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

Minimizing Future Tax Problems When Leaving Canada

5 Nov 2024 · 1 min

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Richard Canfield explains how to avoid tax trouble when leaving Canada: declare your assets at departure, get a clearance certificate, and decide whether to pay taxes upfront or risk punitive withholding later. Real estate is a common example.

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You're talking about getting a specific tax document so that you can minimize future problems that could occur down the road, because you've now clearly indicated, hey, I've declared this piece of real estate. Here's the value at the time I left Canada. And on a future date, you can see what the future would hold with that. Is that kind of what I'm getting at is am I on the right track?
Yeah. Yeah, exactly. So you're going to declare that value, and it could be a deemed value, or it could be a full liquidation value. As an example step to get the clearance certificate, you would pay the taxes upfront, but if you don't, then there's going to be a withholding tax that's much more penalizing to deal with. And you'd rather not deal with withholding tax.