mescos
2016-09-14 10:53
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mescos
2016-09-14 10:55
Hey everyone, does anyone have any recommendations for tax advisors for Canadians who want to become non-residents for tax purposes?
mescos
2016-09-14 10:56
Also, anyone with resources/information related to the process of non-residency for Canadians.
etienne
2016-10-04 17:28
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etienne
2016-10-04 17:28
hi mate1
etienne
2016-10-04 17:32
humm honestly I dont have the right answer but I know an article that could help you :wink:
etienne
2016-10-05 01:23
that long but complex? good luck !
http://www.cic.gc.ca/english/resources/manuals/op/op10-eng.pdf
etienne
2016-10-05 01:24
this one better for you bro! :
http://www.cic.gc.ca/english/information/applications/guides/5781ETOC.asp
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2016-10-05 15:29
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mescos
2016-10-11 15:05
thanks @etienne - looking forward to digging into it
etienne
2016-10-11 16:03
hell yea! I?ll do the same by the way :wink:
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2016-10-11 16:08
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mescos
2017-01-09 10:22
@simon - In the Canadian Tax Guide, you say "Although there are a few exceptions, in most cases you will need to spend 183+ days in that foreign country" - what are those few exceptions?
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simon
2017-01-09 13:16
@mescos Some countries grant tax residency to residents very liberally (or require only a short amount of time to be spent in-country every year). Bulgaria, Georgia, Andorra, Malta and Taiwan are such countries.
mescos
2017-01-09 13:33
What is the time required for Malta?
mescos
2017-01-09 13:33
@simon - Also what about Chile and Panama?
simon
2017-01-09 14:07
You do not need to spend time in Malta. Instead, they have a fairly unusual requirement: you can't spend more than 183 days in any other countries.
simon
2017-01-09 14:08
It's not a great program for most though, due to the high annual cost.
mescos
2017-01-09 17:37
@simon - And what about PR for Chile? If you already have PR status, come back to Chile for 1-5 days each year to maintain it, wouldn't you still qualify as tax resident of Chile in the eyes of Canada?
scorps
2017-01-10 06:20
For anyone interested, non Canadian resident/citizens can open a Limited Partnership in Ontario, Canada. If you have no business activities in Canada there is no reporting requirements or taxes to pay the CRA.
scorps
2017-01-10 06:29
Main weakness is that it is not the strongest vehicle for asset protection.
scorps
2017-01-10 06:36
British Columbia LLP is probably the better of the jurisdictions to setup in Canada.
simon
2017-01-10 06:42
@scorps For a small business, Manitoba is also very advantageous. The rate is 0% up to 450k. This means that you only pay the federal tax which can be as low as 10%. This is lower than HK or Singapore.
scorps
2017-01-10 06:44
Manitoba also has a stronger protection versus Ontario.
simon
2017-01-10 06:44
@mescos To qualify as a PR in Chile, you will need to become a tax resident there (spend at least six months as a temporary resident during the first year). This means that the CRA is very likely to accept your NR73 and your non-resident status.
mescos
2017-01-10 11:11
@simon - Thanks. What about if a Canadian gets residency via Panama's Friendly Nations visa but then is only physically in Panama the minimum required number of days per year to maintain the visa after it is acquired? Will CRA take issue with this?
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726dbr
2017-01-30 02:40
Hi, I'm Canadian, but am planning on living in Vietnam. I currently have to come back to Canada to work (I am a consultant with a numbered Alberta Company). My question is what is the best way to structure my corporation so I pay the least amount of Tax?
philippe
2017-01-30 16:06
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mescos
2017-01-31 17:08
@simon - Is it possible to obtain Canadian non-resident status by getting PR in Panama, even though it does not have a tax treaty with Canada?
mescos
2017-02-02 01:04
Question: Do Canadians have to have residency in a country that has a tax treaty with Canada in order to obtain non-resident status in Canada and not be liable for Canadian taxes?
simon
2017-02-02 01:54
@mescos Any country will do as long as the CRA is satisfied that you really are domiciled there (as opposed to being there temporarily).
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2017-02-03 14:05
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mescos
2017-02-08 21:16
@simon - you previously recommended TD in US for Canadians and said that they will mail the card to Canada. Which account did you open and did they require a US drivers license, tax ID number, US address?
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2017-02-10 04:45
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simon
2017-02-10 06:43
@mescos I opened this account: https://www.tdbank.com/personal/conveniencechecking_inc.html
simon
2017-02-10 06:44
They did not require any proof of ID, address or anything. I verified my ID online during the application process (using questions from Equifax Canada) and was approved on the spot.
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2017-02-10 13:07
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mescos
2017-02-10 14:07
@simon - Noticing that it asks "where are you a resident: US or Canada." If you choose US it requires a SSN. So you went the Canadian resident route?
skat
2017-02-11 19:26
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simon
2017-02-15 07:17
@mescos Yes. It was then the same procedure as for opening a Canadian account online (details, answer a few questions from Equifax, instant approval, debit card arrived in the mail a few days later)
mescos
2017-02-15 15:29
@simon - I see. US side of the application is asking for SSN. If choosing the Canadian side on the application, it looks like they are making you confirm that you are "Canadian Resident" on the application. Isn't this an issue if you are a non-resident?
simon
2017-02-15 15:39
If you have a SIN number and a Canadian mailing address you'll be fine. I don't know if they will send the card to an overseas address, probably not with the online application.
