Back to Home PageWelcome Guest! Register | Login | Home | Contact Us | Site Map | Advertise | FAQ | Search
Canadian Desi
    Charcha


        
  Canada Immigration Forum > General > Our Native Country! > OCI-Moved back home - What formalities are needed for Tax non residency ?
Last Post | Newest Post
 
< [ 1 ] [ 2 ] >

OCI-Moved back home - What formalities are needed for Tax non residency ?




Full House
Senior Desi
Member since: Oct 12




Posts: 2284
Location:


You are getting warmer.. You must be living in India.

FH.

---
Quote:
Originally posted by pendse

Quote:
Originally posted by Full House

Once a Canadian ALWAYS a Canadian.

DO NOT let the Passport Expire. 30 days prior to EXPIRY DATE, get it renewed for another 10 Years,

FH.

I can easily track him, even without knowing his name. So, please Keep it under your hat. Let him enjoy the Peaceful Life. fh.




What do you mean you can easily track him ? You don't even know, who he is .

He didn't even bother to take OCI and cancel his Indian passport. From India he went to Dubai, then Canada and now back to Dubai.

Basically a Canadian citizen living in Dubai, with both Cad and Indian passport. He is not supposed to have Indian passport, but has it anyway.

He uses that to travel to India, so no visa required as he is a Cad citizen. And uses his Cad passport to travel to Europe. Smart guy.



 
Post ID: 235390 27-06-17 11:18:44
Report Abuse
pendse
Senior Desi
Member since: Jun 17




Posts: 118
Location:


Quote:
Originally posted by Full House

You are getting warmer.. You must be living in India.

FH




Huh ?

Forget warmer. Isn't June hot in Canada ?


 
Post ID: 235400 27-06-17 14:32:33
Report Abuse
cdn_dude
Senior Desi
Member since: Dec 05




Posts: 939
Location:


In SHORT - This is all you do while leaving Canada.

- Make sure you do NOT have ANY PRIMARY ties to Canada. (no residence, no family members living in Canada)

- Close all your bank accounts (so that you do not have any taxable interest income that could be considered as "Canadian Source Income" )

- No need to EXPLICITLY close DL and Health Card. They will eventually expire and you will not use them once you are out of Canada (since they are valid only IN Canada).

- Better to close your trading account to prevent future hassles. Otherwise you need to inform your financial institution about your NR status so that the NR tax (25%) could be withheld from any gains on interests (as per the rules)
(This could be claimed on your foreign tax return for foreign tax credit)

- Last but NOT least, mention your DEPARTURE date on your tax return indicating that you are claiming a "Non Resident of Canada for tax purpose" status.

Good Luck!




Quote:
Originally posted by pendse

I am an OCI with Canadian citizenship and Canadian passport.

I have moved back to India permanently. No intention whatsoever of coming back to Canada permanently. I might come to visit Canada/USA once in 5-6 years as a tourist for sightseeing. But besides that no intention of settling or living in Canada or US.

So what forms or formalities or technicalities I need to complete so that I am deemed a non resident of Canada by CRA for tax purposes ? I mean what should I do so that CRA doesn't consider me to have residential ties with Canada ?

I am finding the whole residency & non-residency from CRA confusing.

Will I be an :

1. Emigrant ( don't confuse with Immigrant )
2. Non-Resident
3. Deemed Resident for tax purposes.

Some of the things I guess, I need to do are :

1. Sell my house & car.
2. Close my Drivers License
3. Close my Health Card.
4. Close my bank accounts. ( Can I keep 1 online account like Tangerine bank open ? )
5. Close my Canadian Credit cards.
6. Have already filed my 2016 Tax return. I don't have any taxes owing.
7. Close my RRSP, TFSA
8. Can I keep a Stock trading account like Questrade open ? Then I will also have to keep a corresponding Online bank account open like Tangerine.
------

9. Any other forms I have to fill up ?
10. Any Departure tax I have to pay ?
11. Do I have to file a tax return for 2017 next year ?

I don't want to live in India peacefully and blissfully, and then receive something from Canada saying, they still consider me to be a Canadian resident for tax purposes

:cry:





 
Last edited by: cdn_dude on 27-06-17 15:51:20
Post ID: 235404 27-06-17 15:50:47
Report Abuse
pendse
Senior Desi
Member since: Jun 17




Posts: 118
Location:


Quote:
Originally posted by cdn_dude


- Last but NOT least, mention your DEPARTURE date on your tax return indicating that you are claiming a "Non Resident of Canada for tax purpose" status.

Good Luck!




So if I am permanently leaving in 2017, when do I file that tax return ? In 2017 or 2018 ?

As the tax forms for 2017 will only be ready and available early next year from CRA. I believe in first week of Feb 2018 , the 2017 Tax forms & Packages will be ready.

I will be firmly settled in India by then. So should I file my Final & last taxes from India in 2017.


 
Post ID: 235472 04-07-17 10:34:01
Report Abuse
Full House
Senior Desi
Member since: Oct 12




Posts: 2284
Location:

Here is a little more help.

