Canada's SURPRISE Costs To Exit Are Leaving People Speechless

Thinking about leaving Canada? The departure tax may only be the beginning. Thousands of Canadians are considering retiring abroad, becoming non-residents, keeping a Canadian property while living elsewhere, or simply wondering what their finances would look like if they left. But becoming a non-resident can affect far more than your departure-tax bill. In this episode of Tap the Maple, we dig into some of the financial rules Canadians may not realize can follow them out of the country. What happens to your TFSA after you leave Canada? Can your new country tax it? What happens to your RRSP or RRIF? Can CPP and OAS follow you abroad? What happens to GIS? What if you keep your Canadian house and rent it? Why could 25% of your GROSS Canadian rent initially be withheld? What happens if you sell Canadian real estate after becoming a non-resident? What happens to an outstanding Home Buyers' Plan balance? What is Form T1161? And perhaps most importantly: when does CRA actually consider you to have stopped being a Canadian tax resident? Leaving Canada isn't necessarily as simple as packing a suitcase, buying a Florida condo and changing your address. Your assets, pensions, investments, property and Canadian-source income can all encounter different rules after you become a non-resident. If you're considering leaving Canada—or you're simply curious about why so many Canadians are talking about it—this is one episode you'll want to watch before packing a single box. ⚠️ This episode is commentary and general information, not individualized tax, legal or financial advice. Cross-border taxation depends heavily on your circumstances and destination country. Consult qualified Canadian and destination-country professionals before making residency or tax decisions. #cdnpoli #canada #canadalife #canadian #emigration #taxation #retirement #tfsa #rrsp #snowbird #retire #rrif #canadianpolitics #canadaimmigration #canadiantax #income #incometax #exittax #savings #savingmoney #nonresident #foreignemployment #tapthemaple #bakesonthings #politics #news