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2017-02-17 09:52
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tkrunning
2017-02-22 00:24
@simon any idea of TD offers something the other way, i.e. a Canadian account for US ?residents??
mescos
2017-02-26 15:30
Any recommendations on Canadian CPAs/lawyers specializing in international tax that have experience with non-residents? There are plenty of resources for the Americans - but thought it would be useful to get a list going of legit specialists for Canadians. Any thoughts/recommendations? @simon
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2017-03-01 17:53
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simon
2017-03-06 13:23
@tkrunning I doubt that TD offers a similar package to Americans. There is simply no market for that (as opposed to US banking for Canadians). That said, a US citizen can open a normal Canadian bank account at any time by visiting a branch in person.
simon
2017-03-06 13:27
@mescos The big accounting firms in Canada are all experienced working with non-residents. If you want to find a CPA, I'd recommend looking in the areas where there is lots of "international" immigrants (Vancouver especially as a lot of Chinese there split their time between Canada and Asia).
mescos
2017-03-06 13:28
@simon - Yes, already have. Just wondering if you had any personal recommendations seeing as you appear to be a nonresident,
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tatelev
2017-03-08 12:57
I finally got to talk to a tax lawyer with expertise in international tax planning and he advised that for my situation(currently live in Spain but in future in Vancouver and main business selling on Amazon USA) the best structure is a canadian corporation filed in the provincial level(BC)
tatelev
2017-03-08 12:58
so my initial idea of operating in USA by way of a us LLC will be changed by a creating a canadian corporation
tatelev
2017-03-08 12:58
I would appreciate any help of anybody that can give any advice on:
tatelev
2017-03-08 12:59
- How easy practical is to file the incorporation myself? Or is it complex enough that a registrar is advised?
tatelev
2017-03-08 13:00
- Any mail scanning services that can also act as the corporation registered office that you know about? In UK I am very happy with http://scanmypost.co.uk , their professionalism and their rates. Any similar one in Canada?
tatelev
2017-03-08 13:01
- Any word on how easy/difficult it is to open a business bank account in Canada for a foreigner remotely if at all possible?
tatelev
2017-03-08 13:02
- Is it any easier for a canadian corp to open a business bank account in USA that for other countries businesses?
tatelev
2017-03-08 13:04
- Any other thing that you might want to comment on this that might be of use?
tatelev
2017-03-08 13:06
thanks :slightly_smiling_face:
tatelev
2017-03-08 13:09
(I saw TD Bank mentioned before, but when I called them for my UK business they told me they only open US bank account if have some sort of physical presence in USA. Not sure if that requirement is different for Canadian companies)
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2017-03-08 17:25
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tatelev
2017-03-09 06:07
13-15% corporate tax doesn?t seem like ?too much"
tatelev
2017-03-09 07:52
any opinion welcome
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2017-03-09 12:50
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roman
2017-03-20 10:20
@tatelev: I use LiveCA for Canadian accounting. They are great and will hold your hand throughout the process. Their cheapest plan is ~ CAD$300/mo for DYI bookkeeping (but they set you up with free account at Xero, Receipt Bank, Hubdoc). Overall, great help. They all work remote and understand the hurdles of that. The cheapest normal accountant I got was in Toronto, and he wanted CAD$1,500 one time fee, at the end of fiscal for the filing. But I had so many problems with him never being available. LiveCA also have unlimited support. Can email questions or jump on a call easily. Love it.
roman
2017-03-20 10:20
@tatelev for banking, go with BMO Harris. I was able to open a bank account remotely. They UPS you a package containing the documents, with return label. You need to sign and mail them back.
roman
2017-03-20 10:21
I am not sure if they?ll work with non-Canadians though. But I was applying for a corporate account, with Canadian IDs (passport, drive license).
roman
2017-03-20 10:22
@tatelev for BMO Harris, just call their business line and talk. They don?t feel like a big bank in the CS department and were very pleasant to talk to and answered all my questions.
roman
2017-03-20 10:23
For incorporation in Canada, just do it yourself online. The process is super simple and you don?t need any external services. Unless there are some complicated matters in your setup. I started a federal corp in under 30 minutes, pay online directly to the Canada government site. They email you the incorporation docs within 1 business day.
roman
2017-03-20 10:23
Anyways, feel free to PM if you have any questions about any of the above.
roman
2017-03-20 10:30
*Now questions to the channel:*
I know the official rules of CRA for the residence consideration for tax purposes. But what is the reality of the situation? How strict are they on these issues. E.g. if I have a condo in Canada and an active federal/ON corporation, but live overseas majority of the time. Would they consider me a tax resident?
tatelev
2017-03-20 10:45
@roman thank you very much, very useful information!
simon
2017-03-20 13:06
@roman If you reside abroad and can prove it to the CRA, you can be considered non-resident even if you have local ties. Not having those ties make things easier, for sure, but they are not a deal breaker. I myself have real estate in Canada and some local income.
roman
2017-03-20 13:36
@simon what kind of documentation is considered to be good proof? Like work visa or residency permit elsewhere?
simon
2017-03-20 14:19
@roman Some form of resident permit, entry / exit stamps in your passport as well as local ties (a place to live, local memberships etc).
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2017-03-20 23:41
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sdfk787
2017-04-16 14:01
I see no discussion of departure tax in here, I would assume this would be the most important topic
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tatelev
2017-05-22 14:12
me and my family are going to be all summer in Vancouver from June 13th. We have most of the summer confirmed home swaps with other vancouverites. We still have September 3rd to September 13th without anything
tatelev
2017-05-22 14:13
if there is any vancouverite here or knows of any that would like to come in September to our home in the north of Spain(beaches..mountains?) and let us stay in their place let me know
tatelev
2017-05-22 14:13
we could use the free home swap website http://guesttoguest.com that we have used for our other swaps for assurance.
tatelev
2017-05-22 14:16
eventhough we fly back from Vancouver on Sept 13th, our home in Spain would be available until the 17th
tatelev
2017-05-22 14:16
probably not many odds posting it here, but you never know!
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mysteir
2017-06-27 12:19
@roman so suddenly our government punishes countries that have citizenship-for-puchase programs? That will be a pretty long list to tackle. Quite hypocritical as Canada (and all Nations) allow wealthy foreigners to gain residency.
roman
2017-06-27 12:19
Yep, I thought so too? But what else could we expect from a western government. They are full of hypocrisy.
mysteir
2017-06-27 13:06
Hey guys, is anyone here familar with the "deemed disposition" departure tax rules in Canada? I'd like to know if once it's paid (i.e. on your share of a Canadian business) - if that share is sold in the future, does that mean there is no more tax owing on that sale (since the deemed disposition was already paid)?
sdfk787
2017-06-27 13:26
2) If your Canco has any investments in its portfolio that have an accrued capital gain, I would recommend realizing that gain prior to departure. The reason for that is, if you do not do this, there is a potential for double taxation of that capital gain: once when the investments are liquidated, and also because that accrued gain would reflect itself in the value of your Canco shares and the deemed gain on departure. The better strategy is to do the following before departure:
a. Realize the gain in Canco
b. Compute the tax-free 50% of the gain
c. Pay out the tax-free gain as a special ?capital dividend? (tax-free) under subsection 83(2) of the ITA.
d. Pay out the taxable portion of the gain, net of the applicable corporate tax (net of refundable portion) as a regular taxable dividend.
sdfk787
2017-06-27 13:26
pls send $500 to my paypal
sdfk787
2017-06-27 13:26
thx
mysteir
2017-06-27 14:20
Haha.. 500$ only eh? I actually paid the taxable portion when I left Canada (deemed disposition). I'm now in a position where I am selling, so I was wanting to know if there were any remaining tax obligations after the sale. I'm guessing "no". :slightly_smiling_face:
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roman
2017-08-08 11:29
Anyone know a solid immigration lawyer in Canada? Thank you.
