Discovery Insurance Brokers Victoria
Discovery Insurance Brokers Victoria
  Discovery Insurance Services #26-1644 Hillside Ave.
Victoria, B.C. V8T 2C5
Tel: (250) 592-4887
Toll Free: 1-888-567-9555
Fax: (250) 592-4099
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Discovery Insurance Victoria BC
Discovery Insurance Victoria BC
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RETIRING OR TRAVELLING ABROAD CHECKLIST: POINTS TO CONSIDER BEFORE LEAVING HOME

  1. Examine your motivation for wanting to live elsewhere and be sure you’re doing it for the right reasons. If you’re thinking mostly of saving money, you may be disappointed with your experience.
  2. Pick a country and do extensive research. Does it have a large enough expatriate Canadian community to ward off a sense of cultural isolation? Are you going to feel safe? Can you buy real estate there if you want to? Do you speak the language? Will the climate suit you?
  3. Have a complete physical check-up or examination before you go and plan ahead for your health needs by investigation local health care standards and buying private health insurance, if necessary.
  4. Get the documentation you need, such as your passport and any necessary visas and make sure they are up to date and valid as of your expected return date.
  5. If you would like to apply to become a resident of another country, can you do so without affecting your status as a Canadian resident?
  6. Becoming a resident of a county is an important consideration if you are planning to purchase property. It may be difficult to guarantee your property rights if you are considered a tourist.
  7. If you own foreign property worth more that $100,000, you must report this to the Canada Revenue Agency1. You could face substantial penalties if you fail to do so.
  8. It is important to determine whether the country you are planning to visit has a tax treaty with Canada. If there is no formal tax treaty, you may be subject to double taxation.
  9. If you are planning on spending substantial time within the U.S., you will need to know if you are a “resident alien” or a “non-resident alien” – a determination made by the IRS. Your status as a U.S. resident will affect the way you pay tax.
  10. Be aware that the majority of provincial health care programs may terminate your benefits if you are out of Canada for more than six consecutive months.
  11. If you’re taking along the family pet, find out what regulations exist.
  12. Be aware of the tax implication of moving to a different country. If you become a non-resident for Canadian tax purposes you will be deemed to have disposed of your Taxable Canadian Property at its fair market value (Canadian real estate, segregated funds, mutual fund, and stock), potentially triggering a capital gain2.
  13. If you plan to actually become a permanent resident of another country, there are legal and taxation issues to consider. For more information, contact Consular Affairs at Foreign Affairs Canada.

MORE INFORMATION

The Canadian government produces a variety of free publication with helpful information on traveling and retiring abroad. As well, the Foreign Affairs and international Trade Canada web site also features information on everything from country profiles to locations of Canada government office abroad.

Visit www.voyage.gc.ca before leaving on your next trip out of Canada.

1You do not have to report information about property held for personal use. This includes a vacation property used by you as a personal residence, as well as listed personal property such as works of art or jewelry.
2You may be able to defer the tax on the deemed disposition until the asset is actually sold if the proper tax election is made (Form T1244).

 

Discovery Insurance Brokers Victoria Discovery Insurance Brokers Victoria
Hours of Operation
Monday:   9:30AM - 5:30PM
Tuesday:   9:30AM - 5:30PM
Wednesday:   9:30AM - 9:00PM
Thursday:   9:30AM - 9:00PM
Friday:   9:30AM - 9:00PM
Saturday:   9:30AM - 5:30PM
Sunday: 11:00AM - 5:30PM

Located at Hillside Centre

Discovery Insurance Brokers Victoria

 

 

Discovery Insurance Brokers Victoria
Discovery Insurance Brokers Victoria
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