Are You a Canadian Living or Working in BERMUDA?

Trowbridge partner Ernie Nagratha will be at the Royal Bermuda Yacht Club helping Canadian expats with tax and pension planning. Join us on JUNE 6th for a free seminar. Your questions will be answered!

Lunch and evening sessions available.
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Departure Tax
Moving or working abroad does not necessarily mean you are considered a non-resident for tax purposes. Depending on your ties to Canada, number of days in Canada, and other factors, the Canada Revenue Agency (CRA) may consider you a factual resident, deemed resident, non-resident, or deemed non-resident.

If you are a non-resident, properly exiting the Canadian tax system is crucial; otherwise, there is potential for double taxation on your worldwide income, application of incorrect tax rates, and penalties and/or interest accruing. In order to terminate your Canadian residence status in the tax system, you will need to file a “departure tax return” indicating your date of departure. This date of departure varies if you have a spouse or dependents or if you are becoming a deemed resident of a new country. Furthermore, on your final departure tax return, you may need to include a “deemed disposition.”

If leaving the country, the CRA treats any property you own as if it was sold at the current fair market value when you become a non-resident. Depending on whether there is a capital gain or capital loss, tax may be applicable or a loss could be claimed on your return.

Leaving Canada behind can be a daunting process, so be sure to surround yourself with experts who can provide you with helpful advice for a worry-free transition. 

Written by:
Ruby Chouhan
Client Services and Business Development

Trowbridge Matches Your Donations
From May 31 st through to July 1 st , 2018 (CANADA Day), Trowbridge is pleased to match any donations made for $5, $10, $20 or $50 (CDN) made to The Terry Fox Foundation ! For more than 30 years, the Foundation has worked tirelessly to raise money to fund innovative cancer research.

Sadly, many people have been touched by cancer in their lives - whether by personal diagnosis or with family/friends. What everyone hopes for when they receive that diagnosis – is hope that research has provided a cure!

We are supporting and highlighting this incredible Foundation in hopes of raising a minimum of $2500 with Trowbridge matching the amounts received.

Please consider donating to help Terry's vision of a world without cancer become reality.
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Trowbridge is an independent member of The Global Tax Network .

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WANDERTRUST is a newsletter compiled with a digest of some timely and relevant news links or articles selected for the WANDERTRUST newsletter from thousands of sources by an independent newsletter consultant. Trowbridge Professional Corporation or any associated company does not endorse any of the advertised products and services. Opinions expressed in the articles or news links are those of the author and not of Trowbridge/associated company. Trowbridge does contribute an article written by a variety of staff members, but does not provide any tax advice or consulting in these articles. No information contained in any articles, whether sourced or provided by Trowbridge/associated companies, is to be considered tax advice, and we strongly recommend that you consult with a tax professional.