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roman
2017-08-16 16:37
FYI Just got an email from TransferWise that Borderless is now officially open in Canada. Although I was able to enroll a week or two ago. I guess it was a soft launch. Now it?s official.
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gregor
2017-08-25 13:45
Yep but can't wire funds yet into a cad borderless account :(
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millnmd
2017-08-27 06:26
Hey for anyone who lives in Canada Freedom Mobile had a $40/10GB plan promo for one day on aug 17 for koodo/public/telus customers only. I was on that $49/6gb Koodo plan. They don't offer the $40/10gb promo anymore but you can get the $40/6gb plan + $10/3gb add on with $10 credit for 10months. I wanted to get my parents on the $40/10gb plan and they offered me the option above then she told me that Shaw and Freedom Employees got 5 Friends and family 35% off lifetime codes and she offered to give me one so now I have $26/10gb plan. Best bet would be to call in and try your luck or buy one.
millnmd
2017-08-27 06:28
Since the 35% off isn't a promo unless you get lucky people are selling the codes on Kijiji for about $100 per code. http://www.howardforums.com/showthread.php/1896905-YMMV-35-lifetime-discount-on-LTE-plans
roman
2017-08-27 06:50
The coverage on Freedom is terrible though. It's just 4 major cities and everything else is "away" zone. I guess if you never leave the city it's fine.
millnmd
2017-08-27 08:48
I was once with them and left for that exact reason. But apparently the new Band 66 LTE (which only new phones support like S8) in major cities is better then Rogers (I live in Toronto). I had two Koodo lines before, now I have Freedom 10gb and Koodo 6gb and currently deciding on which one to stick with. I'm going in store tomorrow to see what data speeds I get on a Band 66 Phone. https://mobilesyrup.com/2017/01/18/freedom-mobile-lte-network-toronto-review-canada-speed/
roman
2017-08-27 18:34
I'm sticking with Koodo for sure because I'm in Montr�al and Freedom doesn't even have home here. But I also travel to Ottawa and Toronto a lot. Even need internet on the road to listen to online radio or podcasts.
millnmd
2017-08-27 20:32
I was thinking about putting my Freedom sim in a hotspot but I couldn't find portable ones with band 66. With 35% off $26/10gb(tablet data only) would be nice for you if you have a band 66 phone.
gregor
2017-08-30 09:50
If you subscribe to shaw internet or know someone that does then you can download the shaw wifi app, register while connected to Shaw at home or your friend's place, and then use shaw wifi just about anywhere in western Canada. Don't know about out east. Saves on data charges on your mobile.
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roman
2017-11-13 23:37
FYI just received an official email from PayPal stating:
> We?re writing to notify you that we have received a Federal Court order requiring us to disclose information to the Canada Revenue Agency (CRA) about PayPal Business account holders who sent or received a payment between January 1, 2014, and November 10, 2017. To comply with the order, PayPal Canada will make a disclosure to the CRA within 45 days of the date of the order.
ivan
2017-11-14 00:05
@roman thanks for the info, not canadian, but it's good to know these things are happening. Although I always thought Paypal shared information automatically.
roman
2017-11-14 00:07
I think it?s jurisdiction by jurisdiction. Why would they share if not asked for? It?s extra work for them.
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cbf
2017-12-01 01:07
Hey everyone, so with a foreign company as a Canadian resident wouldn't the CRA view this company as a Canadian company and be liable to pay tax in Canada if it has less than 6 employees? Is there any benefit to incorporate offshore for a startup if you pay taxes personally in Canada?
cbf
2017-12-01 01:09
I have an online business and interested in knowing different strategies.
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mescos
2018-01-10 12:58
Question for Canadian non-residents living outside of Canada/US: what do you say to customs if/when you need to travel to the US for business meetings? Do you need any official letters? What do you say to the customs officials? Are you allowed to go for meetings without a visa?
johncitizen
2018-01-10 19:43
Get a letter of invitation with a meeting itinary if you can. I use this approach to get business visas all over the world.
otkeedca
2018-01-11 05:56
So you're a Canadian citizen? If so, you don't need a visa https://ca.usembassy.gov/visas/do-i-need-a-visa/
otkeedca
2018-01-11 05:56
residency shouldn't matter
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smuft84
2018-01-20 22:20
Hi guys. I'm in the process of solidifying my non-residency status with Canada. I haven't lived there for a while but I never submitted final tax returns stating my date of departure. Is this a requirement or is it something I can skip?
Also just in general are there any resources that you guys found helpful for becoming a non-resident of Canada? (minus the CRA website)
cbf
2018-01-24 04:47
I think you can skip that
smuft84
2018-01-24 19:48
Would be nice if I can skip that. I'm concerned if I ever want to go back and bring a bunch of cash with me, will they said "wtf are the taxes on that bro?" and since I didn't submit my final tax returns they might make my life difficult
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2018-01-25 23:47
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mescos
2018-01-26 13:59
@smuft84 - you definitely have to submit a final return and get a final decision from CRA if you want the CRA to recognize on your non-residency status. It is not like the US.
smuft84
2018-01-26 14:02
Ok that complicates things a bit. I left over a year ago now so I hope they will acknolwedge my non-residency status retroactively.
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sdfk787
2018-01-30 11:37
Nobody who is knowledgeable about this area would ever recommend submitting the form if you can avoid it.
There is no legal requirement to submit that and you put yourself under a spotlight right away. They also take months to process.
