Becoming a non-resident but maintaining rental properties in Canada

Becoming a non-resident but maintaining rental properties in Canada

(Canada)

Dear Sharton

I'm planning to move to the Middle East for 2-5 years (no dependents). I own a house in Canada (with a mortgage) as well as some shares in an apartment building.

Can I rent out the house and maintain my investments and still be deemed to have severed ties?

I realize I would have to complete a tax form for any rental income.

Can I maintain a bank account in Canada to cover expenses, etc with the rental property?

Thanks!

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Becoming a non-resident but maintaining rental properties in Canada

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Becoming a non-resident but maintaining rental properties in Canada
by: Sharon - Expats Guide

Hi
Thanks for your inquiry. Your questions are most important and should be researched thoroughly.
The tax implications of leaving Canada can be complex as you must determine your Canadian residency status for tax purposes and find out how to minimize the tax you owe on your departure from Canada.

In addition - If you are a non-resident of Canada for tax purposes there may be specific filings that are required while you are abroad and if you earn income from a Canadian rental property, there are certain withholding and reporting requirements that must be adhered to.

It is therefore recommended that you consult a Canadian expats tax advisor who can examine your situation and provide you with accurate and updated information

Best of Luck
Sharon

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