One thing I note on threads regarding this topic - many are quick to criticize Canadians who want to plan their affairs to minimize their tax owing, as if to do so were somehow dishonest.
Non-Canadians should know that it is a principal of Canadian tax law (from a court case in the 1930's) that Canadians are allowed to arrange their financial affairs (within the law, of course) to pay as little tax as possible. Even Canada's tax auditors have to agree with this.
Ex-pat Canadians should note that having a house or condo in Canada does not mean that you are resident in Canada for tax purposes. There are cases where it would not make economic sense to sell a house - for example, if you bought a house or condo two years ago it would make no economic sense to sell it now. It would be manifestly unfair to require someone to sell their home at a loss simply to achieve non-resident status.
Note that filing an NR73 is not a requirement upon leaving Canada, though filing one and having it approved will protect your interests.
In all cases, because of the amount of money at stake, ex-pats should consult professional advice. Someone posted this link in another thread, though any Chartered Accountant or tax lawyer should be able to help you:
One thing I note on threads regarding this topic - many are quick to criticize Canadians who want to plan their affairs to minimize their tax owing, as if to do so were somehow dishonest.
Non-Canadians should know that it is a principal of Canadian tax law (from a court case in the 1930's) that Canadians are allowed to arrange their financial affairs (within the law, of course) to pay as little tax as possible. Even Canada's tax auditors have to agree with this.
Ex-pat Canadians should note that having a house or condo in Canada does not mean that you are resident in Canada for tax purposes. There are cases where it would not make economic sense to sell a house - for example, if you bought a house or condo two years ago it would make no economic sense to sell it now. It would be manifestly unfair to require someone to sell their home at a loss simply to achieve non-resident status.
Note that filing an NR73 is not a requirement upon leaving Canada, though filing one and having it approved will protect your interests.
In all cases, because of the amount of money at stake, ex-pats should consult professional advice. Someone posted this link in another thread, though any Chartered Accountant or tax lawyer should be able to help you:
http://www.expatriate.com/