House under my name in Canada want to become non-resident
Moderator: Mark T Serbinski CA CPA
House under my name in Canada want to become non-resident
I'm a PR of Canada but no longer plan on living there and my PR will expire soon. My only concern is that there is a house under my name, I didn't pay for it and don't live in it. Is there anyway for me to become a non-resident for taxes if this house is under my name? how about if the ownership is changed to another family member's name? Would I still be liable for exit taxes?
All deperting residents are subject to exit taxes. if you move to live legally in another country which has a tax treaty with canada, you will become non-resident of canada even if you have a property in canada.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
[quote="nelsona"]All deperting residents are subject to exit taxes. if you move to live legally in another country which has a tax treaty with canada, you will become non-resident of canada even if you have a property in canada.[/quote]
Thanks for your reply.
I live in the US now, so that means I'm now a non-resident of Canada?
Thanks for your reply.
I live in the US now, so that means I'm now a non-resident of Canada?
Yes, assuming you have "more" ties in US than in Canada, you would be considered a "deemed non-resident" of Canada, if the house you own in Canada is empty, or "non-resident " of canada if the house you own is rented out.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
[quote="nelsona"]Yes, assuming you have "more" ties in US than in Canada, you would be considered a "deemed non-resident" of Canada, if the house you own in Canada is empty, or "non-resident " of canada if the house you own is rented out.[/quote]
Sorry for taking long to reply, but I have 2 more questions.
The house I own, I have relatives living in it. Would that be a problem? And I have bank accounts open too, and I also have my health card. Can I still become a non resident?
Sorry for taking long to reply, but I have 2 more questions.
The house I own, I have relatives living in it. Would that be a problem? And I have bank accounts open too, and I also have my health card. Can I still become a non resident?
I already answered this: you will be resident when your US ties are more than your Cdn ties.
Owning an empty house or having one with relatives is equivalent. It is a strong residential tie, but if you move to US, and live and work there, this outweighs the Cdn house. You become "deemed non-resident", or non-resident by treaty, which is treated exacty the same as true non-resident.
Owning an empty house or having one with relatives is equivalent. It is a strong residential tie, but if you move to US, and live and work there, this outweighs the Cdn house. You become "deemed non-resident", or non-resident by treaty, which is treated exacty the same as true non-resident.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
[quote="nelsona"]I already answered this: you will be resident when your US ties are more than your Cdn ties.
Owning an empty house or having one with relatives is equivalent. It is a strong residential tie, but if you move to US, and live and work there, this outweighs the Cdn house. You become "deemed non-resident", or non-resident by treaty, which is treated exacty the same as true non-resident.[/quote]
Thank You Nelsona
While I'm a non-resident of Canada and the house is sold or changed to a family's name, would it cause any tax complication? would I need to pay any kind of tax after the house is changed to a family member's name?
Owning an empty house or having one with relatives is equivalent. It is a strong residential tie, but if you move to US, and live and work there, this outweighs the Cdn house. You become "deemed non-resident", or non-resident by treaty, which is treated exacty the same as true non-resident.[/quote]
Thank You Nelsona
While I'm a non-resident of Canada and the house is sold or changed to a family's name, would it cause any tax complication? would I need to pay any kind of tax after the house is changed to a family member's name?