Anyone working or had worked in the ME, any advice about if one should go non-rez or not for tax purposes. I am packing to fly metal in the sandbox and its not with EK. Any tips and advice with regards to taxation/ finances kindly PM.
Thanks
Going Expat
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Eric Janson
- Rank (9)
- Posts: 1248
- Joined: Thu Feb 08, 2007 10:44 am
Re: Going Expat
Suggest you find a tax consultant who is familiar with International Tax Laws.
These are changing all the time.
Once you get your options you can decide on what works best for you. Don't forget to ask how it works when/if you bring your foreign income back to Canada.
These are changing all the time.
Once you get your options you can decide on what works best for you. Don't forget to ask how it works when/if you bring your foreign income back to Canada.
Always fly a stable approach - it's the only stability you'll find in this business
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Gino Under
- Rank 8
- Posts: 833
- Joined: Sat Jan 16, 2010 12:06 pm
Re: Going Expat
... my experience
We set ourselves up as 'non-resident for tax purposes' through a tax consultant specialist and had a letter from Revenue Canada clearly stating our status with the proviso, it didn't apply once we left the country because our specific situation would be re-assessed on our re-entry to Canada.
I would simply re-state what Mr. Janson said. Plus, don't just go by what Canadian expats tell you. Each individual is not the same in the eyes of Revenue Canada so, get a proper tax advisor before you go. Make darned sure and certain you've done things correctly with no gray areas. If you leave for 10 years, regulations won't be the same when you get back, the CRA regs will have changed, and you will be assessed accordingly at that time.
So ... CYA
Gino
We set ourselves up as 'non-resident for tax purposes' through a tax consultant specialist and had a letter from Revenue Canada clearly stating our status with the proviso, it didn't apply once we left the country because our specific situation would be re-assessed on our re-entry to Canada.
I would simply re-state what Mr. Janson said. Plus, don't just go by what Canadian expats tell you. Each individual is not the same in the eyes of Revenue Canada so, get a proper tax advisor before you go. Make darned sure and certain you've done things correctly with no gray areas. If you leave for 10 years, regulations won't be the same when you get back, the CRA regs will have changed, and you will be assessed accordingly at that time.
So ... CYA
Gino
"I'll tell you what's wrong with society. No one drinks from the skulls of their enemies!"
Re: Going Expat
I spent over 10 years flying VIP charter in the ME. The previous comments above are valid. I strongly suggest that you speak to a good International accountant and get his/her advice. There is a lot to do before you leave Canada and you want to do it correctly. Upon our arival in %%%%%% we went to the Canadian Consulate and declared ourselves "non residents" of Canada as suggested by our accountant for Revenue Canada tax reasons. Do you own a house and do you want to rent it - then ask the accountant how. If Revenue Canada can " deem" that you have any association/ assets in Canada then they will be all over you. This includes having a wife in Canada. Another thing for you to consider is your Will. We had a Will in Canada, a Will in Jersey to cover our off-shore accounts and a Will in the ME country that we lived in. If you don't have a local Will in most ME countries, upon your death your estate will go to your oldest male (by blood) relative - not your wife or daughters
Enjoy the experience.
Enshallah
Flaps 78
Enjoy the experience.
Enshallah
Flaps 78
