Born in Canada but looking to travel for a year+

[freshman42]

Dear CanadaVisa,

Have searched extensively online but have no found the exact information I need so I came here. I was born in Canada and have lived here for the past 25 years. I have saved up some money/just graduated and am looking to travel the world. What kind of tax implications would I have if I were to leave the country for lets say a year and a half. I currently have a tfsa in Canada and want to make sure i cover all my bases before making this decision. I live in my parents home in ontario and all my property will be staying there. I have drivers licence, and bank accounts that I would like to keep active during this time away. Also I do have a OHIP health card but understand I would have to cancel that while gone.

If anyone else has experience with something like this your advice would be greatly appreciated.

Thanks

 

[canuck_in_uk]

It sounds as if you will be maintaining your ties in Canada, which means that you will still be considered a resident for tax purposes while you are gone. As such, if you work while abroad, you are required to declare that income on your Canadian tax return, though many people who work abroad don't.

You don't need to do anything special with your DL or bank accounts while you're gone.

OHIP allows for a long-term absence every once in awhile, so it may be possible to keep your coverage. Give them a call to find out.

 

[freshman42]

Awesome that is great news. Okay so what I read with the "stay in Canada for 183 days in the tax year" is not a factor if I plan on keeping my ties to Canada.

Thanks again