Becoming a Non-Resident of Canada (Part 2)

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This is part 2 of a 3-part series which explores non-residency in Canada. In this video, the first 5 out of 10 major tax implications of becoming a non-resident are discussed.

0:27– 1. Canada Child Benefit
0:40 – 2. GST/HST Credits
0:49 – 3. Repay Home Buyers Plan and Life Long Learning Plan
1:32 – 4. TFSA (Tax Free Savings Account)
2:07 – 5. Stop Contributing to Your RRSP (Registered Retirement Savings Plan)

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The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.

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CuckSlayer says:

I was never told this by TD bank when I notified them I would be living and working in Australia for an extended period of time. I spent two years there, paid my taxes, got home, paid a few years worth of Canadian taxes and a week ago the CRA just hit me with a bill for over 13 thousand dollars. Why? Because my chequing account automatically deposits 20 dollars a month into my TFSA account as a form of responsible saving for my retirement.

At this point, my TFSA is worth just under 13k.

The government is trying to take my ENTIRE savings (I'm 27 years old) because I was not informed by the bank (or anyone else for that matter) that having money added to a TFSA as a non-resident is not allowed.

I am so beyond furious and need serious assistance, as the fees are going up daily. CRA hotline basically told me I "should have known" and to pay it in full and then try to dispute it later because the appeal process takes many months (as everything government-related surely does).

A S says:

Thanks for the information. Base on part 1, my family and I would be considered factual residents. Are we still entitled to receive Canada Child Benefit ? Do we need to determine residency status in advance, or if and when CRA asks, we provide the information?

Steve Stewart-Sturges says:

Hi Allan Thank you of these informative videos, I am Canadian but have been living outside Canada since 2003, though never filed a departure tax return or NR73, as my then wife and I still had primary ties to Canada.. I am now still living abroad and not married anymore. I am entitled to support payments from my wife who has returned to Canada, and I still have a bank account, CPP, and credit card there.
So, my ex wife will be deducting my support from her income, starting next year, will I be taxed on that if it's sent to my current country of residence, Thailand?
Would it be of benefit for me to close my bank account, credit card and not apply for my meagre CPP benefits ?
Appreciate and help steering me in the right direction!

Stuart Craig says:

If there a distinct year of departure tax return?  If so, must a Canadian citizen, who may return to Canada in the future, but is departing for several years, file a year of departure tax return or can they simply file a regular return?

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