If you live outside of Canada, you may or may not need to file a return with the Canada Revenue Agency. The requirements vary based on your residency status and the types of income you have earned. In some cases, you may spend more than days outside of Canada and still be considered a factual resident. For example, if you attend school outside of Canada but maintain residential ties with Canada, you are considered a factual resident, regardless of the number of days you spend in Canada.
If you permanently live abroad and have no residential ties to Canada , you are likely considered a non-resident of Canada. In addition, the last year you live in Canada, you must file a final return. Learn more here. Your eligibility for deductions and benefits will change with the change of marital status. For example; If both of you sold a home to buy your home together, only one of the sold properties may be immune from taxes.
You may have to pay capital gains tax on assets earned from one of the sales. Transfers are another way to lower the tax payable overall for a couple. Other potential transfers include the disability amount , the pension income amount , and the age amount. You can pool your medical expenses and apply the deduction to the tax return of the partner who can use it more effectively.
Charitable donations can also be combined. Learn more about transferable tuition amounts in the CRA link. If you the pensioner and your spouse the pension transferee have jointly elected to split your eligible pension income by completing Form T Joint Election to Split Pension Income , you can benefit from this by paying less tax overall. Thread starter teddiegracie Start date Jan 12, JavaScript is disabled.
For a better experience, please enable JavaScript in your browser before proceeding. Nov 7, 29 0. I currently work in the U. Is this true? If so, does anyone know how it works? Also, has anyone done this without going to an accountant? I usually do my U. Thank you so much in advance for your help! Aug 29, 51 Category Visa Office Following the thread as I recently moved to Canada from the US.
AshesNdust Hero Member. Jan 4, Sep 12, 2, Canada Category Accra NOC Code AshesNdust said:. I file in both US and Canada. I went ahead and used an accountant so, I can't tell you how hard it is to do on your own. Additional extensions let Americans living abroad move their filing deadlines to October 15, or even December 15 in some cases.
In addition to the traditional income tax return, expats often have to provide more paperwork detailing their foreign assets, such as stocks, dividends, property, and bank accounts. These requirements necessitate the use of forms such as the Report of Foreign Bank and Financial Accounts, more commonly known as the FBAR; read more about these reporting requirements below. However, there are some tax provisions that can mitigate the financial burdens Americans face when living abroad; the most popular and effective of these are the foreign earned income exclusion and foreign housing exclusion or deduction, depending on whether you work for a company or are a self-employed expat.
These requirements also apply to the foreign housing exclusion and deduction, which allow a taxpayer to subtract their housing costs from their taxable income as well; whether you use the deduction or exclusion will depend on the nature of your employment.
Not all filing requirements are designed to benefit expat taxpayers, however; some force Americans living abroad to report certain assets to the IRS, which requires even more paperwork. This form is available online through the Financial Crimes Enforcement Network website and must be filed electronically. As with all filing requirements, failure to file the correct forms on time will result in one or more penalties.
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