Financial Planning For Canadian Expats

We provide fee-only financial planning for Canadian expatriates who live outside of Canada.

Canadian expatriates (aka “expats”) refers to Canadian citizens who have become residents of another country. Note that this term does not refer to “snowbird” Canadians who continue to make Canada their main place of residence, while spending several months a year traveling to another country.

Canadian expat financial planning can be quite complicated, as there are unique issues related to expat taxes, investing in Canada while living abroad, foreign investments, real estate ownership, expat pension planning, and perhaps an eventual move back to Canada.

It is difficult to know who to speak to when you are a Canadian non-resident and managing your finances across borders. We assist and work with hundreds of clients via Zoom around the world, and we pride ourselves on unbiased recommendations, delivered in a timely manner.

For detailed financial advice for Canadian expats, consider meeting with Brenda Hiscock. Brenda is a certified financial planner with over 20 years of experience dealing with retirement planning and Canadian expatriates specifically.

Canadian Expat Tax Advice

Not only do we provide financial planning for Canadian non-residents, but we also offer an in-house accountant for Canadian expat tax preparation services. We can assist you to file your Canadian expat tax return.

Just because you are a non-resident of Canada, this does not automatically mean that you no longer have any tax filing responsibilities. If you continue to own real estate in Canada you will likely need to file a Canadian tax return. There are several other instances where Canadian tax considerations are still relevant for you, especially in the year you leave Canada or return to Canada.

Moving to a country that has low income taxes and/or no taxes on capital gains or foreign income can mean a significantly lower tax bill. Understanding the right tax planning steps is essential to avoiding unanticipated issues with the Canada Revenue Agency (CRA) and to enjoying the benefits of a low-tax residency in another country.

Pensions and Investments for Canadian Expats

Two questions we are quite adept at answering after working with hundreds of Canadian citizens living all over the world are:

1) How are my OAS, CPP, and private pensions going to be handled if I live in another country?

2) What do I need to be aware of when it comes to my investments as a Canadian expat?

We work with expats to understand the pension agreements between the Canadian government and their new country of residence. Sometimes, OAS and CPP payments can even be sent to your account in your new local currency. Your country of residence may or may not tax that pension income, and we can work with you to determine what you can expect from your Canadian expat pension.

While taxes on investments will chiefly depend on your new country’s tax code, we can provide Canadian expat investment advice on how to minimize Canadian taxes, as well as what to expect on a day-to-day basis if you want to continue using Canadian investment accounts to hold your investments.

Taxation of the sale of Canadian real estate while you are a resident of another country is an area of expat financial planning where we have extensive experience. We are used to navigating the unique obstacles that can pop up when dealing with real estate as an expat – whether it is an investment property or selling one’s former principal residence in Canada.

How to Become a Canadian Expat: Severing Canadian Tax Residency

If you have been thinking about moving away from Canada and becoming a Canadian expat, we can help you address the following considerations:

• Declaring Canadian non-residency status with the Canada Revenue Agency
• Filing your final departure tax return as a Canadian resident
• Paying your departure tax on capital gains in the year you leave Canada
• Informing you of possible tax deferral options 
• Avoiding double taxation scenarios going forward

We can also answer questions about the way the CRA makes a determination on your residency using their residential ties test. Our team has experience working with expats and filing tax returns for expats with CRA.

Financial Planning for Canadians Retiring Abroad (or Coming Home)

More and more Canadian citizens are looking to retire in another country as expats and many  will leave assets behind in Canada. Proactive financial and tax planning can help ensure that you are fully compliant with tax and securities legislation and avoid unwelcome surprises.

If you have been a Canadian non-resident during your working years, and are preparing to come home, we are quite familiar with handling the logistics for that transition as well. Whether you are looking to spend part of your career working outside of Canada, or you are returning to Canada again, we will do our best to make sure your transition is a smooth one.