It is not going to be any easier to convince them that you are becoming a nonresident by submitting the NR73 now than it would be at any future time
smuft84
2018-01-30 14:38
interesting
smuft84
2018-01-30 14:38
getting such conflicting advice on this one :slightly_smiling_face:
smuft84
2018-01-30 14:38
@sdfk787 do you know any tax accountant who would give me the same advice?
otkeedca
2018-01-31 07:44
a paid consultant told me not to file the NR73 form as well. same reason: it puts a spotlight on you and is not required
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smuft84
2018-01-31 15:55
do you guys have any concerns about when/if you re-enter Canada at a later date and want to bring some of your wealth with you?
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2018-02-01 05:24
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mescos
2018-02-02 20:35
@smuft84 There are two schools of thought: 1) The ?quiet? disclosure method where you submit a final return stating you left country on X date and wait a few years. CRA has a specified time period to dispute it and 2) The NR73 method. If an accountant recommends this right off the bat and is unaware of option #1, be careful.
mescos
2018-02-02 20:44
@smuft84 What do you mean specifically? If you want to return to Canada and become a resident again, after being a nonresident? Or are you asking about how to repatriate funds back to Canada as a nonresident?
smuft84
2018-02-03 02:28
I mean you leave Canada without clearly becoming a non-resident with the CRA then you make a few million and come back to Canada with the intention of using some your wealth to buy assets in Canada and live your life there. However since you were not clearly a non-resident during your time away, the CRA may perceive some of that money you made in the last 10 years as owed to them.
smuft84
2018-02-03 02:30
1) sounds like a good option for me
mescos
2018-02-05 14:36
@smuft84 Right, that is the risk and why many elect to obtain nonresident status instead. It?s clear. There is no guessing.
CRA has authority to freeze your Canadian accounts and issue penalties if you?re not in compliance.
Furthermore, if you leave Canada, act as if you are a nonresident (without actually becoming a real nonresident) and continue accruing all the benefits of being a Canadian resident, then that isn?t going to be viewed favorably by the CRA and could get you into trouble.
Whether or not you want to take on that extra risk depends on your own risk tolerance.
smuft84
2018-02-05 14:44
is there any benefits you have in mind?
i gave up my drivers license, dont use any canadian medical insurance, no assets in Canada
smuft84
2018-02-05 14:45
only thing i have is a bank account that I keep so I have a working credit card, which I will also give up once I have secured a better long term banking option
sdfk787
2018-02-06 12:37
You should not have a personal Canadian bank account if you are non-resident
sdfk787
2018-02-06 12:37
it's considered a secondary tie
sdfk787
2018-02-06 12:37
also you should all be aware there is an exit tax for becoming a canadian non resident
sdfk787
2018-02-06 12:38
if you have a business with $500k in it and you leave canada you are deemed to have sold your business at fair market value ($500k) and you must pay capital gains tax on the gain
ivan
2018-02-06 16:48
@sdfk787 even if the business is incorporated in another country?
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2018-02-07 02:39
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smuft84
2018-02-07 04:48
Understood that bank account is a secondary tie, probably best to get rid of it
smuft84
2018-02-07 04:49
however I know of at least one person who filed w/ the CRA as a non-resident and still keeps a canadian bank account, so I considered it a lower risk tie
smuft84
2018-02-07 04:50
just to make things very clear I will be closing that as well, next time im in Canada
millnmd
2018-02-07 06:06
You could open a US TD Bank account through Cross-Border banking or Online with your Canadian Ids for Daily banking and Canadian Accounts. If you want US CC or access to more Banks you could get an ITIN.
scorps
2018-02-08 05:00
I became a Canadian non resident and kept my personal bank accounts. Just make sure to change your address's with the banks whrn you leave. The big tie's are presence in the country, having dependants still living in Canada or a property not being rented out.
scorps
2018-02-08 05:05
In addition to thst what helps is to confirm it with the CRA as you are leaving. They told me to call them the day or days after i left Canada to inform them that i was permantly leaving country. They confirmed to me that my file was changed to non resident. Overall they look at all your ties and make an assessement.
scorps
2018-02-08 05:07
Ultimately you want to show them you have no intention of coming back.
sdfk787
2018-02-09 07:44
secondary tie is a personal bank account
sdfk787
2018-02-09 07:47
@sdfk787 even if the business is incorporated in another country?
if your business is inc'd in another country and your a canadian resident the company is a canadian resident and you need to be paying canadian tax on it otherwise what you're doing is illegal. It is a CFC controlled foreign corporation
sdfk787
2018-02-09 07:47
@ivan
sdfk787
2018-02-09 07:48
there is no penalty to go back and repatriate
sdfk787
2018-02-09 07:48
my consultant told me you should be out of the country for 3yr minimum in his experience with oil workers who go to dubai etc..
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julienplefebvre
2018-03-12 20:38
Hi guys, I tried to open my USA based company from Canada and I got refused both at BMO and TD Bank. What is the simplest way to have a bank account for my business so that I can have both online payment process (Stripe) , get invoice out and pay suppliers ?
roman
2018-03-12 21:24
Are you opening a bank remotely? I had no problems opening in person to be honest.
augustas
2018-03-13 01:47
You have US company? Can you travel to US for in-person appearance at the bank?
If yes, then maybe http://Incplan.net can help you.
They charged me $1000 to help to arrange the real address for the company and a meeting at the TD Bank. I am European with C-Corp in US. I also thought I can easily open bank account for my company once I was in USA, since I had EIN. But banks need a real address of your US company. I did not have it.
INCPLAN arranged something. But I didn't like how they communicate and do business, but at the end I got the bank account.
Actually, INCPLAN then changed themselves to be my Registered Agent, which from the 2nd year will cost me more than with anybody else ($150 I think), and arranged some physical address, which will also cost another $250/year from 2nd year.
julienplefebvre
2018-03-13 02:04
@roman no I tried to open a bank account for my USA based LLC, BMO said they need the company registered in Quebec, and TD Bank said it need to be registered in Canada.
I went in person in Montreal.
