How to Move to Dubai From Canada - DON’T Make This Mistake

Рет қаралды 3,134

Күн бұрын

Here's exactly how to move from Canada to the UAE. I cover exit taxes, tax residency and important mistakes not to make to leave the country properly.
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⏳ Timestamps
00:00 | Leaving Canada
01:05 | Tax Residency
02:39 | The 183 Day Rule
03:40 | Residential Ties to Canada
06:46 | DON'T Do This
08:13 | Deemed Disposition/Exit Tax
Hashtags
#dubai #canada #uae

Пікірлер: 50

@Life-With-Tim 2 ай бұрын

Get a free Dubai setup consultation here. www.genzone.co/booking/dubai-business-setup-free-consultation-twt

@anandnaik6179 2 ай бұрын

Glad I stumbled upon this video. Thank you!

@JasonGoodison 2 ай бұрын

Great video! Love this new channel

@Life-With-Tim 2 ай бұрын

Thanks brother

@robertk5441 3 күн бұрын

I am retired, and by definition ,kind of rich (I don't feel that). Substantial gains in my holding company. Consulted with my accountant. I am staying in Canada. I 'd have to pay ridiculous money just to get out. I wish you all the best. The sooner you leave, the better. If you stay too long, it might be extremely painful in case you made it in Canada.

@karlholander5845 2 ай бұрын

Good video! Very well said

@TimHuza 2 ай бұрын

Nice video. Thank You Tim🔥🔥🔥🔥🔥

@Life-With-Tim 2 ай бұрын

My pleasure!!

@mogkow Ай бұрын

Thank you very much. Great details and much appreciated. Good luck in Dubai. I am also looking for way to properly move and work Dubai.

@parkleonarrd Ай бұрын

Very useful video thank you

@Life-With-Tim Ай бұрын

Glad it was helpful!

@taranjitlotey9502 2 ай бұрын

Tip: exit before you get rich

@Life-With-Tim 2 ай бұрын

Yep

@kstorontorealestate Ай бұрын

Great video man, so just to confirm, if you do choose to hold your RRSP or TFSA, any value increase would also trigger a deemed disposition when moving to UAE as well

@Life-With-Tim Ай бұрын

Not in the TFSA but in the RRSP yes

@lilacwicket7403 Ай бұрын

Great video!! I'm living in Canada and what he said about the country is absolutely correct. Looking into applying to United Emirates Airline as a way to get a foothold in Dubai . I will admit I felt a little bad for the kitty that got left behind..

@Life-With-Tim Ай бұрын

Glad it was helpful!

@furqantarique3484 Ай бұрын

I live in Canada but I want to move to Dubai

@phivebee 2 ай бұрын

CRA 🍁: It’s over when we say it is 🗿

@kstar_ca 2 ай бұрын

Are you going to keep your Canadian citizenship or are you planning to surrender it in the future?

@dominiquecoladon8343 2 ай бұрын

Crazy, / I need to leave Canada very soon🧐

@christinastevens7672 Ай бұрын

When did you close your bank accounts in Canada? Currently working on figuring out the transfer of funds to UAE. Did you do the wires prior to leaving or after? Not sure if we can set up bank accounts prior to being a resident of UAE.

@Life-With-Tim Ай бұрын

i did it after i was a resident, its fine as long as you do it quickly. Use WISE to get the best exchange rate.

@christinastevens7672 Ай бұрын

@@Life-With-Tim ok great thank you 🙏

@user-cb1wq9do7z 2 ай бұрын

Hey man. Amazing video How can you get an exemption? I own 50% of a corporation without a holding co. What are the requirements for the exemption?

@Life-With-Tim 2 ай бұрын

It’s called the lifetime capitals gains tax exemption on qualifying shares of a small business. On the operational company your shares likely qualify but they probably don’t for the holding company. You can look up the requirements on the CRA website.

@user-cb1wq9do7z 2 ай бұрын

@@Life-With-Tim thanks man

@user-cb1wq9do7z 2 ай бұрын

How do they value your business? My business does a lot in profit but it's all based on me. I would not be able to sell it if my life depended on it

@user-cb1wq9do7z Ай бұрын

Any ideas bro?

@ssy333kk5 22 күн бұрын

Thanks a lot for the video. Very helpful. I have adult children who are Canadian and own properties in Canada. How to get non resident in Canada with my condition?

@Life-With-Tim 21 күн бұрын

as long as they are non dependants of yours you are fine (i.e they support themselves). You can keep your Canadian properties as long as they are ALL rented out. You cannot keep a home in Canada as your personal residence.

@ssy333kk5 21 күн бұрын

@@Life-With-Tim I understand now. Thank you so much. One more question. Properties value increase a lot since I bought long time ago. Do I need to pay leaving tax on capital gain on those properties without selling?

@Life-With-Tim 21 күн бұрын

@@ssy333kk5 A good question for an accountant but I believe the answer is yes.

@OG22812 2 ай бұрын

How long till u get citizenship of UAE ?

@Life-With-Tim 2 ай бұрын

You can’t

@user-nt2me5lu1x 11 сағат бұрын

Does UAE offer citizenship? My knowledge says no, so why move fully out from a country that gives you citizenship? What happens when you are unemployed in UAE?

@Life-With-Tim 2 сағат бұрын

I’m still a Canadian citizen if I don’t live there. If you’re unemployed you need to leave. But I don’t have that issue as I run my own company

@popeye.thesailorman 2 ай бұрын

crazy taxation😮

@Life-With-Tim 2 ай бұрын

Yep! Tell me about it

@onemessage14 23 күн бұрын

Leaving Canada is easy

@Inspector694 17 күн бұрын

Buy btc

@Gathalok 17 күн бұрын

2 quick question what if the only investment I have is in crypto and I decide not to sell, leave Canada cut residential ties move to UAE, and then sell there? Do I still have to pay exit tax if that's my only investment? Am I going to have to pay capital gain tax if I sell in UAE since I bought in Canada? Many thanks.

@Life-With-Tim 17 күн бұрын

It doesn’t matter where you sell if you acquired the asset in Canada and it has a gain you’ll need to pay the capital gains tax (realized or unrealized) when you leave the country

@Life-With-Tim 17 күн бұрын

Let’s say you have $50k in crypto that has a $25k gain. If you don’t sell it you’ll owe ~$6.25k as a deemed disposition when you leave. If you do sell it you’ll owe $6.25k as a realized capital gain. Meaning in each scenario you’ll owe the same amount just the name and type of tax you’ll pay will be different

@Gathalok 16 күн бұрын

@@Life-With-Tim What if I don’t sell, pay the $6.25K deemed disposition ($25K unrealized gain at the time), and then sell in UAE at a much later date when my gains climb even further to $40K (lets say ~$10K capital gain tax). Will I owe the government another $10K or $3.75K since I’d already paid $6.25K on this investment when I left?

@Life-With-Tim 16 күн бұрын

@@Gathalok you only owe on the value when you leave

@Gathalok 16 күн бұрын

@@Life-With-Tim got it, thanks for your help!