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Old 4th Jan 2007, 22:44
  #18 (permalink)  
Hem-O-RRhoid
 
Join Date: Jan 2005
Location: URANUS
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I posted this message in response to a similar CX query a few weeks ago....
First and foremost, I would strongly recommend seeking the assistance of an international tax professional. Simply filling out a few forms or doing what your neighbor's-fathers-uncle did 10 years ago may cost you dearly when you and your family decide to repatriate yourself if you have not gone through the proper channels. I have been going through the expatriation process myself and would be happy to steer you towards the right people. I decided to let professionals "tax professionals" do all the paperwork and advise me accordingly. These services are not quite as expensive as you may think but remember that all the while that you are living as an expat overseas, tax rules are in an ever changing state back home in the great white north and your trusty tax consultant will advise you at such times. Some forms change, some are added, some become obsolete and keeping up with all of this, not to mention the interpretation of tax laws can be more than a handfull for most of us. With the right consultant and the ease of communication and couriers services these days it can be a very simple and streamlined process!
And yes, you may keep your existing property(s) here in Canada as well as bank accounts etc so long as you've done everything within the confines of the law. You will however have to sever some of your financial ties. ie: car(s), boats, toys, licenses, memberships and other fringe benefits. If you haven't tied up all of the loose ends properly you will be in for an unpleasant surprise when you decide to return to Canada.
I'm not sure where you are living howerver I have located a very trusting and straight shooting consultant who has been expatriating and repatriating gentlemen like yourself for 25+ years. Feel free to PM me if you'd like some more information.
Hope this helps. Cheers!
Hem-O-RRhoid is offline