How did you do it Roman ? Was it a for a foreign company ?
roman
2018-03-13 02:31
It was a company acc for a Canadian Corp. but I?m also a Canadian citizen.
roman
2018-03-13 02:31
It was a company acc for a Canadian Corp. but I?m also a Canadian citizen.
roman
2018-03-13 02:32
I?d say try other branches. I think banks in Canada have branch by branch rules.
roman
2018-03-13 02:32
They don?t talk to each other. Everything is so archaic.
roman
2018-03-13 02:32
I used an RBC in Westmount
julienplefebvre
2018-03-13 02:33
@roman you re missing the point, they dont have a way to verify that the company really exist if its not a Canadian corp
roman
2018-03-13 02:33
So?
julienplefebvre
2018-03-13 02:33
my company is USA, and no bank seem to have visibility in the registrary of USA companies
julienplefebvre
2018-03-13 02:33
they all say the same thing
roman
2018-03-13 02:34
There are plenty of foreign companies with bank accounts.
julienplefebvre
2018-03-13 02:34
I am telling you what they told me today
roman
2018-03-13 02:34
Yeah I hear ya. That?s what they told you. But it?s just 2 branches. I?m telling you try other banks and branches.
julienplefebvre
2018-03-13 02:35
The TD guy check the procedure with the Toronto main bank
roman
2018-03-13 02:36
julienplefebvre
2018-03-13 02:36
he was helpful... so I am a bit confused with this
roman
2018-03-13 02:36
I haven?t used them. But they apparently have good track record.
roman
2018-03-13 02:36
If they can do it why not others can do it? Do they have magic powers? :)
julienplefebvre
2018-03-13 02:36
I will check
julienplefebvre
2018-03-13 02:37
well do they open account for foreign company ?
roman
2018-03-13 02:37
RBC Royal Bank
4849 Sherbrooke St W, Westmount, QC H3Z 1G6
https://goo.gl/maps/aKNRSiwWfyL2
roman
2018-03-13 02:37
I used this branch. They were good for me.
julienplefebvre
2018-03-13 02:39
ok I can try
julienplefebvre
2018-03-13 02:44
thanks, apparently in USA they are more open on this
julienplefebvre
2018-03-13 02:44
but I will post the question to the canadian branch
julienplefebvre
2018-03-13 02:44
and see what they say
julienplefebvre
2018-03-13 03:03
@roman its possible that bank are lying that they dont have access to USA based company files.
I dont know why they say that though.
julienplefebvre
2018-03-13 03:08
```Does this US company has to incorporate in Canada in order to open a bank account? The bank account would be only for receiving funds from Canadian customers who pay with their Canadian credit card.
If the US company does not have to incorporate in Canada in order to open a bank account, how can this US company transfer money from the Canadian checking account to a US checking account? ```
julienplefebvre
2018-03-13 03:08
```Hi Liqin,
Welcome to the TD Helps Community.
A business is not required to incorporate in Canada in order to open a TD Small Business Account, however, this is at the branch's discretion. Articles of Incorporation are registration documents which confirm the existence of the corporation as a legal entity. The documents are issued at a provincial, federal or international government level.
You should also research the possible tax implications involved with collecting money outside of the United States. It's possible that a withholding tax be held on all deposits. I recommend reaching out to your local tax professional to discuss any financial implications.
When you are ready to open an account, you will have to visit a TD Branch in Canada. Due to compliance reasons, you cannot open a TD Small Business Bank Account online if you have not first set up a business banking profile with us.
If you would like assistance setting up an appointment, you can e-mail me directly at .
I hope this helps, Liqin! Enjoy the rest of your day.````
julienplefebvre
2018-03-13 03:09
@roman apparently you are right, its at the branch descretion
pragmatic
2018-03-13 23:27
I had no issues with Chase Bank, as a non-US resident with a US C corp
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roman
2018-07-29 12:49
My friend is a Canadian tax resident and currently has ties (real estate, bank accounts, investments).
She got a job offer in Geneva at an international organization. International organizations don?t pay taxes in Switzerland.
Would she still be liable for Canadian taxes in this case, since she?s not a tax resident of Switzerland?
vinodgn0088
2018-07-29 14:51
@roman, My view is that if she stays 183 days+ in Swizz then she is tax resident there. She don't need to pay taxes to Canada ( except those earned in Canada; Like Canada bank interest, rental income etc will be taxed in Canada.However, she can still use DTA to reduce burdens).
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2018-08-01 12:40
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stephen
2018-08-02 18:11
@roman: residents of Canada have to pay tax on their worldwide income no matter where we when it. That simply means if you are living, working or travelling abroad bit you're still considered a resident of Canada, you'll have to pay taxes to the federal government. So when you're friend is determining whether she will have a tax bill taking up a new job in Geneva, the first thing to figure out is if she's still considered a "factual resident" or not.
While she may temporarily be working outside of Canada, if she still has a home on Canada, family living in Canada and perhaps a driver's licence then she's deemed to have "significant residential ties" to Canada. She'll per tax to the Canadian government.
To cease residency in Canada, and cease paying taxes to Canada, she has to go through the process of severing ties. This means she must no longer have a place to live in Canada, she has to have setup a place to live somewhere else, setup financial accounts in a new place, and if married, taken the family with her.
She should get professional tax advice to help - of course. The Canadian Revenue Agency provides tax information Canadians living and working abroad.
stephen
2018-08-02 18:18
It's a horrible exercise if you try to do it yourself. There are many traps that can ensnare your friend trying to navigate through the process without the help of a tax pro
vinodgn0088
2018-08-03 00:59
@stephen, If she leaves Canada to take up a work then the case is different. https://turbotax.intuit.ca/tips/canadian-tax-obligations-if-you-live-outside-of-canada-184 ; "For example, imagine you have residential ties to Canada and you meet the criteria to be a factual resident. The country you live in, however, also considers you a resident. Based on that country?s treaty with Canada, you are a deemed non-resident. You have the same filing requirements as a non-resident."
stephen
2018-08-03 01:25
I am Canadian @vinodgn0088 and have worked outside of the country. In both circumstances I was considered to still be a factual resident even with a RTT in place with the other country because I maintained ties in Canada. There are several factors that are taken into consideration by our government when determining tax resident status. It is not just the 183 day test. In either case I?m sure we would both recommend she get professional advice.
vinodgn0088
2018-08-03 02:04
@stephen, yes I also recommend that she get a professional advice.
