This course will be delivered in two parts:
December 2 1:00-4:30 pm and
December 3 1:00-4:30 pm

This comprehensive course deep dives into tax issues that come into play when someone arrives in Canada or departs Canada for tax purposes. Since there are many US citizens and Green Card holders in Canada, we also touch upon the tax implications in those unique instances such as those for TFSAs, RESPs, FHSAs and foreign tax credits, to name a few. This course will be of interest to tax practitioners as well as non-practitioners who want to obtain an in-depth understanding of the tax implications because of departure from Canada and/or arrival in Canada.

Learning Objectives

By the end of this course, you will:

• Have comprehensive understanding of tax issues and considerations for individuals upon arrival in Canada.
  
• Have comprehensive understanding of tax issues and considerations for individuals upon departure from Canada.
  
• Have comprehensive understanding of specific considerations relating to employees, non-employees, and US citizens.

Content

Module 1: Understanding Canadian Tax Residency

• Overview of Canadian Tax Residency - Factual Residents, Part-Year Residents, Deemed Residents, Non-Residents and Deemed Non-Residents. 
  
• Examples: Various Scenarios
  

Module 2: Canadian Departure

• Canadian Part Year Departure
            º     Departure taxes
            º     Short term residency rule
            º     Taxability of Canadian source income post-departure – income from employment (including trailing equity income), business, investments etc.
            º     Rental of Canadian real property as a non-resident and its unique rules, including when to file 45(2) change in use election
            º     Sale of Canadian real property and related unique rules – principal residence and rental properties
            º     Underused Housing Tax and other restrictions for “Non-Canadians”
            º     RRSP, TFSA, RESPs – key considerations
            º     Key compliance issues – key forms, reporting issues such as holding incorporated business, HBP Repayment, assessment issues, payroll issues etc.
  
• Examples: Use various examples to comprehensively understand issues
  

Module 3: Canadian Departure (Continued)

• Canadian Tax Residents (continuing) 
            º     Common scenarios where CRA considers you to be a continuing resident
            º     Key compliance issues – double taxation, incremental taxes and foreign tax credits, cash flow issues, payroll issues, contributions to US retirement plans etc.
            º     Special situations – US residents and the use of Canada-US tax treaty to be treated as a non-resident of Canada, employees relocating from Canada etc.
  
• Key tax implications for those moving to US or who will be US residents at some point

Module 4: Canadian Arrival

• Canadian Part Year Arrival
            º     Deemed acquisition rule,
            º     Taxability of Canadian source income post-arrival – income from employment (including trailing equity income), business, investments etc.
            º     TD1 Forms – Federal and Provincial, 
            º     Underused Housing Tax and other restrictions for “Non-Canadians”,
            º     Filing T1213 for reducing tax deductions at source,
            º     Key compliance issues – RRSP, TFSA, RESPs, key forms, reporting issues, assessment issues, double taxation and CRA review process for foreign tax credits, payroll issues, receipt of “foreign” payments after Canadian arrival,
            º     Special situations – US citizens and residents, employees relocating to Canada etc.
  
• Examples: Use various examples to comprehensively understand issues

Module 5: Canadian Arrival (Continued)

• Canadian Deemed Non-Resident
            º     Use of Canada-US tax treaty
            º     Common scenarios where taxpayers could be considered deemed non-resident
            º     Key compliance issues – line 232 deductions, CRA assessments, payroll issues etc.

Prerequisites

A general understanding of tax is encouraged; however, it is not a prerequisite.

Who Will Benefit

CPAs and other professionals at all levels, including current and aspiring tax professionals. Those professionals who want to be able to advise their clients on the related tax applications will find this course very valuable.