Canadian Money Forum banner

1 - 6 of 6 Posts

·
Registered
Joined
·
1 Posts
Discussion Starter #1
Hi
Glad i found this site
I'm a Canadian citizen no longer paying taxes in Canada.
My portfolio is still in Canada and this prohibits me from many investment products and even using a Canadian investment adviser.
Hence..Im here to educate myself as I totally DIY my investment and need advice.
Looking forward to reading and learning
cheers
 

·
Registered
Joined
·
1,024 Posts
Maybe just put your Cdn investments into one of the all in one diversified ETFs and leave alone, VGRO, VBAL etc. Tax wise you will pay some Cdn wholding taxes but you should get a credit when you file your return in your new resident country so no double taxation.

See Option 4. https://canadiancouchpotato.com/model-portfolios/


Then invest going forward in products in your new country if possible.
 

·
Registered
Joined
·
10,520 Posts
I'm not sure how many visit the "New Member Introductions" so you might get more responses in the "Investing" section.


OOH ... I can understand why DIY would be an attractive choice.

OTOH ... I haven't heard of problems with particular investment products for a non-resident - unless you are a US tax resident?


As AltaRed points out, knowing the country you are resident in (particularly for taxes) would help ensure better comments/suggestions.



Cheers
 

·
Registered
Joined
·
3,272 Posts
Hmm, you might do better to visit an expats forum where people who are in the same boat are to be found. I don't think you will find many here who have any experience of the tax implications of living abroad and whether the CRA 'deems' you resident in Canada or not just for starters.

It took me 3 years to become, 'non-resident for tax purposes' when I left Canada for a while. The CRA do not easily give up trying to get a share of your money. When I read 'no longer paying taxes in Canada', I get a bit of a Red Flag coming up as I have encountered far too many people who simply stopped filing returns but have never been 'deemed non-resident' by the CRA.

Whether to continue to invest in Canadian investment products or not also depends on your individual circumstances and plans for the future. If you are planning to return to Canada after retirement or not for example. It gets very complicated very quickly when you live in another country and still have financial ties in Canada.
 

·
Registered
Joined
·
20 Posts
Hmm, you might do better to visit an expats forum where people who are in the same boat are to be found. I don't think you will find many here who have any experience of the tax implications of living abroad and whether the CRA 'deems' you resident in Canada or not just for starters.

It took me 3 years to become, 'non-resident for tax purposes' when I left Canada for a while. The CRA do not easily give up trying to get a share of your money. When I read 'no longer paying taxes in Canada', I get a bit of a Red Flag coming up as I have encountered far too many people who simply stopped filing returns but have never been 'deemed non-resident' by the CRA.

Whether to continue to invest in Canadian investment products or not also depends on your individual circumstances and plans for the future. If you are planning to return to Canada after retirement or not for example. It gets very complicated very quickly when you live in another country and still have financial ties in Canada.
I would add, even if you leave Canada and have no intent of coming back, many times you may change your mind. We can't foresee the future. It is always good to plan for the future by including a "come back home" plan as a 2nd or 3rd option.

When I was much younger (in the early 80's) I just knew I wanted to leave Canada, but after 10 years (and a health care scare in the US where I didn't have the money to pay for it), I came back to Canada and never looked back.

I was taught several things in the US: income and payroll taxes were actually higher, not to mention the health care mess and those costs are above taxation, and after living in Dallas and southern California I learned living in major cities is not my thing. All of a sudden, rural northern Ontario seemed downright civilised by comparison when I hit my 40's and returned permanently. Sure, we have higher consumption taxes in Canada (GST, fuel and carbon taxes), but everything else is lower. The Americans have the mortgage deduction, but we have about 10x the other credits and deductions. Americans don't have anything like our Child Benefit credit, they are paying way more effective income tax.

Property tax here in northern Ontario is lower than Dallas Texas. Income taxes are lower. No health care expenses to pay steep premiums, co-pays. We have it good, many of us don't even know.

For anyone else out there, always remember times do change. When you are younger, we tend to idealize things that aren't necessarily how it is in reality. As we age, you might find yourself gladly returning to Canada and appreciating it.

So keep that option in the back of your mind!
 
1 - 6 of 6 Posts
Top