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June 13, 2024

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Tax Planning To Become Non-Resident

Canada is a land of immigrants. While more people arrive than leave, a sizable number of people do emigrate for personal, financial, retirement, or tax reasons.

We can advise on the tax consequences of leaving Canada, recommend the optimal way to tackle various issues such as departure tax and withdrawal of amounts from retirement plans, and determine the tax treatment of such items in the country to which the person is moving. We can also assist with interpreting and using various international tax treaties.

We will prepare a checklist of how to sever ties to Canada to make sure there is a clear break of residency status.

Sometimes a person will consider leaving Canada purely for tax reasons. If specifically requested, we can advise on the feasibility of such a plan and the possible tax benefits. This type of planning requires pinpoint precision and often relies extensively on international tax treaties.

We prepare valuation reports where necessary to support the tax planning or tax returns.