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@Acaciadentalcentre

3 ай бұрын

First of all, you are supposed to fill out form NR73 when leaving Canada. If you do not do that you may have to pay back taxes on the income made abroad when you come back to Canada. I have done that.

@albertawheat6832

2 ай бұрын

Support your own work.

@YasinNizami

2 ай бұрын

@@albertawheat6832 already doing it

@albertawheat6832

2 ай бұрын

@@YasinNizami Why the e-begging then ?

There are no benefits from a "health" card when you literally can't find a doctor when you need one.

@YasinNizami

3 ай бұрын

lol good one!

@Gain714

3 ай бұрын

Hahahaha exactly! Finally I went to emergency 🚨 to see doctor! My family doctor was in busy until three months

@YasinNizami

3 ай бұрын

@@Gain714 that’s ridiculous!

@snowbird6855

3 ай бұрын

My long time MD retired in 2016 and I found a decent replacement in 2017. A year later she moved back to Quebec, then I found an even better one. I'm in the 905.

@yvanhuberdeau2801

3 ай бұрын

The medical service in Colombia is much better than Canada

Free health care……only for those who live through the wait. I feel as a Canadian we have been taxed to death

@nerther7625

3 ай бұрын

W

@nerther7625

3 ай бұрын

If you think it is bad now, wait until April 16 when the budget comes out. It will get worse.

@ccook3659

3 ай бұрын

Medical care is not what it once was...waits no doctor...hands off drs...less skilled drs...

@kulutz9565

2 ай бұрын

Yes

This leader is a traitor.

@realismatitsfinest5745

3 ай бұрын

I don't want to come off as defending Trudolf, but it was actually Jean Chretien introduced this idea of taxing Canadians leaving Canada back in 1995, not Trudeau. There is enough to blame Trudolf for but this is not one of them.

@RepublicOfWesternCanadaNOW

2 ай бұрын

​@@realismatitsfinest5745 a Liberal is a Liberal is a Liberal...

Exit taxes are meant to keep citizens in the country and paying taxes. We have gone way beyond normal tax rates in Canada. We are mearly wallets for all levels of govt.

@YasinNizami

3 ай бұрын

Soon all the employment will only be available by Canadian government

@sg5720

3 ай бұрын

And no one says anything 😢

@hardleecure

3 ай бұрын

@@sg5720 that's because this country isn't worth the cost anymore. if you can, get out. if your spouse doesn't want to go with you, leave them behind.

@WildDisease72

3 ай бұрын

You can just leave tbh, exit taxes dont really work

@YasinNizami

3 ай бұрын

@@WildDisease72 oh they do, it’s a matter of how long you can hide, the moment CRA finds out then you are screwed, unless you don’t want to come back

Trudeau need to sent to international court

@realismatitsfinest5745

3 ай бұрын

Not to defend Trudolf in any way but it was actually Jean Chretien introduced this idea of taxing Canadians leaving Canada back in 1995, not Trudeau. There is enough to blame Trudolf for but this is not one of them.

With the current situation, I have nothing left. Thanks Trudeau...

@pyros4333

2 ай бұрын

Now you can't even leave. Exactly as planned

At least you immigrants have the option to leave Canada

@mariadavis3797

3 ай бұрын

Immigrants are as stuck as anyone else. They own property, investments and a spouse in Canada etc. so departure taxes apply.

@user-lb8bg6kj9m

3 ай бұрын

A Berlin wall 🧱🧱🧱 :(

@loktom4068

3 ай бұрын

You PAID$, and they PLAY$. REMEMBER that boys and girls.

@Worldwidevirk

3 күн бұрын

It's not easy to leave!

Very few people know about this exit tax sadly.

Tax implications are small compared for your safety and potentially making more money overseas that are developing countries. Just make sure you have your citizenship before leaving Canada.

don't tell anyone THAT you leave Canada....

