Question to Canadians living in Japan

[spicytuna]

Not sure if there are any... but here it goes.

If I happen to move to Japan for a year or more, do I lose my Canadian resident status? I know the definition is broad but I don't intend on severing ties. ie. I'll continue to keep a permanent address in Toronto, maintain my driving license, etc.

If I do maintain my Canadian resident status, what happens to my capital gains? Are they taxed normally? Or do I lose my personal tax exemption? For argument purposes, lets say that my gains will exceed the minimum taxable income.

[biginjapan]

Originally Posted by spicytuna

Not sure if there are any... but here it goes.

If I happen to move to Japan for a year or more, do I lose my Canadian resident status? I know the definition is broad but I don't intend on severing ties. ie. I'll continue to keep a permanent address in Toronto, maintain my driving license, etc.

If I do maintain my Canadian resident status, what happens to my capital gains? Are they taxed normally? Or do I lose my personal tax exemption? For argument purposes, lets say that my gains will exceed the minimum taxable income.

If you go to Japan for a year or more you will lose your citizenship and be banned from ever entering again.

[spicytuna]

Ok, enough from the peanut gallery. Any serious answers?

[biginjapan]

Originally Posted by spicytuna

Ok, enough from the peanut gallery. Any serious answers?

What are you talkin aboot?

[Wasabista]

Tuna, the answer to your question depends on whether you are trying to keep your Canadian resident status or trying to lose it. Give us a few more details, you can PM me if you want.

[spicytuna]

Thanks for the reply.

I did some research since my initial post...

As a Canadian resident living in Japan, it looks as though I'll be paying Canadian income tax on my Japanese income (minus the tax already deducted by Japan). That's ridiculous but I don't think I'll give up my resident status for the first year - even if it was possible to do so.

As for my capital gains, it looks like it'll be business as usual.

Does this sound right?

[Wasabista]

Spicytuna,

What you can do, especially if you're young, is just say that you were traveling. Though frankly, since your Japanese taxes are deductible from your Canadian taxes, it's unlikely to amount to much. Don't forget to deduct expenses. You might even get a rebate.

[Polar]

Originally Posted by spicytuna

Thanks for the reply.

I did some research since my initial post...

As a Canadian resident living in Japan, it looks as though I'll be paying Canadian income tax on my Japanese income (minus the tax already deducted by Japan). That's ridiculous but I don't think I'll give up my resident status for the first year - even if it was possible to do so.

As for my capital gains, it looks like it'll be business as usual.

Does this sound right?

That's the way the system works. My dad had to that until he just moved back to the US.

Were you born here ? If so there is NOTHING you can do to "lose" that. If you weren't born here or are a new citizen then I have no clue

[spicytuna]

Originally Posted by Polar

That's the way the system works. My dad had to that until he just moved back to the US.

Were you born here ? If so there is NOTHING you can do to "lose" that. If you weren't born here or are a new citizen then I have no clue

Actually, it's possible to apply for non resident status but it's granted on a case-by-case basis.

I'll have to close my bank accounts, sell off my personal belongings, cancel healthcare, limit my travels to Canada, show proof of employment/life in Japan, etc.

But either way, I won't be doing that for now.

[Polar]

Interesting.

I will ask my folks to see what they are doing. They are in Manhattan but still have mutual funds here and bank accounts.

They do have resident alien status in the US but I've got dual. I'll let you know what I find out.