New to forum posting but long time reader

H

harv

Newbie
Sep 15, 2017
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0
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Living near santiago de los cabelleros for more than 10 years. I am from Canada, married to my dominican wife for almost 10 years. We both speak english & spanish. We have a good life here.

I am looking for advice concerning my Canadian taxes and investments. Someone who is here, anywhere on the island, who is knowlegable whom I might visit and explain my issues.

For example I think registering a property I own in northern ontario might be better to put it in my wifes name now instead of waiting until i die then she inherits it along with having to pay the inheritance taxes. This and several other issues are worrying me. I just want to make it easy for her.

She discovered blueberries and how to sell them on the highway so now I have to claim the income on my taxes....oh the headaches she gives me ):

The hurracane news was very helpful, thank you Mike Fisher and friends
 
M

Me_again

Bronze
Nov 21, 2004
901
2
0
81
It sounds as if you have been a deemed non-resident for several years. That is to say you have severed ties with Canada and have no set plans to return. As such you don't pay provincial or federal income taxes in Canada. You should check with a tax accountant/lawyer but my understanding is that if you admit to having property here (Canada) you will be jeapordising your non-resident status and then be liable to income taxes. The fed can go back several years.

Checked this out for my daughter many years ago. Things may have changed and obviously nothing is as simple as it sounds. Do check it all with a qualified person.

wbr

wbr
 
M

Me_again

Bronze
Nov 21, 2004
901
2
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81
OOps just did a re-read of your post. Sounds as if you're not living only in Santiago but migrating back and forth.

My post probably isn't pertinent.

wbr
 
W

william webster

Platinum
Jan 16, 2009
30,247
4,330
113
Not being an accountant, I can only tell you how I have seen it done & done myself....

Joint bank accounts - are not frozen on death... the $$ continue to flow... go joint
My parents did it- I did it with my mother.

Transfer as much as possible before death to the heirs - wife, children, as you wish
Less probate fees, less legal costs- everything.

If you are a Cdn resident, the rules may affect you more

My suggestion works for both residents and nonresidents.
Easy estate/tax planning.... early transfer and/or shared accounts.

Not rocket science even when the professionals insist it is.


Same with 'exiting' - going nonresident out of Canada.
No professional needed other than (perhaps) help with with filing the 'EXIT RETURN' upon leaving Canada.

It is equivalent to a death return..
You file, pay all taxes due (capital gains, current income tax necessary, etc) and say 'GoodBye'
You leave with fully tax paid $$$.
Mine was a June 30 filing - year ends are not necessary.

Good Luck
 
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