Understanding the Digital Signature Lawfulness for Time off Policy in Canada

How to eSign a document: digital signature lawfulness for Time Off Policy in Canada

off to one of the worst tax systems in the world a country that doesn't tax on citizenship but makes it so hard to get out that you would almost guess that they're trying to follow the us the way that they're going we're trying to tax every single person and not let them leave that is canada if you're a canadian resident canadian citizen or you want to learn about the canada tax system this is the video for you i'm not a canadian accountant or tax lawyer but i've dug it through the thousands of pages of the canadian revenue agency and i'm gonna tell you exactly what you should be looking at when you're trying to get out of canada how to lower your taxes as a canadian let's get to it little fun fact when the canada income tax was actually introduced over a hundred years ago it was only 20 pages of documentation now there is over 2 000 pages i dug through these 2 000 pages not all of them i dug through the most important ones so you can understand what you should be looking at so here we are in the government of canada website determining your residency status here we have the residential ties with canada these are extremely important when you're looking at are you a tax resident of canada or not if you have a company overseas let's say in dubai but you're staying in canada and you're deemed tax resident in canada that company could be taxed as a canada company not as a dubai uae company it could be tagged as a controlled foreign corporation many countries around the world if you live in a particular country or you're a citizen and you live in that country you have a company overseas but you're staying most of the time in that country it's considered a controlled foreign corporation and it pays tax on the country of your residence because most residents in most developed countries pay tax on the worldwide income so here we have significant residential ties with canada include a home in canada which is standard for a lot of countries a spouse or common law partner in canada and dependents in canada so you want to make sure when you try to get out of canada maybe you want to move to dubai maybe you want to move to portugal for your crypto taxes maybe you want to move anywhere in the world that your home doesn't stay in canada you don't keep a house in canada that you can always go back to you rent out your home you sell your home that your wife or husband goes with you to that country where you're living you don't leave them back and your children also go with you if your wife husband your children and your house are still in canada and you plan to move somewhere else you need to follow different procedures and you're going to have a much harder time actually living in that country and not paying taxes to canada you also have secondary ties which are personal property in canada like a car or furniture i've talked about this a lot where little things like a sofa a car a dog get you tagged as a tax resident to your country specifically crazy countries like canada that they don't tax on citizenship but they make it extremely hard to not be tax residents social ties in canada like memberships in recreational or religious organizations what kind of nonsense is that you have a social tie you have a religious organization in canada you don't go to the church in the last five years but you can still be tagged as tax resident because you still have that time economic ties such as bank accounts or credit cards when you're leaving canada make sure you close all your bank accounts make sure you don't have high balances in any canada banks canadian driver's license also very important you can switch it for a dubai uae license canadian passport and health insurance with a canadian province or territory so when you're getting out of canada let's say you set up a company in dubai that company pays zero tax you move yourself to dubai you don't leave a home in canada you don't leave bank accounts in canada you don't leave furniture in canada you follow all these different ties so that you're not tagged as tax resident of canada extremely important now here determining your residency status different things you need to consider most of them don't apply to you apart from this one right here if you left canada and establish a permanent home in another country and you severed your residential ties with canada ceasing to be a resident of canada in the taxi you may be considered an immigrant what is an immigrant well a person that is leaving canada you leave canada to live in another country meaning that you actually get a home somewhere else you actually start living somewhere else this is what i recommend a lot of my canadian clients if they're moving to a country like dubai and the uae to pay zero percent tax or the cayman islands or portugal in the case of crypto or any other country where you might want to be living in maybe territorial base tax systems you actually formally want to leave canada we're going to talk about that process determining your exit from canada and then actually getting a home it doesn't have to be a purchase home but at least a place that you rent long term in that country where you're moving to and you sever your residential ties meaning your spouse and your children go with you serving your residential ties means that you do not keep your main ties in canada this could be you give up your home your spouse go with you and you dispose of personal property and break social ties in canada or acquire and establish them in another country this is extremely important these three steps have to be followed if you're a canadian wrestler or canadian citizen and you want to pay a zero tax you give up your home your spouse goes with you and you dispose your social ties your bank accounts your personal property if you don't do these things you will be tagged back as a tax resident be extremely careful with that and when you leave canada to settle in another country you are a non-resident for income tax purposes on the latest of the date you leave canada the date your spouse leaves canada or the date you become a resident in the country where you settle in so it's very important that the three of those get settled you leave canada you make sure you leave it formally by following a process that we're going to talk about in a second your spouse leaves and you become