How is Canadian depature tax calculated?

hotcheese · Post by **hotcheese** » Sat Apr 28, 2012 6:04 pm

Hello,
How is Canadian departure tax calculated? If I have money in Canadian bank accounts is that subject to a departure tax amount?

I still own a residential property in Canada (though I now live outside of Canada), if I sell it would it be subject to departure tax? (there would be no capital gains made on the sale).

nelsona · Post by **nelsona** » Sat Apr 28, 2012 6:20 pm

Read the emigrants guide from CRA.

basically, it is as if all your non-real estate investments were sold on the day you leave. Bank accounts are cash, not investments.

Your house on the other hand does not get taxed as long as you sell it within one year of leaving.

hotcheese · Post by **hotcheese** » Sat Apr 28, 2012 8:07 pm

Thank you, what is the situation regarding the house if it is sold more than one year after departure?

nelsona · Post by **nelsona** » Sun Apr 29, 2012 10:20 am

You would be liable for some tax based on the profit and the number of years you owned the house as your principal residence.

hotcheese · Post by **hotcheese** » Sun Apr 29, 2012 11:38 am

There wouldn't be any profit, so I guess I have no tax to pay.