Credit score when moving back to Canada after 5 years

[ByeTexas]

I moved from Canada to the US in Summer of 2016, this Summer we are planning to move home. My wife's PR application is relatively near completion. I'm concerned about my credit score and taxes. I read I wouldn't have a credit score when returning home, but in fact since I've been gone my Canadian credit score has increased. I do have a Canadian bank account where I'm moving our savings for the move, and since I've been gone I've intermittently used my Canadian credit cards on trips home etc. Is this going to cause a problem in terms of my taxes? I paid income tax on the last year I was there, and started paying taxes in the US when I started working in 2017. My SSN is currently dormant. So as far as I understood I am a non Canadian resident for tax purposes, I do not have any income sources in Canada nor have I since I moved. So is it okay that I've had the bank account and credit cards still open? Will my credit score still be valid when we return? Thanks for any help, or resources anyone can point me to.

 

[BC4life]

I would say your credit score should be the last of your concerns. I am assuming you are a Canadian citizen. Did you inform the CRA of your departure in 2016? If not you might still be considered a resident for tax purposes for all that period, especially since you have kept some ties with the country as you explained. I would speak to a tax professional who can take the time to understand your situation and make sure your move back to Canada is as smooth as possible (tax-wise)

 

[ByeTexas]

Thank you for the advice, yes I did inform the CRA of my move back in 2016. After completing my income tax for the 2016 tax year.

I would say your credit score should be the last of your concerns. I am assuming you are a Canadian citizen. Did you inform the CRA of your departure in 2016? If not you might still be considered a resident for tax purposes for all that period, especially since you have kept some ties with the country as you explained. I would speak to a tax professional who can take the time to understand your situation and make sure your move back to Canada is as smooth as possible (tax-wise)

 

[canuck78]

Thank you for the advice, yes I did inform the CRA of my move back in 2016. After completing my income tax for the 2016 tax year.

Only CRA can determine if you are a resident for tax purposes. The fact that you still have active financial accounts in Canada will factor into this determination. Impossible for anyone to comment but would suggest clarifying with CRA.