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Ask MoneySenseIf 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…