If you're leaving Canada and don't plan on returning just don't acknowledge the taxes and move on with life.

@bernl178

3 ай бұрын

You mean like people that like living in Lebanon?

@realismatitsfinest5745

3 ай бұрын

As long as you're not planning on ever returning, or, for that matter, needing Canada to help removing you from a war-torn country. If you EVER need Canada to help you out internationally but you've left Canada permanently without paying this exit tax, you might not get the service you need -- or, once back in Canada, the CCRA will demand you pay the tax as you arrive. After all, CCRA stands for "Canada Customs AND Revenue Agency" ... that is, Canada Customs will know that you haven't paid the exit tax because they'll have it on their computers as soon as you enter. Better solution would be to have second citizenship to travel on and to only use your Canadian passport rarely.

@Cmonsensee

3 ай бұрын

The Constitution says you can't tax humans so move out the country and ignore his threat geez stop being afraid of that buffoon criminal

That’s why Bitcoin exists. Make sure to give Trudeau a wink on your way out.

@le0720

3 ай бұрын

It’s gonna be taxed on capital gain for deemed disposition, meaning capital gain tax on unrealised gain, the ‘exit tax’ or ‘deemed disposition tax’ is on all your unsold global assets, so Bitcoin or other crypto assets are included. And folks with bitcoins can even more fvcked if the unrealised gain is huge in the near future

Very good and valuable information, I am absorbing this like a sponge.

I’ve learnt all of this thru my own personal research. I’m leaving anyway; own three other passports.

Baros is one of the most humble people I have listened to. Very commendable.🎉

Great information as always. Many Thanks Gents...!!! Your guest is extremely knowledgeable.

@YasinNizami

3 ай бұрын

Thanks for the support Terry, you are always there to support this channel 🙏

Canadians have been taxed and taxed , there is no breathing space. I am totally suffocated.I have worked my butt out morning , mid day and night/ overnight shifts. To get ANYTHING i have to fight for the benefits. ON TOP OF THAT WHEN YOU DO GET THE BENEFIT ,WHEN FILING TAXES I AM again paying taxes.SO on one income I am paying taxes twice.

Excellent.

Great information; thanks for sharing. What about the treatment to RESP and TFSA accounts if you are moving temporarily, let say for 3 years?

@YasinNizami

3 ай бұрын

The limitation is 180 days. If you stay in another country for 180 days or over, you are considered a tax resident in that country. Then all the rules apply as we discussed in the video.

Good one, Yasin!

@YasinNizami

3 ай бұрын

🙏

Watch it if you continue to pay into CPP. If you retire to another country other than the 🇺🇸 USA, CRA will take 25% withholding tax right off the top. Same goes for OAS, Defined Benefit Pension and annuities; 25% off each and every one of those accounts UNLESS Canada has signed a tax treaty with that particular country in which case it may be reduced to 15%; still a lot of tax.

For next video can you talk about options / fees for taking your car to the USA? Thanks!

Great video 👍👍

@YasinNizami

3 ай бұрын

🙏

Thank you very much for making such an informative video.

@YasinNizami

Ай бұрын

Thanks for watching

What happened to your tfsa account if you left canada for sometime not for a job.

Good info. Thanks. What if mobing from Canada to New Zealand? Just curious. Do you have any info on this?

@YasinNizami

3 ай бұрын

🙏 Interesting point. Haven’t compared the cost of living with New Zealand, I suspect it will be similar if not very different

Excellent content guys! It is so hard to find this information on blogs or Reddit, but these were the best 45 minutes spent on this topic

@YasinNizami

3 ай бұрын

🙏

Can you also please elaborate on some use cases where one books loss in properties or investments and if the US and Canada entertain booking losses?

@YasinNizami

3 ай бұрын

I believe you can report capital loss when you file your taxes. We spoke about certain capital gains/losses to be reported in Canada vs the US. Better to validate it with your tax accountant

So just to confirm, you are allowed to keep your stock brokerage account (RBC direct investing) even if you become a non-resident? It remains open and active?

