How do I deal with my finances (i.e., taxes and bank accounts) when working abroad?
- There are several tax options to consider when living abroad and returning home. These options depend on factors such as:
- How long you have been away
- How much money you made
- Your marital status
- If you have dependants
- If you paid taxes in your host country
- If you claimed non-residency status in home country
- If you have assets such as bonds and properties
- You have several tax options that should be explored before you leave. You will also be required to file taxes when you return home.
- Because taxes are dependent on your personal situation we highly recommend that you speak to an accountant before you leave. If you cannot speak to an accountant, you should contact Revenue Canada before you depart.
- We also recommend that you contact your bank before leaving. They will be very helpful when you are putting your financial affairs in order. Securing a safety deposit box for your valuables and leaving an extra key with a trusted party is recommended.