Canada Departure tax and form T1161

[MovingToFlorida 71]

Simeone mentioned a departure tax in Canada the other day. I didn't know about this. Can anyone help explain it to me? I looked it up but found it confusing. 

 

I will be selling my house just before we move. Will I have to pay a departure tax on it?  If so how much?

 

I read we also have to submit a T1161 form to CRA?

 

I just want to be prepared for any money we may lose when we move. I want to do things properly so we don't pay more than we have to. 

[PeachesMagee 62]

If the property you owned was your primary residence, you don't pay departure tax on that.

[purem4g1c 113]

13 hours ago, MovingToFlorida said:

Simeone mentioned a departure tax in Canada the other day. I didn't know about this. Can anyone help explain it to me? I looked it up but found it confusing. 

 

I will be selling my house just before we move. Will I have to pay a departure tax on it?  If so how much?

 

I read we also have to submit a T1161 form to CRA?

 

I just want to be prepared for any money we may lose when we move. I want to do things properly so we don't pay more than we have to. 

 

https://cardinalpointwealth.com/2018/08/31/canadian-expat-principal-residence/

 

i find these people might explain your situation pretty well

[Hawk Riders 814]

3 hours ago, purem4g1c said:

 

https://cardinalpointwealth.com/2018/08/31/canadian-expat-principal-residence/

 

i find these people might explain your situation pretty well

Something else of which to be aware: the FBAR

https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

[MovingToFlorida 71]

22 hours ago, purem4g1c said:

 

https://cardinalpointwealth.com/2018/08/31/canadian-expat-principal-residence/

 

i find these people might explain your situation pretty well

Thanks!

[Gak 24]

Does anyone know if you are eligible for the departure tax if you have lived in Canada less than 3 years? I remember someone saying that the departure tax is only applicable for Canadian residents who have lived in the country for more than 3 years but I can't find it again. I moved here 1.5 years ago as a permanent resident and moving back to the states soon so it will be less than 2 years in total.

Edited March 13, 2020 by Gak

[MovingToFlorida 71]

5 hours ago, Gak said:

Does anyone know if you are eligible for the departure tax if you have lived in Canada less than 3 years? I remember someone saying that the departure tax is only applicable for Canadian residents who have lived in the country for more than 3 years but I can't find it again. I moved here 1.5 years ago as a permanent resident and moving back to the states soon so it will be less than 2 years in total.

I did read a limit but I don't remember how many years it was.