@YasinNizami

Ай бұрын

You can but you are subject to withholding taxes that CRA will you pay on your unrealized gains before you leave Canada. So it doesn’t make sense to keep it if you are moving to the US. You can sell it abs then buy the stocks in the US brokerage account, pay less marginal taxes overall.

Awesome information !!! Just a few months late for me. I left canada back in March 2023 but awesome information.

@YasinNizami

3 ай бұрын

Good for you!

@stephenmitchell4393

3 ай бұрын

Ask a lot of your brother " trucking " What there up to in Canada and they all shake their heads and say I don't know! Also I find Sikhs don't like there kids being indoctrinated into the trans movement.

In your example , if the first year you are less than 185 days in USA , I was told you have to show your US income in the Canadian tax filing and pay the derfrential Canadian tax

@YasinNizami

3 ай бұрын

Once you become non tax resident in Canada then you don’t pay tax in Canada on your foreign income.

When the Canadian govt distributed money in Covid times, max greedy got more than 1 property with low interest rates, situation was bound to get worse. Max people want to move to US, but private insurance is way expensive and most companies don’t pay for it. Medicines still not included. It’s not easy either.

What if you move to Mexico ?

@YasinNizami

3 ай бұрын

The exit tax from CRA will still apply.

I have question on this TFSA TAXATION, What if I have invested in GIC? and I leave country with ALL TFSA MONEY?

@YasinNizami

3 ай бұрын

The capital gains will be taxed and TFSA won’t be tax free any more… the filing requirements / documentations are different for different types of holdings so there might be added cost of filing if you hold different assets types for instance I know for a fact that mutual funds need to be reported in a very different way then equities so the cost of filing will go up. Better validate your scenario with tax accountant.

I understand that the info./advices covered in this video are pertained to Canadian citizens residing in Canada. Are the same info./ advices applicable to tax-paying, permenant residents in Canada who have not obtained Canadian citizenships yet?

@YasinNizami

3 ай бұрын

The context of this podcast is tax implications for anyone leaving Canada and moving to the US. There could be some elements discussed applicable on Canadian residents for their tax liabilities.

@4giveNever4get

3 ай бұрын

@@YasinNizami Your reply and video are much appreciated. Many thanks !

As a non tax resident am I allowed to have a private insurance for the period I stay until departure?

@YasinNizami

2 ай бұрын

Do you mean in the US? Yes you can

I am leaving...anyways

Please do podcast on options or canadian citizens to move permanently or work in USA TN vs EB vs green card

@YasinNizami

3 ай бұрын

We did one. Please check the earlier podcast on this channel. kzread.info/dash/bejne/i3mXxJmRg5OqmKw.html

I don’t understand the logic of lowering the tax rate for that year. Based on the example you gave for a person earning 100k and moving in June, the tax assumption in Canada would be 50k. Based on that logic if I move in February, my tax rate would be even lower? And if I take money from my RRSP in that year, I should be paying minimal taxes?

@YasinNizami

3 ай бұрын

The logic is your overall marginal tax rate will be lower as your annual income will be lower as per the limited term vs if you spent the entire tax year. So net net you pay lower tax between your part incomes from Canada and the US. Hope it makes sense

I was part of 2 unions, Laborer & Machine operator union in the past and accumulated retirement contributions that are to be paid out at 65 years of age. I am now 42 and plan to leave for the USA soon. What options and steps should I be taking with those retirement funds if planning to leave for a life in the USA? Best regards 🙏🏼

@YasinNizami

3 ай бұрын

You will have to start with the visa process first, in your case, if you can get a job offer, you can move to the US on TN visa that you can get it stamped at the border, but it wont give you path to get green card, For that, you will have to find an employer to sponsor you. Alternatively, explore business visa to start a small-medium business. For tax planning, I highly recommend to hire a professional lawyer/account who knows cross border tax rules. If you want we can help you connect with them.

