Becomming an Expat?

[PUDDY]

Hello everyone!

I have just made it throught the selection process for CX to be based in HK.

I am from Canada, I was wondering what my options were. I own a house here. Can I keep it? Along with other investments in Canada. I have a sister that I may be able to give it to.

Also, I was wondering what happens once you start training. Should you clear up any loose ends before you go? Or do you have time after training and before you go online to get everything sorted out. Any suggestions would be greatly appreciated.

Thanks in advance,

P

[Penske]

It is certainly a complicated subject but you should be able to pull it off following the guidelines that are available from the Government.

You can keep your house as an investment property as long as you take steps to establish its current market value and rent it at "arms length"

The biggest criteria seems to be what your wife and kids do. If you pack up and all move to Hong Kong, everything will likely work out. If they want to stay behind, it will be much harder to meet the tests established by the Government.

For more information, you can see Interpretation Bulletin IT-221, Determination of an Individual’s Residence Status

You can also call the International Tax Services Office at 1-800-267-5177 to chat about your options.

[TWApilot]

Forgive my ignorance, but why on earth wouldn't you be able to keep your house?

Just because you move to HKG doesn't mean you'd have to sell it. You can have a house in 5 different countries if you want to.

Is there something I'm missing here?

[Penske]

I may have read more into the original question than was intended, but the usual discussion for Canadians inevitalbley ends up with the questions about tax-exempt status.

In onder for a Canadian to take a job overseas and not pay Canadian income tax, he or she must essentially sever ties with Canada. This means no bank accounts, no kids in school, no wife at home etc. You are still allowed investments, but you need to convince the government of Canada that you have left the contry to pursue your new job and do not intend to come back.

That is the short version. The form I referenced above is the long version.

[TWApilot]

I see. thanks.................

[medflyer]

First of all, I would like to think that you would get the advice of a competent accountant before making any hasty decisions--an hour or so would be well spent here.

Secondly, would you mind sharing what you had for experience prior to getting on to CX, and how long you had to wait after applying?

Thanks, and congratulations!