Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Arleen,

Thanks for the comments.

I have been working for an American company here in Russia. When I leave, I will discuss covering tax advice with them.

I will look up Canadian tax websites. What I have learned so far is that I must be careful that I have, in fact, broken Canadian residency so that Revenue Canada won't be able to come back and claim that I have not sufficiently broken ties and that I should be subject to Canadian taxes for the time I was away (ignoring for the time being the effect of dual taxation treaties between Canada and Russia).

In making a determination as to whether I have severed ties with Canada, Revenue Canada (and the courts) look at property ownership in Canada, items in storage, bank accounts, credit cards, provincial health care coverage, etc. etc. You are deemed to be non-resident after about three years, however, you still have to be careful.

It appears as though I will be taxed only on the gains from the date I become a Canadian tax resident again under "deemed acquisition" rules.

Regards,

Ian
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.