Canada Tax for Canadian Expats

Canada Tax for Canadian Expats

by Richard
(canada)

I am a government of Ontario employee with a pension. I am due for full retirement in 18 months.

I have a sailboat and intend on sailing overseas. I will be returning to Canada periodically.

I would like to maintain my medical and dental plans.

Q1. Will I have to return once every 180 days?

Q2. Should I severe my ties to Canada for tax purposes?

Thank you in advance
Richard

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Canada Tax for Canadian Expats

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Canada Tax for Canadian Expats
by: Sharon - Expats Guide

Hi Richard

Thanks for your inquiry.

I have contacted Mr. Wayne Bewick CA, CFP, CPA from Trowbridge Professional Corporation Charted Accountant and Tax Advisors who was kind to provide the following answers:

Q1. Will I have to return to Canada once every 180 days?

For tax purposes there will be no need for you to return every 180 days.

Q2. Should I severe my ties to Canada for tax purposes?

There may be some significant tax savings for you if you do sever your ties so if you plan on being outside Canada for a few years this is something that you should consider. It will really depend on your ?ties? to Canada. Please note the tax savings will generally outweigh any costs of having to take out private medical insurance.

In addition you can read Tax Tips and Tax Shelters for Canadians which provides Canadian Individual Pension Plans - Retirement Compensation Arrangement and more.

Good Luck
Sharon

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