Speck Pkwy, Mississauga, ON L4Z 3G1
Leaving Canada is a big step, and the tax side is easy to overlook in the rush to move. A little planning before you go can prevent surprises later. North Vista Accounting reviews your situation, prepares your final return and handles any Canadian filings you still have after you leave.
When you move abroad and cut your residential ties, such as your home, your spouse or your dependants in Canada, you usually become a non resident for tax purposes. In the year you leave, you report your world income up to your departure date. You are also treated as having sold certain property, such as shares, at its fair market value, which can create a capital gain. This is often called departure tax. Some property is not included, such as Canadian real estate, RRSPs, TFSAs and pensions. After you leave, you generally pay Canadian tax only on income from Canada.
For individuals and families preparing to move abroad, and for people who have already left.
Planning a move? Talk to us before you leave.
We guide you through each step, before and after you leave.
A review of your ties to Canada to see when you are likely to become a non-resident.
Help completing Form NR73 if you want the CRA’s view of your status.
A review of which property may be treated as sold when you leave.
Form T1161 prepared if the property you own when you leave is worth more than $25,000.
Your Canadian tax return for the year you leave, with your departure date.
Contact North Vista today for a free 30-minute consultation.
Usually on the latest of the date you leave, the date your spouse or dependants leave, or the date you become a resident of your new country. It depends mainly on your residential ties.
When you emigrate, you are treated as having sold certain property, such as shares, at fair market value. Any resulting capital gain is reported on your final return. Some property is excluded, such as Canadian real estate, RRSPs, TFSAs and pensions.
You can elect to defer the tax until you actually sell the property by filing Form T1244 by April 30 of the year after you leave. If the federal tax owing is more than $16,500, you must provide security to the CRA.
You must file if you owe tax or want a refund. You report your world income up to your departure date and enter that date on your return.
Your tenant or property manager must generally withhold 25% of the gross rent and send it to the CRA. With an approved Form NR6, tax can be withheld on net rent instead, and you file a section 216 return each year.
Yes. You can ask for the CRA's opinion by completing Form NR73. We can help you prepare it.
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North Vista provides professional accounting services designed to help businesses stay financially organized and move confidently toward their goals.
