Proper pre-arrival planning can enable new permanent residents in Canada to significantly lower or eliminate their Canadian taxes.
This can be achieved by establishing an offshore trust to protect non-Canadian income and capital gains for up to five years after moving to Canada.
Within this tax-free period, the individual can become a citizen and opt to be taxed as a non-resident, as a result of that avoiding Canadian taxation on trust-generated income and capital gains.
“Please note that the information provided in this article is of a general nature and may not be accurate for your specific situation. The information is current as of the date of posting and is not intended to provide legal advice. It's always recommended that you consult with a professional accountant and lawyer for personalized guidance and advice."