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

How Canada Determines Your Tax Residency

31 Oct 2024 · 1 min

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A short YouTube talk by Richard Canfield explaining how Canada determines tax residency. The speaker emphasizes that Canada uses residency (not solely citizenship) and that tax authorities assess both residential ties and the number of days spent in or out of Canada to decide if someone is a resident for tax purposes.

Chapters

Making sure that you understand the first part of the part. We were going to talk about the status, how you end up being a resident. These are those most common factors that they will put together to say, okay, Richard is a resident of Canada, therefore he files and pays taxes to Canada. There's another component as it relates to the residency ties, because, remember, Canada is based on residency. So they're going to count the amount of days that you are in Canada. And the main thing that they're going to count, aside from those ties ties factors, is the amount of days you've been in Canada or days out of Canada. And then there's still the residential ties. They're still going to try to find ways to keep you into Canada.