Departure Tax & Canadian Corporation

jheyden · Post by **jheyden** » Sun Apr 29, 2012 9:07 am

I'm looking into relocating to Texas for work as an employee of a US company. I'm currently working as a self-employed contractor using my corporation. There's a large amount of funds still in the Corporation and I also own a house in Canada. What would be the consequences of my House and money still in the corp if I become a non-resident of Canada?(departure Tax)

Thanks

nelsona · Post by **nelsona** » Sun Apr 29, 2012 10:23 am

Your corporation is in its lat stages, since you can no longer have it as a CCPC, so you will need to liquidate at some point.
Your house remains taxable in canada, but if you sell within the year it will be tax-free.

jheyden · Post by **jheyden** » Sun Apr 29, 2012 10:38 am

Will CRA make me draw all the money out personally when I file my departure return or can I leave it all in there in case I come back to Canada?(might come back in 1-5 years)

nelsona · Post by **nelsona** » Tue May 01, 2012 11:44 am

See:
http://forums.serbinski.com/viewtopic.php?t=6263