Moving back to Dubai - PR Holder - What all do i need to consider ?

[saju_simon]

Hey there all !Let me make this short.

My wife and I are PR holders and we landed in Canada on OCT 2023.

Want to move to Dubai with intend to return for renewing PR Card

Q1 : By when should we return back so that we are eligible to renew our PR cards ( PR card expires on 2028)
Q2 : Do we need to inform CRA that we will be non-residents ? We have filed our tax (Nill returns for 2023)
Q3: Is there anything else we need to consider before making the move ?

Please note that I've claimed tax benefits - (trillium etc..) and the only income i have is the interest that I've gained from the 100k CAD balance in my savings account.

 

[scylla]

Hey there all !Let me make this short.

My wife and I are PR holders and we landed in Canada on OCT 2023.

Want to move to Dubai with intend to return for renewing PR Card

Q1 : By when should we return back so that we are eligible to renew our PR cards ( PR card expires on 2028)
Q2 : Do we need to inform CRA that we will be non-residents ? We have filed our tax (Nill returns for 2023)
Q3: Is there anything else we need to consider before making the move ?

Please note that I've claimed tax benefits - (trillium etc..) and the only income i have is the interest that I've gained from the 100k CAD balance in my savings account.

You need to have 730 days of residency in Canada within the previous five years to meet the residency obligation and be able to renew your PR cards. You will need to do the math on the dates yourself.

Yes, you should notify CRA that you are non residents once you move.

Don't return to Canada too late and put yourselves in a situation where it is difficult to meet RO. For example, if you say outside of Canada for almost 3 years, this will very much limit how much time you can spend outside of Canada in the following two years and still meet RO.

 

[saju_simon]

Notify CRA - does this mean i would have to declare my global income too ?

Also, when i return back, would i be taxed for the income made abroad ?

 

[foodie69]

Hey there all !Let me make this short.

My wife and I are PR holders and we landed in Canada on OCT 2023.

Want to move to Dubai with intend to return for renewing PR Card

Q1 : By when should we return back so that we are eligible to renew our PR cards ( PR card expires on 2028)
Q2 : Do we need to inform CRA that we will be non-residents ? We have filed our tax (Nill returns for 2023)
Q3: Is there anything else we need to consider before making the move ?

Please note that I've claimed tax benefits - (trillium etc..) and the only income i have is the interest that I've gained from the 100k CAD balance in my savings account.

Why not renounce you permanent residency if you have no intention of living in Canada? Save yourself and Canada lot of bother..

 

[saju_simon]

Why not renounce you permanent residency if you have no intention of living in Canada? Save yourself and Canada lot of bother..

Not really sure why you got offended. I never said the plan is to "not live in Canada". Its more of taking a short break for a year and returning back.

 

[foodie69]

Not really sure why you got offended. I never said the plan is to "not live in Canada". Its more of taking a short break for a year and returning back.

Because the majority of immigrants that choose to live in 2 places will eventually be short on the days required to renew their residency requirement and start crying about how unfair Canada is. We have seen it here on this forum again and again. If you are not that kind, well, good luck.

 

[scylla]

Notify CRA - does this mean i would have to declare my global income too ?

Also, when i return back, would i be taxed for the income made abroad ?

It sounds like you need to familiarize yourself more with your tax filing obligations in Canada. When you file taxes in Canada, you are required to declare your worldwide income. If you have filed any tax returns to date, make sure they have included your worldwide income.

When you declare yourself as a non resident, this means you do not file taxes.

Suggest you spend more time researching to understand your tax filing obligations or it might make sense to speak to a professional about this.

 

[canuck78]

Notify CRA - does this mean i would have to declare my global income too ?

Also, when i return back, would i be taxed for the income made abroad ?

You’ll have to declare global income on 2024 taxes like you did in 2023 taxes. When you leave would suggest you have CRA determine your tax residency status for subsequent years. Assume you will be a tax resident for 2024 and yes you will be taxed on your Canadian and global income which makes sense given you used services in Canada.

 

[steaky]

When you declare yourself as a non resident, this means you do not file taxes.

Incorrect. When someone declare as a non-resident, they still file for certain taxes.

 

[armoured]

To keep your PR status intact, you’ll want to ensure you return to Canada before your PR card expires in 2028. Generally, you should aim to be back for at least a few months every five years to maintain your residency. It’s good to check the exact requirements on the IRCC website, though.Regarding CRA, yes, you should inform them about your non-resident status to avoid any tax surprises. Since you filed a nil return, just keep track of any changes and ensure you stay compliant.Before heading to Dubai, consider looking into the local real estate market. A friend of mine decided to invest in Dubai real estate while he was there, and it really helped him settle in. There’s a lot of potential there, and it could be a smart move for your savings!

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