a resident in that country let's say it's uae in dubai ideally the first year you want to become tax resident in whatever country you're moving to so let's say that you're moving to dubai and the uae you want to stay six months in dubai those six months don't need to be every single day in dubai you can have pauses in between and then get tax residents because you've been there for 180 days you've had a place to live for 180 days and you get tax residents in dubai and the uae as well there's other programs around the world like georgia for example the republic of georgia they give you tax residents without even having to be there all you need to prove is net worth of over a million us dollars antigua and barbuda they give you tax residence in about 30 days cyprus they give you quick tax residence as well but you need to have a home in that country so there's many processes in many countries all over the world that offer quick tax residence if you're actually moving to that country and a lot of places have tax treaties with canada that's also something that could be very beneficial for you this particular form right here determining residency status leaving canada this is what you need to file when you are actually getting out of canada and you're formally becoming tax done resonant it is called the nr73 this is the form it looks like that just to give you all the information it's a very very long form that you need to file out ideally with a canadian tax accountant or a tax lawyer and you file out this particular form becoming tax non-resident on that day after you make sure that you break all the ties you cut all the ties to canada and then you move those ties to somewhere else you get a home in another country you get settled in another country you file this right here and it's important to also understand if your country has a tax treaty with canada that you could follow you can go to this page this is all going to be linked down in the comments down in the actual description of this video so you can look through it step by step go with an accountant in canada to actually look at it all for you and these are all the tax treaties that are enforced right now so you have a ton of countries right here you can scroll through all of them all of them all of them the uae is actually somewhere in here so if you go down to the bottom united arab emirates tax convention between canada and the uae was signed on 2002. if you go up up up up up you'll also find portugal somewhere here portugal was signed on 1999 for further details check this out so you can click on that as well any country where you're living or you're planning to move yourself to they all have tax treaties most countries have tax treaties with canada obviously dig deep into the literature read the particular country that you're planning to move to so that you don't have any different misconceptions of that tax treaty and also the important thing right here is the departure tax which is extremely important for a lot of people specifically canadians because you pay capital gains or you pay a certain tax rate once you leave canada no matter how much money you have if you have very little net worth then they won't charge you an exit tax but most of the times you will have to do a deemed disposition as it says here when you leave canada you're considered to have sold certain types of property even if you have not sold them at the fair market value and to have immediately required them for the same amount this is called a deemed disposition and you may have to report a capital gain known as a departure tax could be the following shares jewelry paintings collections cryptocurrency of course they know about crypto and all these things are sold on that day when you file that particular form the nr73 so you file this form you do the team disposition so let's say you're worth 2 million 10 million 100 million whatever you pay that extra tax and then you get out so for example i have a friend in canada she's trying to get out of canada she got georgian tax residence with the program that i mentioned if you want to check that out there's a screen or there's an eye icon that's going to pop up here three easy tax residences that you can get and leave your home country with an easy tax residence she's doing that and now she's actually paying an exit tax in order to leave canada and be free from their crazy tax laws other things to keep in mind is that canada has discussed having a wealth tax unrealized capital gains tax and potentially citizenship tax later on the next 10 20 years they might apply that now they're being very strict on who leaves canada sometimes you even need to get the little thing on your arm in order to leave the country so they are getting more strict in terms of their procedures or how to not pay tax in canada how to move to another country so if you are canadian i would try to get out as soon as possible if you need to pay an exit tax that deemed this position do it follow all this process move somewhere else that treats you better move somewhere else that welcomes your wealth because things are getting worse in canada and many other high-tech countries all over the world if you're in canada right now start doing the process of getting out start incorporating your company in dubai and the ue get a residence permit actually move to dubai set up somewhere where you live long term in a place maybe you buy a home or you rent a home for six to 12 months and then you get out of canada finally or you move anywhere else i don't really care where you want to move it just depends on you if you want to find the best places around the world so you can move and pay zero or very little tax you can book a call with me in the first link in the description i talk to canadians to americans australians british europeans whatever it is i talk to you every single day and try to help you through these one-on-one calls to see if we can build a strategy together and get you down to zero percent tax and help you with my process and with my strategies and if you want to check the video that i mentioned the easy tax residences that you can get specifically for canadians so you can leave canada and become tax residents somewhere else check it out right there it's gonna pop up in the square right here three easy tax residences you can get to get out of canada subscribe hit that notification bell that like button down below this is the wealthy expat i will see you on the next video