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trevorjames
2018-09-02 17:46
I am a Canadian non-resident who owns a Hong Kong company with my wife. We never spend any time in Hong Kong and business takes place outside of Hong Kong. I am considering just going the safe route and paying Hong Kong corporate tax along with personal tax as well in Hong Kong since the rates are reasonable. Will doing both of these solidify my position with Canada as a non-resident and ensure that I?m in the good books of both Hong Kong gov, my banks in Hong Kong, and the Canadian gov? Anyone know?
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stephen
2018-09-12 21:47
You have to become a non-resident of Canada with the CRA "officially". Just moving overseas doesn't necessarily make you non-resident @trevorjames.
trevorjames
2018-09-12 21:48
Hi @stephen! I filed my final 2014 return and ticked off the box that says I?m departing Canada
stephen
2018-09-12 21:49
Doesn't matter. So do you have any ties to Canada. Any property. Dependants. Memberships. Cottage. Anything?
stephen
2018-09-12 21:49
Just checking a box doesn't make you a non resident.
stephen
2018-09-12 21:50
I'm assuming you have established residency in Hong Kong?
trevorjames
2018-09-12 21:50
Nothing. No home, no drivers license, no health insurance. Informed the bank I am a non resident
trevorjames
2018-09-12 21:51
I have a residence permit in China
stephen
2018-09-12 21:51
Google Toronto accountant Allan madden and his series on how to become non resident of Canada for tax purposes.
trevorjames
2018-09-12 21:51
Ok! I will take a look, thank you!
stephen
2018-09-12 21:51
You still hold a Canadian passport too. Right?
trevorjames
2018-09-12 21:51
Yes
stephen
2018-09-12 21:52
We're planning on keeping citizenship but getting perm residency in Panama. Basically same route you did but we have to ditch all tiesbto Canada. Everything except passports.
trevorjames
2018-09-12 21:53
Oh great. Yeah, I don?t have permanent residency but a 2 year residence permit
trevorjames
2018-09-12 21:53
Maybe I have to find another country for permanent residency
stephen
2018-09-12 21:53
Point is just make sure you get professional advice and line things up even if you're been absent. Would hate to see you come back and get hit with a big tax bill.
trevorjames
2018-09-12 21:54
Ok I will look up Allan Madden
trevorjames
2018-09-12 21:54
Thank you
stephen
2018-09-12 21:54
You unfortunately have to have a tax residency at the end of the day even as a perpetual traveller.
trevorjames
2018-09-12 21:54
So I think I will file corporate and personal taxes in Hong Kong
trevorjames
2018-09-12 21:54
Tax rate is pretty good
trevorjames
2018-09-12 21:54
Since our company is established there
stephen
2018-09-12 21:55
He's just one Ive been dealing with. Any international tax accountant should be able to help. Again get some advice before doing that. You may not have to file if it's territorial tax there in HK.
trevorjames
2018-09-12 21:56
Ya I did get some advice from a company in toronto
trevorjames
2018-09-12 21:56
They pretty much told me that I am a non resident
trevorjames
2018-09-12 21:56
And not to worry
trevorjames
2018-09-12 21:56
But my worrying got to me
stephen
2018-09-12 21:56
He's in TO
dsolutions
2018-09-16 15:42
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julienplefebvre
2018-09-20 01:26
Hi Guys, this might be a simple question, but I am unsure what is the best practice for that.
I have a LLC in USA and want to connect a Stripe account, however, to connect a Stripe account to a USA based business they require that the Stripe account is opened by someone in USA too,
basically, it requires a USA based address and this is subject to verification.
grante.francois
2018-09-20 04:39
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ggiampieri
2018-09-20 21:44
Hi guys, I just realized Canada has working holidays up to 35 and I am seriously thinking of doing it to apply for miles earning cards. Considering one way flight Eu to Montr�al with wowair is 115? and Toronto 150?.. It is a piece of cake. Now.. Which place is better contact wise and more open minded? Are banks easy to deal with and miles earning cards quick to get? It is a great side option
henrique
2018-09-21 02:43
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greenard23
2018-09-21 06:11
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julienplefebvre
2018-09-21 22:25
@ggiampieri what do you mean by open-minded ? I can tell you that all banks in Montreal that I tried to work with were really not very helpful. But what are you trying to do ?
julienplefebvre
2018-09-21 22:26
@ggiampieri I think that Toronto is a more active city, but it really depends, what kind of contacts are you looking for ?
roman
2018-09-22 00:32
@ggiampieri mile cards in Canada suck big time. Not worth the effort.
roman
2018-09-22 00:32
If you want some info check churning Canada subreddit.
roman
2018-09-22 00:33
Mostly just sign up bonuses. But redeeming is garbage too. They charge taxes on flights on top of points, which is like the majority of the cost.
koshis
2018-09-22 03:15
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ggiampieri
2018-09-22 18:29
@julienplefebvre then Toronto is the answer! :)
@roman That's what I thought after reading terms. Thanks for your answer, I will visit the city
simon
2018-09-22 18:39
@ggiampieri The key is to get a SIN (Canadian tax ID). With it you can build credit history and in time, apply for any card you want. Here?s a little hack not many Canadians know: you can use your Canadian credit history to apply for credit cards with TD USA. They have decent cards too, some offering up to 3 miles per $ spent and none of them have forex fees. You can pay your balance directly from your Canadian TD account (and any other US bill). You can also use your SIN to open a US-based checking account with TD, online.
There are some cards in Canada which are attractive btw, especially if you are used to European cards (which tend to pay little to no rewards).
ggiampieri
2018-09-22 20:00
@simon Thanks for the datailed answer, I will have a look. Having a foot on that side is a safe bet, property right and western standards. Even if I prefer to have a stable base in SE Asia, Canada is definitely a good place to check out.
redareda9
2018-09-23 00:00
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millnmd
2018-09-23 09:36
@ggiampieri if your home country has American Express cards get one so if you come to canada you can get a card using American express global transfer based on your existing relationship with amex as long as you had a card longer then 3 months. You can Global transfer to US and Link it with an ITIN too. In both Canada and USA its hard to get credit with no credit history unless it is secured. HSBC also offers a similar service I think it cost something like $100 for non-Premier members probably different depending on home country.
