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.