For those who are based outside of Canada, what they call here "Internationally", there is a division that answers to all your questions with authority and with all of the links to the TAX questions and they can be accessed from the link below. THEY ACCEPT COLLECT CALLS. (Read my previous response to you on this subject matter)

Good Luck.

FH.

http://www.cra-arc.gc.ca/cntct/ntrntnlnqrs-eng.html
http://www.cra-arc.gc.ca/cntct/prv/tstc/twts-eng.html#ntrntnl
----
Quote:
Originally posted by pendse

Quote:
Originally posted by cdn_dude


- Last but NOT least, mention your DEPARTURE date on your tax return indicating that you are claiming a "Non Resident of Canada for tax purpose" status.

Good Luck!




So if I am permanently leaving in 2017, when do I file that tax return ? In 2017 or 2018 ?

As the tax forms for 2017 will only be ready and available early next year from CRA. I believe in first week of Feb 2018 , the 2017 Tax forms & Packages will be ready.

I will be firmly settled in India by then. So should I file my Final & last taxes from India in 2017.





 
Post ID: 235476 04-07-17 14:21:58
Report Abuse
cdn_dude
Senior Desi
Member since: Dec 05




Posts: 939
Location:


Quote:
Originally posted by pendse

So if I am permanently leaving in 2017, when do I file that tax return ? In 2017 or 2018 ?



-- You can file your 2017 return only after the year is over and when the 2017 tax forms become available.

Quote:


I will be firmly settled in India by then. So should I file my Final & last taxes from India in 2017.



-- File your tax return for the Year 2017 from wherever you are - mentioning your departure date from Canada in the "Information about your residence" section is what you need to do - if you left Canada in 2017.



 
Post ID: 235484 04-07-17 21:48:58
Report Abuse
gloria1211
Junior Desi
Member since: Jul 17




Posts: 1
Location:


Hi,



 
Last edited by: rajcanada on 08-07-17 07:07:40
Post ID: 235515 08-07-17 04:09:25
Report Abuse
Smiley
Senior Desi
Member since: Mar 03




Posts: 1179
Location: USA

Not that difficult to be a Non resident of Canada if you actually leave
1) If you have a house/condo , it can be rented out . You do not have to sell it if you do not want to
2) change your DL to the new country DL
3) Get a job in your new place and move out
4 ) You do not have to cancel CC if you do not want to
5) You do not have to cancel your bank accounts in Canada ( just let them know you left and they will with hold 25% taxes on interest earned
6) Your family has to move too . You cannot have a wife and kid in Canada and be a non -resident ..

Being a non -resident you only pay taxes to Canada on cdn income and not world income ..

We moved to the US in 2007 and have been non -resident since then . We still have all bank accounts /CC / INg accounts etc with US addresses and no issue . The interest earned is with held at 25% ..


Let me know if you have any questions


-----------------------------------------------------------------
We will find a way or we will make one

 
Post ID: 235693 24-07-17 17:21:25
Report Abuse
pendse
Senior Desi
Member since: Jun 17




Posts: 118
Location:


Quote:
Originally posted by Smiley

1) If you have a house/condo , it can be rented out . You do not have to sell it if you do not want to
2) change your DL to the new country DL
3) Get a job in your new place and move out
4 ) You do not have to cancel CC if you do not want to
5) You do not have to cancel your bank accounts in Canada ( just let them know you left and they will with hold 25% taxes on interest earned
6) Your family has to move too . You cannot have a wife and kid in Canada and be a non -resident ..

Being a non -resident you only pay taxes to Canada on cdn income and not world income ..

We moved to the US in 2007 and have been non -resident since then . We still have all bank accounts /CC / INg accounts etc with US addresses and no issue . The interest earned is with held at 25% ..


Let me know if you have any questions



You still file 2 tax returns every year though, right ? (Since you still seem to have partial ties to Canada). One is US with IRS and another one in Canada with the CRA ?

I have no intention of filing one with CRA hence I don't think I can keep a house in Canada


 
Post ID: 235720 26-07-17 16:34:02
Report Abuse
Smiley
Senior Desi
Member since: Mar 03




Posts: 1179
Location: USA


We never filed Canada taxes after 2008 . We do not have any income from Canada other than RRSP and Bank accounts ( NR witholding Tax at banks ) ..


-----------------------------------------------------------------
We will find a way or we will make one

 
Last edited by: Smiley on 27-07-17 13:47:11
Post ID: 235728 27-07-17 13:46:18
Report Abuse
Contributors:
cdn_dude(2)  Full House(6)  gloria1211(1)  pendse(9)  Smiley(2)  
< [ 1 ] [ 2 ] >
 
Show Printable version
Send this page to a friend
Add to favorites
 



 
Web
CanadianDesi
Please Contribute!
Write an Article
Send Community News
Create Photo and Video Albums
Submit Good Pictures
List Useful Websites
Post Jobs
Submit Events
List for FREE!
Businesses
Classifieds
Social Organizations
Religious Places
Employment Agencies
Email Page
Your Email
Friend\'s Email

Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.
//-->