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2018-09-24 14:53
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brutus
2018-12-17 20:20
Hello all!
An ex-colleague of mine recently moved to Canada with his family (EU passport). Can you recommend someone good at setting-up Canadian structure and tax optimization? He might be looking also at becoming self-employed if possible with his immigration document/visa.
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2018-12-18 01:44
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joelmattison
2019-04-23 23:44
Hey guys, how is everyone after the easter vacation? Need some guidance.
joelmattison
2019-04-24 00:01
I would like to setup an Ontario EPC, tied to my local company in order to accept online paymets.
joelmattison
2019-04-24 00:02
If my base of operation is outside of canada, and none of my customers are located in canada, what will be my reporting and tax requirements on the canadian side?
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2019-04-25 01:25
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bussyscorp
2019-05-08 14:29
set the channel topic: Ontario LP
bussyscorp
2019-05-08 14:29
What docs needed to open Ontarion LP?
simon
2019-05-08 14:34
You need to show up at the government office on University ave and fill form 3 (LP). The registration will be processed on the spot.
bussyscorp
2019-05-08 14:42
I understand, but will they check my docs? I am asking b/c I want to be a limited partner and make my friend General partner but he won't travel to Canada but can give me a notirized copy of his passport
bussyscorp
2019-05-08 14:43
After that I want to open a bank acc in for that LP
bussyscorp
2019-05-08 14:43
bank acc for that LP but with me as lim partner
simon
2019-05-08 14:45
I doubt the government will ask for an ID (they didn?t for me) but the bank certainly will. I don?t know if they will accept a certified copy, I guess that will depend on the bank you choose and the banker that?s assigned to you.
Worst case scenario, you could open a CAD account with Payoneer as a temporary solution until your friend can travel to Toronto (if all the banks you visit decline the passport copy).
bussyscorp
2019-05-08 14:50
So am I understanding that correctly: to open a business account for LP both General Partner and Limited Partner have to be there? Can I open it as Limited Partner for our LP?
simon
2019-05-08 20:27
That?s what they told me at TD Bank when I opened my account (both partners need to be there). Other banks may be more flexible.
bussyscorp
2019-05-08 20:30
understood. thank you
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2019-05-09 01:21
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bussyscorp
2019-05-17 18:14
Hi, I am going to travel to canada soon to open a bank account. Is passport and a mastercard debit card is enought for non resident to open an account? Also do I need a canadian address?
simon
2019-05-17 18:29
@bussyscorp Is it for a personal or business account?
bussyscorp
2019-05-18 01:01
personal account for eastern European citizen (non-EU)
bussyscorp
2019-05-18 01:02
also what is interesting to see if I have like 5 hours free?
bussyscorp
2019-05-18 01:02
Toronto
simon
2019-05-18 12:34
You should be fine with a passport + card issued by a well known bank (not a fintech). Having an explanation ready as to why you need the account is also a good idea (for example, you want to invest with a Canadian brokerage).
rob
2019-05-18 12:36
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simon
2019-05-18 12:36
The best thing about Toronto, in my opinion, is the food. Nearly every cuisine is represented and the quality is excellent. Combining 2 good restaurants with a rooftop lounge (for a beer and views of the skyline) is how I'd spend five hours in the city.
bussyscorp
2019-05-18 19:00
thank you!
bussyscorp
2019-05-18 19:14
what banks (except TD) would you suggest to open a personal bank account?
perin.pascal
2019-05-18 21:16
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simon
2019-05-19 09:11
@bussyscorp I?d recommend opening at least two accounts, this way you will be able to get accounts with the fintech (most will do a soft pull and when they notice you do not have a credit profile, request two original pdf statements instead). KOHO and Stack are comparable to Revolut and N26 (although with much better rewards).
Depending on your needs, there are a lot of options in Canada. You can go with the local banks but you can also open accounts with foreign banks such as HSBC, Bank of China, ICICI etc. There are also lots of credit unions serving specific niches, for example the Estonian credit union.
bussyscorp
2019-05-20 00:07
understood. thanks
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smuft84
2019-07-06 17:36
having trouble renewing my canadian passport due to lack of photo ID
I'm not a resident of canada anymore so I can't get a provincial ID or drivers license right?
I live in thailand and there doesn't seem to be anything easy here I can get from the government with my photo on it
last passport I got form Canada had 1 year validity and they made me sign some papers saying i'd have photo ID next time I applied
any ideas?
simon
2019-07-06 20:46
@smuft84 Will you visit Canada before your passport expires? I've never been asked for an ID when renewing at home
smuft84
2019-07-07 10:53
@simon thats a bit odd, I've renewed in BC multiple times and every time this was the case:
- the canadian passport you turn in does not count as ID
- 2 pieces of government ID required, one of them must be photo ID (so birth certificate + drivers license/provincial ID with a photo/photo ID issues by a government from another country also seems to work)
It could have been the case that you were renewing your passport, in my case I was applying for a passport as if it were the first time (this happens when you lose your passport, damage your passport, or current passport has a validity of less than 5 years)
simon
2019-07-07 11:25
@smuft84 That must be it, all my applications were renewals (using the simplified procedure). I simply showed up with my current passport + application form.
If you have no other photo ID, a workaround may be to apply for a BC drivers license (can be a learners license if you haven?t held a license before) and use that as your photo ID for the passport application (on the ICBC site they state that birth certificates are accepted as primary ID and credit cards as secondary ID). https://www.icbc.com/driver-licensing/visit-dl-office/Pages/Accepted-ID.aspx
smuft84
2019-07-07 11:32
I have used this method in the past and it indeed works however there are a couple of issues:
1) you need to be a resident of BC to get a BC drivers license, I am not a resident of BC anymore and do not want to be interpreted as one (i could be convinced otherwise of this but my "am i resident of Canada" situation is a bit precarious so I want to err on side of cautious)
2) it takes a couple weeks to get this so if you are in Canada for a short trip, you could go to ICBC, apply for the drivers license, they give you a temporary driving permit until you receive your license, they then give you your real drivers license in the mail something like 1-2 weeks later
3) you can use the permit they give you as a form of ID when applying for a passport (it doesnt have your photo ID on it so in my case they only gave me a 2 year passport instead of a 5 year passport)
smuft84
2019-07-07 13:35
it seems I am uniquely fucked on being able to get any photo ID from canada as a non resident
I'm looking into getting a thai drivers license instead, also doesnt seem like the easiest thing in the world
simon
2019-07-07 13:48
You could try applying for NEXUS, if you have a bank statement with a Canadian address on it. The NEXUS card can be used as a photo ID (it?s useful too if you frequently travel to the US).
