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Residency Status Determination X

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Can I continue contributing to my RRSP while working abroad?

You can continue contributing to your RRSP while working abroad if you maintain Canadian residency for tax purposes. Non-residents can only contribute based on unused contribution room prior to leaving Canada, and earned income in Canada is necessary to generate new contribution room. It's important to verify your residency status and track your contribution room before working internationally. Consulting a tax professional is recommended for personalized advice.

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Can I keep Canadian personal tax residency while changing my business tax residency?

You can maintain Canadian personal tax residency while changing your business tax residency if you keep significant residential ties to Canada, such as a home and family. However, severing these ties may result in losing personal tax residency. It's important to consult tax professionals to understand the implications and ensure compliance with tax laws in both Canada and the new country.

Canadian Tax Obligations for Residents Residency Status Determination Tax Residency Classification

What is tax residency?

Tax residency in Canada determines tax obligations based on residential ties, length of stay, and purpose of presence in Canada. Individuals can be classified as residents, non-residents, deemed residents, or deemed non-residents, affecting their income reporting requirements. Understanding residency status is crucial for compliance with tax laws and financial planning.

Tax Residency Classification Canadian Tax Obligations for Residents Residency Status Determination

What is the 183-day rule?

The 183-day rule in Canadian tax law determines if an individual is a "deemed resident" for tax purposes. Staying in Canada for 183 days or more without significant residential ties results in deemed residency, requiring the filing of a Canadian income tax return on worldwide income. Exceptions exist for those with residential ties in countries with tax treaties, and non-residents are taxed only on Canadian-source income.

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