| View previous topic :: View next topic |
| Author |
Message |
helenl
Joined: 04 Jan 2006
Posts: 1202
|
 Posted: Wed Jun 30, 2010 3:31 am Post subject: |
 |
|
There is a 4 page form that Revenue Canada requires you to submit when applying for non-residency status for tax purposes. It covers everything from property ownership, pets, immediate family members (whether they live with you or in Canada), bank accounts, drivers licenses, stored items, etc. etc. etc.
It can take months (and in one case I know of, years) for them to process your application and if it is denied you're screwed. I know of a couple who each applied - one was granted non-residency the other not - all the information was the same except for the name and gender - go figure. You can always appeal the decision but again, it takes months.
Revenue Canada can request any Canadian citizen to file a return whether you make any income anywhere or not. |
|
| Back to top |
|
 |
Sheikh N Bake
Joined: 26 Apr 2007
Posts: 1307
Location: Dis ting of ours
|
| Posted: Wed Jun 30, 2010 12:56 pm Post subject: |
|
|
| veiledsentiments wrote: |
This might suggest that you need a new accountant... sounds like s/he doesn't want to deal with knowing exactly what to do. 
But, selling the property is probably good advice anyway since renting without a good real estate company can be a hassle. (unless, of course, this is a super great piece of property where you want to retire or something... then I might do a bit of research)
VS |
VS, you said Canadian law is essentially the same as the US, but Americans certainly do not have to sell their real estate to maintain the foreign-earned income exclusion; you know that. Canadians do. |
|
| Back to top |
|
|
Sheikh N Bake
Joined: 26 Apr 2007
Posts: 1307
Location: Dis ting of ours
|
| Posted: Wed Jun 30, 2010 1:02 pm Post subject: |
|
|
| 007 wrote: |
| Sheikh N Bake wrote: |
I've worked with lots of Canadians in the past and work with one now. They all say the same thing, that the Canuck government will do anything to get its hands on your money. If you have ANY type of tie to the homeland, such as a credit card debt or a bank account...let alone a house, or even a car!--they will take that as evidence you are NOT living overseas indefinitely, and they will want to apply their harsh income tax on you.
Yes, even stuff in storage back home gives them an excuse! That's what I'm told anyway. Canucks tend to sell everything they have before taking an overseas job if they want to avoid income tax. |
What? Sheikh Nano giving advice on Canadian taxes!!
What are you doing Sheikh Nano? Giving advice about Canadian taxes? You should be ashamed of yourself, smoking Havana cigar and spouting false �smoked� propaganda when somebody asks for practical information.
What's the point of wasting your time posting things you don't know anything about? Come on, admit it--you are a paid political propagandist. That's been obvious for years. Either that or there's something really wrong with you and your cigar, in which case I suppose we should be kind and gentle to you.
http://forums.eslcafe.com/job/viewtopic.php?t=81485
Now, we are equal! |
No, we aren't. Because I can read and you apparently can't. I said above "that's what I'm told anyway" by Canadian colleagues. Besides, everything I said was correct except cmp disagrees with the storage issue. Now be quiet and go to bed. Adults are talking. |
|
| Back to top |
|
|
veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
|
| Posted: Wed Jun 30, 2010 1:41 pm Post subject: |
|
|
| Sheikh N Bake wrote: |
| VS, you said Canadian law is essentially the same as the US, but Americans certainly do not have to sell their real estate to maintain the foreign-earned income exclusion; you know that. Canadians do. |
Actually I have known Canadians who did own property that was rented out and were exempt. From Helen1's description it sounds like one should find an accountant with wasta at Revenue Canada. Perhaps it is easier to get approval if one buys the property when one is already overseas and have never lived in it.
VS |
|
| Back to top |
|
|
Sheikh N Bake
Joined: 26 Apr 2007
Posts: 1307
Location: Dis ting of ours
|
| Posted: Wed Jun 30, 2010 5:24 pm Post subject: |
|
|
| veiledsentiments wrote: |
| Sheikh N Bake wrote: |
| VS, you said Canadian law is essentially the same as the US, but Americans certainly do not have to sell their real estate to maintain the foreign-earned income exclusion; you know that. Canadians do. |
Actually I have known Canadians who did own property that was rented out and were exempt. From Helen1's description it sounds like one should find an accountant with wasta at Revenue Canada. Perhaps it is easier to get approval if one buys the property when one is already overseas and have never lived in it.
VS |
Well if they said so, I'll take your word. Looks like Helenl's post says it all. I have a Canadian colleague right now who says this is virtually impossible. He stated categorically that if you own any real estate especially real estate that earns money for you, you cannot get the Canadian equivalent of foreign-earned income exclusion. A Canadian supervisor of mine at HCT said the same thing; he and his wife had sold their property before leaving. And my friend here says even a car in your name left behind can prompt a denial. He said the same of stuff in storage but...what do I know.
. |
|
| Back to top |
|
|
helenl
Joined: 04 Jan 2006
Posts: 1202
|
| Posted: Wed Jun 30, 2010 5:57 pm Post subject: |
|
|
You can own property but it has to be rented out on a 12 month lease with 3 months notice required to quit before the expiry date of the lease. So if you rent the property August 1 you have to give notice to the tenant at least April 30 of the next year to take possession August 1 3 months later.
It has to be an "arms length" transaction - no relatives and no "good friends" who might let you stay for your vacation. It's not that it's not allowed, it's just the hassle of dealing with Revenue Canada and tenants that makes most make the decision to sell up. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
