Beyond Borders: Tax Implications for Non-Resident Canadians

Tax Complexities of Non-Residency and Property Ownership

Have you ever wondered what happens to your tax obligations when you leave Canada to become a non-resident? What about the complexities of owning property in Canada while living abroad? Are you aware of the intricate tax implications involved in these scenarios?

In today’s episode, Marcelo Taboada speaks with Julie Cote from Chaise Bleu. With her extensive experience in taxation and specializing in non-resident Canadians owning property in Canada, Julie sheds light on the often misunderstood and overlooked aspects of taxation for non-residents. This episode is a deep dive into non-residency status, property ownership, and the critical tax considerations that come with these situations.

Join us as we unravel the complexities of non-residency and property ownership from a taxation perspective. This episode is not just for those directly affected but also serves as a knowledge reservoir for anyone who might know someone in such circumstances. Tune in to equip yourself with essential insights and strategies for efficient tax planning and compliance.

This podcast episode with Julie Cote was recorded on Nov 11th, 2023. Since then, have been two important changes.

1 – The minimum late filing penalty for the Underused House Tax UHT has been reduced:

• To $1,000 for individuals (previously $5,000 as mentioned in the podcast)
• To $2,000 for corporations (previously $10,000 as mentioned in the podcast)

2 – The Ban on foreign Buyers has been extended by two years to January 1st, 2027.

Strategies for efficient tax planning & compliance

• Understanding non-resident status and tax implications (8:00)
• Myths and facts about property ownership as a non-resident (15:30)
• Strategies for non-residents planning to return to Canada (25:01)
• The impact of foreign buyers on the Canadian property market (30:53)
• Demystifying the underused housing tax (34:49)
• And much more!

Mentioned in this Episode:

• Tulett, Matthews & Associates