Hello Mohammad, lately I’m confused about Canadian taxes. More specifically, Canadian departure tax. Can you please explain some details about it?

Here are some of the steps: 

1 – Understand your residency determination and how that will impact your taxes. 

2 – Understand exemption There are some Canadian Departure Tax Exemptions, for example… 

– If your Canadian real property was a principal residence (unless you plan to rent it out) 

– Your Canadian business property operates as a permanent establishment 

– You are a short term resident (60 months or less) 

3 – Understand your departure tax on assets

– Personal use and listed personal property (art, stamps, jewelry, coin stamps, rare manuscripts) 

– Property owned outside of Canada – Unincorporated businesses located outside of Canada 

– Portfolio investments (mutual funds, company shares, interests in partnerships, non-resident inter-Vivo trusts, etc.)