Posted by
Lawrco
17 yrs ago
I am a Canadian moving to Hong Kong to begin work. I want to avoid paying double tax and wondering what the best way is to achieve this.
Please let me know if it is recommended to close up all bank accounts, brokerage accounts, etc. Thanks.
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hmm
17 yrs ago
ditto to Cara - us for 10 years. You can officially claim non-residency if you choose - I believe the form is NR-71, but really it is a matter of becoming a resident elsewhere... don't get sucked into selling off every single asset you have in Canada - I have seen many fall into that trap and regret it later... I think as long as you are a resident elsewhere for at least a couple years you are okay... I hear the same again, and again - simply don't file (unless you continue to have income in Canada..file for that) - Don't mention any HK income if you do; the 'global tax credit' is a big fat lie to entice you into letting them know about your foreign income... cost of living in HK added to Canadian tax rates would mathematically leave you in the red...
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Hmmm and Cara
Thank you for sharing the info. I am curretenly thinking about moving to HK as well.
The issue of double taxation is what worries me.
Hmm, if I don't declare my HK income while i have been gone for couple of years, how can I bring that money back to Canada without raising a flag with the CRA?
If I do declare non residant of Canada, what are the main disavantages of that? One I can think of right now is the Medicare.
Thanks for the help.
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If you become a non resident of Canada, you can always go back to reside there again at a later date (usually after a few years, from what I was adviced) and therefore bring back whatever earnings you made outside while being NR. A few years should be like around >3-4yrs. You can still go there as an NR visiting anytime.
Being an NR is good if you're planning to work/do business and earn your money outside and then go back for retirement in Canada.
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This is correct. Becoming a NR means you must cut some normal ties with Canada. Usually, this means selling your home and bringing your spouse and children. If you return with loads of money then you would declare these funds and not have to pay tax on them but not sure if you must declare dividends or pay tax on interest earned on these funds once back into the Canadian (pay tax on everything 10x) format.
I love Canada but like any user pay society better. Retirement nation, yes Canada is the place!
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uwxzz
16 yrs ago
The info on this page is really helpful. I left Canada in 2005 and I have no ties with canada since then except the Canadian passport.
Should I apply for non-resident now? And what should I take note when filling the form?
Thank you very much
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