simon
2019-07-07 13:50
You can apply online and schedule the interview in advance before visiting.
smuft84
2019-07-07 14:24
nice find, applying now :slightly_smiling_face:
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smuft84
2019-07-11 17:20
@simon have a question regarding Canadian tax residency -- I've gotten mixed responses from a variety of sources, kind of hoping you can put this one to bed.
first a bit of major background points
- have not been in Canada since 2017
- have never had major assets in Canada
- occasionally use a canadian bank account and canadian credit card but it has always had a small or negative balance
- have no filed a tax return in Canada for many years (not even sure how many, probably not since 2013, even then I just sent a bunch of 0's)
- have only spend 2-3 years of my adult life in Canada (I'm 35 now)
- have not had a job in Canada since I was 19, paid taxes for ~3 months of work and then never again
- spent my adult life playing poker professionally online and in casinos while traveling the world, spent most of my time in asia, did not pay taxes to any other countries or get residency in other countries
- now work in crypto full time from Thailand where I have recently become a tax resident (no tax ID yet)
At this point, I'd like to legitimize some of my wealth I've realized from crypto gains but not expose myself to Canadian taxes. I think my situation is pretty low risk at the moment since I've spent so little time in Canada and haven't been there for years but I'd like to reduce my low risk situation to a close to no risk situation. Given the above, what is the best way for me to become a non-resident of Canada?
simon
2019-07-11 20:06
@smuft84 Your situation is already close to a no risk situation in Canada, especially now that you have that Thai tax residency. After three years in Thailand (provided that you file there and keep the proper records), any remaining risk will have gone.
The reason for that is that the CRA can only look into the previous three fiscal years (anything else is statute barred unless they can prove fraud or gross negligence).
smuft84
2019-07-11 20:21
so sounds like no need to file at all in Canada?
I can just get my records straight in Thailand, file here for 3 years and I would be then free to enter Canada with as much wealth as I want and it'd never be taxable?
simon
2019-07-11 21:43
@smuft84 Correct, there is no need to file anything in Canada and any wealth you move into Canada after that three year period will be off-limit to the CRA.
iamvaillancourt
2019-07-12 02:31
what's a good path for Canadian to live outside Canada and not pay taxes for someone with an online business?
simon
2019-07-12 16:02
@iamvaillancourt You need to become a tax resident somewhere and move most of your ties there (business, banking etc). Obviously, you also have to spend most of your time outside of Canada.
smuft84
2019-07-12 20:31
@simon i thought becoming a non-resident of Canada was more about not having an major ties to Canada, like you could be a nomad of the world never staying anywhere more than 3 months as long as you don't have any major ties to Canada, you are still not a tax resident?
smuft84
2019-07-12 20:31
(obviously it helps when you send a package to the CRA showing you paid tax somewhere else but as far as i knew it wasnt a necessary piece of the puzzle)
simon
2019-07-12 20:41
@smuft84 If you do not establish and maintain a new tax residency, you will need to give your SIN to all the banks you open accounts with (CRS), list Canada as your country of residence when setting up businesses etc. This may not result in a tax burden in Canada but it is certainly not ideal.
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eov
2019-07-15 22:03
Do foreign banks report to the CRA annually? or only if more than 100,000 is held in the account? they have your Social Insurance Number for sure, so it wouldn't be hard.
simon
2019-07-15 23:12
Banks in CRS countries report all financial accounts held by Canadian residents to the CRA on an annual basis.
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2019-07-17 06:22
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eov
2019-07-18 17:30
hey all, what are my options with my Canadian corporation once I leave Canada and establish residency elsewhere? Assuming there are retained earnings in the corporation. Can the corporation continue to exist in Canada? Can I pay myself a salary out of those retained earnings (keep in mind if they are retained earnings the corporation has already paid corporate taxes on them).
simon
2019-07-18 18:14
@eov Is it federally-registered or provincially-registered?
eov
2019-07-18 20:30
it is provincially registered.
simon
2019-07-18 20:46
Then you may be able to keep the company as it is, if it?s registered in a province that has no resident director requirement.
It?s important to keep in mind that running a Canadian company from another country will likely create a tax liability in that country. Canada has tax treaties in place with a lot of countries so the risk of double taxation is low but handling compliance will still be fairly expensive.
fortunespeculator
2019-07-19 07:15
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justin187
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kuka
2019-07-26 10:08
There?s some info that Disregarded US LLC is not optimal for Canadian residents. https://www.bnncpa.com/resources/library/the_unusual_tax_treatment_of_u.s._llcs_in_canada . What?s best to do for one? Fully dissolve?
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buynps.org
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buynps.org
2020-02-14 17:02
hi guys - any tips on how to keep an old canadian number cheaply while living abroad?
gabriel.courtemanche
2020-02-14 17:04
Fongo mobile app, free calls and inbound sms. You can transfer your phone number for 25$
buynps.org
2020-02-14 19:49
Ah interesting. Reliable? As my number is for 2FA
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jjlm
2020-05-18 01:39
Yes transfer it to a voip provider.
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otkeedca
2020-06-13 07:10
Any Canadians here who are no longer residents? What did you/can you do with RRSP accounts when emigrating?
buynps.org
2020-06-14 15:36
I think you can keep them, but there?s some withholding?
simon
2020-06-14 19:55
You can keep your registered accounts, if your bank allows it (not all of them do). You cannot contribute to them once you become a non-resident but the profits generated within the accounts will continue to be exempt (in Canada and in most tax treaty countries). Do note that while it?s ok to keep your TFSA, most countries do not recognise it as a registered account.
otkeedca
2020-06-18 10:12
Great! I'll check with my bank. And I guess if I were to withdraw from them they'd charge the treaty amount in withholding tax?
simon
2020-09-26 21:00
@simon archived the channel