View Single Post
Old 25th Nov 2008, 21:53
  #8 (permalink)  
Dropp the Pilot
 
Join Date: Aug 1998
Location: Blandings
Posts: 683
There is no "180" rule...

... if your wife returns to Canada today and you personally never visit the country on a single occasion for 15 years, you are liable for full Canadian tax on your offshore income for the entire 15 years. The primary determinant for your country of residence is the location of your family. Wife and/or family in Canada? You are resident of Canada regardless of the location of your physical body.

There is no problem with having a Canadian bank account. Your sole responsibility is to advise the bank that you are non-resident and it then becomes their responsibility to collect with-holding tax on the interest. It is not your problem nor are you required to even declare this income to CCRA.

It is no problem having a Canadian brokerage account in Toronto, much less RBC Offshore. Your responsibility is to tell them you are non-resident. Their responsibility is yada yada per above. Capital gains and government bond yields are tax-free to you but interest and dividend income is taxed at a nominal rate, somewhere around 25%.

PS There are a number of people in Dubai who are dicing with disaster per paragraph one. Let's hope they don't tick anyone off who has a taste for revenge. A single call to CCRA would be life-changing in every way for someone who thought he was being clever.

Last edited by Dropp the Pilot; 25th Nov 2008 at 22:10. Reason: accuracy
Dropp the Pilot is offline