It’s the opportunity of a lifetime: a chance to live and work somewhere exotic for a few years, or maybe forever. The family is all packed and ready to go, practising their hellos and thank yous in a new language. Your visas are all in order, but what about your Canadian paperwork? Will you have to keep filing taxes here? What about your investments, including your registered ones like your Registered Retirement Savings Plan (RRSP)?
Depending on your residence status and tax treaties, you could be taxed in Canada and the same income taxed again in your new country. Plan ahead.
Blaise Foulston, Investors Group Director of Tax and Estate Planning, explains what Canadians need to know — and do — before they head abroad for a new job and become expats for a few years, or even a few decades.