Some clients are moving up departures ahead of June 25, but there’s a lot to consider before giving up Canadian residence
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Mr. Hamill emphasizes that leaving the country isn’t a decision that can be taken lightly and, given the tight timeline, he says the best solution is often to mitigate the impact of the new capital gains inclusion rate rather than try to avoid it altogether. Arranging to become a non-resident of Canada requires collaboration between immigration, accounting and wealth management professionals. Furthermore, some people have significant ties to Canada that can be difficult to disentangle – homes, businesses, extended family, kids in school and overall lifestyle, if they live in a place they love.
If an individual plans to move but can’t get everything in place before June 25, Mr. Rossignoli says one strategy is to trigger most capital gains before the implementation date to lock in the 50-per-cent inclusion rate. Also, he points out the client can still realize up to $250,000 in capital gains later in the year under the 50-per-cent rate.
David Lesperance, international tax and immigration advisor, founder and principal with Lesperance & Associates, who himself opted for non-residency three separate times and is now living in Poland, says the change to the capital gains inclusion rate is just the beginning of tax measures that will require higher contributions from wealthy Canadians. He says even those staying put in Canada for now may want to consider an “escape plan” in case of future taxation increases.
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