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A question for Canadians

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A question for Canadians Empty A question for Canadians

Post by cypress on Tue May 12, 2020 6:58 am

Which status do you think is better-Resident or non Resident of Canada. I ma thinking about becoming a non resident again.

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A question for Canadians Empty Re: A question for Canadians

Post by SunFan on Tue May 12, 2020 7:07 am

Revenue Canada has strict definitions of a non-resident that you can check on their web site.

Since I'm here full time and get no residency benefits from Canada, I chose to qualify as a non-rsident for tax conservation.

Not sure if that helps.

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A question for Canadians Empty Re: A question for Canadians

Post by TomQC on Tue May 12, 2020 7:19 am

SunFan wrote:Revenue Canada has strict definitions of a non-resident that you can check on their web site.

Since I'm here full time and get no residency benefits from Canada, I chose to qualify as a non-rsident for tax conservation.

Not sure if that helps.

SunFan

Hope this helps!    REVENUE CANADA
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A question for Canadians Empty Re: A question for Canadians

Post by CanuckBob on Tue May 12, 2020 8:07 am

Non residents pay a flat tax of 15% on any RRSP withdrawels, CPP, OAS and any other earnings from stock dividends etc. As a resident you may have to pay higher taxes depending on your income. To qualify as a non resident you have to complete an application form and submit to the CRA.

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Post by CanuckBob on Tue May 12, 2020 8:56 am

Btw......my accountant told me if you are no longer eligible for provincial health care you will likely be deemed a non resident for tax purposes. There are a few other factors too.

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A question for Canadians Empty Re: A question for Canadians

Post by Kiri on Tue May 12, 2020 1:23 pm

My accountant, told me that there is no longer any choice in the matter as there used to be. After 2 years out of the country you are supposed to declare non residency if you meet the requirements. Also as a non resident, one used to have the choice of filing as a non resident or as a resident, at tax time, whichever was more advantageous...that's gone now, too.

The tax rate will be maximum 15%, but will depend on your circumstances. Mine is 8%. The form that you complete, NR5, unless that number has changed, lasts 5 years and must be renewed.
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A question for Canadians Empty Re: A question for Canadians

Post by SunFan on Tue May 12, 2020 2:58 pm

8%!!!!!

Can I get the name of your accountant? LOL

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A question for Canadians Empty Re: A question for Canadians

Post by Kiri on Tue May 12, 2020 3:21 pm

SunFan wrote:8%!!!!!

Can I get the name of your accountant? LOL

SunFan

😂 Big diff yes. If you are Canadian, you know about taxes! In my case, I am sure it is because my income is so very low.
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Post by MFT on Tue May 12, 2020 4:00 pm

If you are a non resident of Canada there is a form you can complete to reduce the amount of withholding tax to below the standard 15%.  Check on the Canada Revenue site.

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A question for Canadians Empty Re: A question for Canadians

Post by cypress on Tue May 12, 2020 6:51 pm

CanuckBob wrote:Btw......my accountant told me if you are no longer eligible for provincial health care you will likely be deemed a non resident for tax purposes. There are a few other factors too.

I wonder about that. I went to a Service Canada office in BC last year to ask about medical care add resident status. They told me that the health provider in BC, the Medical Service Plan, had no contact with Federal authorities who know about Resident status.

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A question for Canadians Empty Re: A question for Canadians

Post by ferret on Tue May 12, 2020 6:58 pm

Canadian Health Care is one of the things that you MUST give up to be officially recognized by the CRA as a non-resident for income tax purposes. You officially let Canada Health know that you are cancelling. To not do so is fraud.
It's not really that big a deal since, as a Canadian citizen who finds themselves back in Canada on a permanent basis, you can reapply and it will kick in in three months.
If you want the reduced tax that being an official non-resident gives you, then follow the rules.
You can't have it both ways.
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A question for Canadians Empty Re: A question for Canadians

Post by CanuckBob on Tue May 12, 2020 7:05 pm

cypress wrote:
CanuckBob wrote:Btw......my accountant told me if you are no longer eligible for provincial health care you will likely be deemed a non resident for tax purposes. There are a few other factors too.

I wonder about that. I went to a Service Canada office in BC last year to ask about medical care  add resident status. They told me that the health provider in BC, the Medical Service Plan, had no contact with Federal authorities who know about Resident status.  
They all have contact with each other now a days.......don't f@#$ with the tax man!!

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A question for Canadians Empty Re: A question for Canadians

Post by mudgirl on Tue May 12, 2020 8:26 pm

Kiri wrote:My accountant, told me that there is no longer any choice in the matter as there used to be. After 2 years out of the country you are supposed to declare non residency if you meet the requirements.

Do you happen to know when that change took place?

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A question for Canadians Empty Re: A question for Canadians

Post by cypress on Tue May 12, 2020 8:46 pm

CanuckBob wrote:
cypress wrote:
CanuckBob wrote:Btw......my accountant told me if you are no longer eligible for provincial health care you will likely be deemed a non resident for tax purposes. There are a few other factors too.

I wonder about that. I went to a Service Canada office in BC last year to ask about medical care  add resident status. They told me that the health provider in BC, the Medical Service Plan, had no contact with Federal authorities who know about Resident status.  
They all have contact with each other now a days.......don't f@#$ with the tax man!!

I suspect the same but the lady at Service Canada insisted the BC Medical Service Plan didn't have any contact with the CRA or any other Federal departments.

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A question for Canadians Empty Re: A question for Canadians

Post by cypress on Tue May 12, 2020 8:48 pm

ferret wrote:Canadian Health Care is one of the things that you MUST give up to be officially recognized by the CRA as a non-resident for income tax purposes. You officially let Canada Health know that you are cancelling. To not do so is fraud.
It's not really that big a deal since, as a Canadian citizen who finds themselves back in Canada on a permanent basis, you can reapply and it will kick in in three months.
If you want the reduced tax that being an official non-resident gives you, then follow the rules.
You can't have it both ways.

Not quite true from my experience. I followed the rules but quite a few bent them.


Last edited by cypress on Tue May 12, 2020 8:51 pm; edited 1 time in total (Reason for editing : clarity)

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A question for Canadians Empty Re: A question for Canadians

Post by ferret on Tue May 12, 2020 10:49 pm

That doesn't make what they did kosher. There will always be those who think they are smarter than the system. They get what they deserve in the end.
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A question for Canadians Empty Re: A question for Canadians

Post by ComputerGuy on Tue May 12, 2020 11:26 pm

The best part? If you go back with a suspended health care plan, you can still get emergency and pretty much any other kind of care long before your three months are up. At any hospital. Private clinics may be a different matter. But that's not the issue: if you have life-threatening or emergency requirements, you will be treated, regardless.
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A question for Canadians Empty Re: A question for Canadians

Post by cypress on Wed May 13, 2020 6:47 am

ComputerGuy wrote:The best part? If you go back with a suspended health care plan, you can still get emergency and pretty much any other kind of care long before your three months are up. At any hospital. Private clinics may be a different matter. But that's not the issue: if you have life-threatening or emergency requirements, you will be treated, regardless.

Yes, that is a plus.

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A question for Canadians Empty Re: A question for Canadians

Post by CanuckBob on Wed May 13, 2020 8:09 am

But will they try to bill you?

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A question for Canadians Empty Re: A question for Canadians

Post by ComputerGuy on Wed May 13, 2020 8:58 am

Depends on the staff and the situation. ANYone in Canada gets taken care of if they go to a hospital, regardless of status.
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