28 — Wednesday, October 18, 1995 ~

Expatriate Canadi
protect

Mike —
Grenby

dollars’

and sense

_ ‘LEAVING CANADA to
work or retire abroad is a
‘major step, and one that
_ Should only be taken if you are
satisfied your new home will offer
a better quality. of life — personal-
“dy as well as financially.

"Consider a “dry run” first.
~. If you are motivated to move
mainly. because _you worry about
- Canada’s economic future’ (Quebec, .

. the debi), you can still make invest-

ments with an international flavor,

“like a foreign currency account, the
-. stocks of foreign companies or’

“Canadian companies that sell out-

“side Canada, and foreign real estate
“or business,
“> “Still, with the globalization of -
“. today’s economy, more and more
Canadians are leaving to work
abroad,” said Garry Duncan, | char-
“ «tered accountant, of BDO ~:
: Dunwoody. “Also, an increasing :

‘. number of retirees have decided to

“move to warmer locations with
, mer taxes. .-
“If you are considering a move

yy:

North Shore News

pa Wheat? 8 =} rs PADERT ESSAI LAST IORI ED RAMS CRETE AE

abroad, you can take many fairly
simple steps that could significant-
ly reduce’ your taxes — but you
must do most of your planning
before you leave.”

‘The interest in this topic has
prompted Duncan and co-author
Elizabeth Peck to write Canadians
Resident Abroad, published by
Carswell; it should be in book-
stores shortly.

!f you work outside Canada but
otherwise. remain a resident, you
may receive an overseas employ-.
ment tax credit. That could reduce
your effective tax rate in Canada to
below 10% on up to $100,000
income. Ask if your employer qual-
ifies.

If you leave for at least wo
years, you may qualify as a nen-

" . resident, a major advantage if your

new country collects less tax than
Canada, ~
Duncan said you must cut your

‘ ties to Canada as much as possible: «

© Sell or rent out your home on a

long-term basis (if you rent, cancel .

your lease o. subiet);

* Your immediate family should:

leave with you;

"*-Take household ‘and personal

effects; -
* Have mail forwarded. Close out

“bank accounts, Canadian credit

cards and other financial ties; .

¢ Try to stay out of Canada until ©

your status as. a non-resident has
been established;
* Keep proof of the day you left the
country (airline ticket, immigration
papers).

“If you can, try to leave earlier

rather than later in the year, to min-

imize the tax on your final
Canadian return,’ Duncan said.

' That's because departure trig-
gers a ‘‘deemed disposition” of

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most property (like stocks — but
not real estate) which could result
ina taxable capital gain. |

If you keep revenue property in
Cunada, 25% tax will be withheld
from rental income. So file form
NR6 to have the tax based on net
instead of gross rent.

Duncan also suggests:

* Top up your RRSP before you

leave;

* Consider withdrawing’ RRSP
funds while non-resident (Ottawa
will withhold only 25 per cent tax);
«Apply for CPP and OAS;

* Review your. will — it may not be
. Valid in your new country. :

‘Mike Grenby is a North Shore
columnist and independent financial
adviser who works with individuals;
he will answer your questions in. |
‘this column as space allows. Write
' 2444 Haywood Avenue, West me
‘Vancouver, V7V 1 YI

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- “THE SUCCESSFUL INVESTOR” " SUN., OCT, 22
by PATRICK MCKEOUGH, author of Riding the Bull
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A Seminar for Women cs
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Informal Information S Sessions will be held in,
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on October 24 and October 26, from 1:30- 2: :30 p. m,
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- All _ wilt be donated to North Shore Family Services

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CGA |
Certified General Accountants Association of British Co Jumbia
1555 West 8th Avenue, Vancouver, British Columbia v9 ITS. Telephone 732; Nl | Fax 732- 1252