Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Avoid Tax Traps When Leaving Canada

2 Nov 2024 · 1 min

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Richard Canfield walks through tax traps when leaving Canada, focusing on asset sales and CRA clearance certificates. Timing mismatches between when you need to sell and when the CRA processes paperwork can force rushed sales, spike your tax bill, and tank asset values.

Chapters

The clearance certificate is not always that easy to get. If you also add in the fact that you're depending on the CRA and their workload that clearance certificate, there's a couple of steps you have to go through. You have to first determine what asset needs it. The second is you got to notify them. And then after you notify them, you might need to get like some taxation number or some other trail related to it. Let's say the sale of the asset. If you are actually disposing of it, that might not even synchronize in the timing that you want, unless you want to do fire sales. So not only do you pay more taxes for triggering all these other landmine taxes, you might even depress the value because you're in emotional desperation to leave Canada.