This is news to me. You mentioned that we can subtract mortgage insurance from my income? Is it true, not even my TurboTax representative mentioned that. I am a Canadian resident tax payer

@YasinNizami

Ай бұрын

Any expense related to your investment property is a tax write off.

@YasinNizami

Ай бұрын

You need an expert RE accountant to write off all those expenses in your tax return. You can also factor in the depreciation cost related to structure (not land). Reach out to me if you need expert tax advice.

I'm interested to know what are the different options we have as Canadians to move to the USA.

@YasinNizami

3 ай бұрын

Check our previous podcast, we covered the the type of visas needed for Canadians to move to the US

@BrunoAlves-uy3sl

3 ай бұрын

@YasinNizami, where can I find the link to the podcast? I couldn't find it in the video description.

I don’t know why you’re mixing RRSP and CPP.

Hello brother can you please give me Suggestion our any attorney contact information I need to process my L1A application thank you

@YasinNizami

2 ай бұрын

Yea. Please email me your details at investwithyasin@gmail.com

How can you pay taxes if you didn't sell the stock? That's weird 🤔

@YasinNizami

3 ай бұрын

That’s called withholding tax :)

Thank you Yasin for the session. Very interesting. Do you have a session about conditions to get the minimum Government Pension in Canada, and how it could be used if I would live outside Canada? I heard, it is required to have min. 10 years of contributions to gain that Pension and there are some restrictions if you intend to live outside Canada. Knowing that living in Canada with that Pension is mission impossible, I plan on returning to Europe or elsewhere. I would appreciate a session on this topic unless you already have one. Thank you

@YasinNizami

3 ай бұрын

Thanks for the feedback, we can definitely do a session on this. Stay tuned!

@mihajlolakicevic2631

3 ай бұрын

@@YasinNizami Thank you. Many of my new comers friend have the same question since we are planning a head our retirement.

Just buy metals and leave. Dont keep your money in fiat garbage dollars. Simple as that. Cash out

@user-lb8bg6kj9m

3 ай бұрын

You will be stopped at the border and relieved of your metals.

Yes, we’d like to know how Canadians can get into US. From what we’ve e learned even though my husband is highly qualified ina 30yr trade it isn’t one the US need more of.

@YasinNizami

3 ай бұрын

Check the previous episode where we covered the types of visas needed to get into the US for work.

@YasinNizami

3 ай бұрын

Here is the link kzread.info/dash/bejne/i3mXxJmRg5OqmKw.html

@WMcSnickets-xw5om

3 ай бұрын

If you want to get into the US, just go to Mexico, burn your passport and make a run for it. Cross the Rio Grande and tell them your name is Jose. That’s it, your in.

@boratlion8613

3 ай бұрын

@@WMcSnickets-xw5omLOL

Even when you do get to a hospital, then you have to worry about crack heads floating around with guns

Plus if you to live in Mexico you have to pay taxes in your income binational

@YasinNizami

3 ай бұрын

Really? So if a Canadian national move to Mexico, he has to pay taxes in both countries? That doesn’t sound right

@victorcastrejon28

3 ай бұрын

@@YasinNizami well you can live in country Scott free but you can get a year probation to get residency and after 3 years you get citizenship and no matter what you have to lose one citizenship to avoid paying taxes in two countries !

Just refuse to pay it.

@YasinNizami

3 ай бұрын

CRA can lock your account if you don’t pay taxes

@rosssmith8481

3 ай бұрын

@@YasinNizami Always have cash.

@mgtowworldwideself-improve3469

2 ай бұрын

​@@YasinNizamiOnly if you tell them everything about yourself. They are not police!

I am waiting for a colonoscopy appointment since aug 2022. I have done in india in 2023 jan. Already😂😂😂

@jonathankr

3 ай бұрын

So you took cdn wealth and skipped the line over Indians who can't afford it

tldw?

