I am a Canadian citizen and have a few questions regarding becoming a non-taxable resident. To become non-taxable

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Customer: Hello, i am a Canadian citizen and have a few questions regarding becoming a non-taxable resident. To become non-taxable resident, what happens to my RRSP and RESP accounts...etc? Also does it affect my future CPP, OAS, GIS payout...etc when I return to live in Canada? In addition, I have court order for child support, will that hinder me from becoming non-taxable resident?Thank you in advance!
Answered by James Macdonnell in 48 mins 2 years ago
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James Macdonnell
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James Macdonnell, Expert

Where are you intending to live to be a non-taxable resident?
Customer
I'm thinking about Southeast Asia for future job opportunities but don't have a particular place in mind yet. Will the whereabouts play a role in it?
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James Macdonnell, Expert

Well as long as you have assets in Canada that generate income in Canada you will have to file
A t1 general every year.
Customer
Thank you! Do you know if I can withdraw amounts from RRSP anytime in order to close it (will have to pay taxes of course)? Also will court order for child support prevent me from becoming non-taxable resident status?
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James Macdonnell, Expert

You can withdraw RRSPs. Tax payable upon withdrawal. As long as you pay child support you shouldn’t have a problem. Failure to pay can result in your passport being revoked.
Customer
I see. If i become non-taxable resident, how does it calculate my amount of payment, since i no longer need to file for T1 anymore?
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James Macdonnell, Expert

If you wish to retain your Canadian citizenship the CRA requires that you file a T1 General every year declaring sources of income from all sources. If you reside outside the country and pay income tax in that jurisdiction you will pay tax in Canada. However, that still does not erase the obligation of all Canadian citizens to file a T1 general. I would consult a chartered accountant to get an answer that takes into account your specific circumstances.
Customer
Thank you James! It's very helpful. Much appreciated!
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