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Navigating Departure Tax, Tax Residency and Leaving Canada
Manage episode 434202127 series 3071154
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August 14, 2024 - Participants include:
Tim Smyth - @TPSmyth01
John Richardson- @ExpatriationLaw
Information about Canada's departure tax ...
AI description:
"Good morning, this is John Richardson speaking with you from Toronto, Canada. Today is Wednesday, August the 14th, and I am continuing my discussion with Tim Smyth in the Boston area about various aspects of tax residency and global mobility. In this episode, we delve into the intricacies of Canada's departure tax, especially when severing tax residency with Canada.
We explore the implications for Canadian residents with assets, including the rules around deemed sales of property and the exceptions to these rules. Tim shares his personal experience of leaving Canada before acquiring any assets and discusses the tax scenarios that would unfold if one were to move to Boston, severing tax residency with Canada.
We also touch upon the complexities of double taxation, the role of international treaties, and the specific assets that are excluded from Canada's departure tax. This episode offers valuable insights for anyone considering leaving Canada, highlighting the importance of understanding how different types of assets are taxed both in Canada and the destination country.
Tune in for a comprehensive discussion on tax residency, global mobility, and the financial considerations of moving across borders."
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