Doesn't this sound like, California woke Gavin Newsom's agenda 😮😮😮

I left after five minutes because there was no relevant information provided

@YasinNizami

3 ай бұрын

You could watch it with 2x speed, there is ton of information on tax laws in the video

poor sound !!

@YasinNizami

Ай бұрын

You are the first one complaining about sound after 50k views. Might be an issue at your end

There is something about people immigrating and then shopping for the best country tax wise makes me not care that they left. Canada doesn't need you. I understand it's tougher in Canada. I was born here. I am now 67 years old and I am Canadian. Where is your loyalty or do you have any is my question.

@YasinNizami

Ай бұрын

I see that you mean, but hear me out. Nothing is more important than someone's family and their financial future. The economic migrants came to Canada by choice, leaving everything behind to start a new life. If Canadian government goes rouge by implementing woke policies, screw up the economy by running massive fiscal deficits that fuelled the inflation to 40 years high, at the same time open the flood gates for low cost immigration that drives up the housing crises exponentially, everyone has right to protect their financial future, be it immigrants or born and raised Canadians. I know many born and raised Canadians who are in the same boat as me, concerned about the future as one thing is sure, the government wont take care of you when push come to the shove. The only loyalty anyone can have is with themselves and their family, nothing else matter in a downturn economic cycle. I know you wont like my response but I am giving you the realistic view of the society.

@kerrytoby7041

Ай бұрын

@@YasinNizami That's where you are wrong. I like your response and agree. I still add mass immigration is a problem for Canada. Even if we were doing much better. Two million people a year is ridiculous even in good times.

@YasinNizami

Ай бұрын

I agreed, not in favour of un vetted mass immigration.

@kerrytoby7041

Ай бұрын

Yes. I am not in favour of unvetted immigration and not in favour of mass immigration even if it is vetted.

Ok. Cool. I am 70 and have 0 debt. I own everything I have. I want to get out and have done so in the past. I was forced back due to C19 and kids. I own property outright in another country paid for with after Canadian tax paid by me. Yes I have RRSPs as does my wife here. Mine are 50% in gold. Hers are in the Bank. So I want to leave Canada. Do I just cash it all in and give them the finger or what? Sure I can cash it in slowly and pay less tax perhaps but who the hell knows how long one lives? I had a personal and business account since 1985 but unfortunately he died after C19 shots came out. Now I am referred to someone I have never met FFS. Many questions but I know what is right and wrong.

@Thermopylae2007

3 ай бұрын

You might want to find out whether you can take the precious metals in your RRSP with you, and whether or not it's taxed if you don't sell it off for cash. If it was in a TFSA you'd be able to get hold of your gold, but it would be subject to any capital gains incurred after you withdrew it

@Skwarek-wp8dc

3 ай бұрын

You have real gold or paper gold? That is the difference...

@user-lb8bg6kj9m

3 ай бұрын

You ain't getting out sir. A Berlin wall 🧱🧱🧱 is being put in place to keep you in.

@gordonmarr6463

Ай бұрын

@@Skwarek-wp8dc real gold and gold held in Nesbitt Burns vault.

#Bitcoin Fixes this.

Go 6 months overseas and six months here

@YasinNizami

3 ай бұрын

Not a bad idea !

You should never taken cash out of this country in the first place. You receive 2400 a month to live here you should pay it back

@YasinNizami

3 ай бұрын

Most professionals don’t even qualify for child support or any other cash assistance from government. Why do you think professionals earning well shouldn’t be taking their own cash out of Canada ?

@loktom4068

3 ай бұрын

Myths.

> investment property what a fucking surprise, an immigrant who is a property speculator, so unusual /s

Stay forever in Canada 😅

Let's escape while we still can . Canada is doomed

Location 00:10 The way you said TAXES - Priceless!