Should Canadians keep their investment accounts when retiring abroad? Jan 23rd

How to go about securing the best return for your investment in Canada.

Latest News

Why are we so afraid of financial mistakes? + MORE Jul 17th

Growing up, I heard one saying repeatedly: the early bird gets the worm. Like so many childhood proverbs, I accepted it without much thought—one of those quiet truths adults repeat often enough that children stop questioning them. For most of my life I assumed it was a lesson about hard w.... More »

Kenneth Doll, fee-only, advice-only financial planner + MORE Jun 11th

Meet Ken Doll Ken has been providing financial, retirement and estate planning solutions for over 28 years. He has worked with prominent families, professional athletes (NHL players), executives, business owners, professionals, and farmers and ranchers, many with a high net worth ($2 million to o.... More »

How to buy crypto in Canada + MORE Jul 9th

Gone are the days when crypto investing was restricted to just die-hard enthusiasts. Today, you can buy and sell crypto in several modes—including directly or through exchange-traded funds (ETFs)—as easily as you would buy stocks. Bitcoin is now considered a mainstream asset offered and.... More »

How to protect yourself from identity fraud in Canada + MORE May 26th

In 2024, Canadians lost a jaw-dropping $638 million to fraud, according to the Canadian Anti-Fraud Centre (CAFC). That’s already a hefty $60 million more than losses reported the previous year, but the true total is likely much, much higher—experts at the CAFC say that less than 5% of scams are .... More »

Stock market today: Stocks wobble as earnings roll in, Powell comments on inflation - Yahoo Finance Apr 16th

Stock market today: Stocks wobble as earnings roll in, Powell comments on inflation Yahoo FinanceFed Chair Powell says there has been a 'lack of further progress' this year on inflation CNBCFed's Jerome Powell suggests elevated inflation will likely delay interest rate cuts thi.... More »

Should Canadians keep their investment accounts when retiring abroad?

– moneysense.ca

Ask MoneySense
If I retire in Europe, can I maintain my current investment accounts and is it tax efficient to keep my accounts in Canada or move them to Europe?—Aida

How non-resident retirees are taxed in Canada and abroad

Canadian residents are taxable on their worldwide income. Upon leaving Canada, a taxpayer may become a non-resident and subject to Canadian tax on only certain Canadian sources of income, Aida.

Significant residential ties are often the determinant of whether you have become a non-resident. They include:

Having a home in CanadaHaving a spouse or common-law partner in CanadaHaving other dependents in Canada

If you are working or vacationing temporarily outside of Canada, commuting back and forth, or attending school abroad, you may still be considered a factual resident and subject to Canadian tax.

In your case, Aida, if you move to Europe to retire and set down roots there, you may become a non-resident for Canadian tax purposes.

I will touch on the tax implications for a European resident who leaves behind investments in Canada…

Continue Reading On moneysense.ca »

Stay tuned for more Investment wisdom brought to you by banks.ca!

Share