How to Move to Dubai From Canada - DON’T Make This Mistake

[@Life-With-Tim]

Get a free Dubai setup consultation here. www.genzone.co/booking/dubai-business-setup-free-consultation-twt

[@NovaScotiaLegend]

Safe link?

[@anandnaik6179]

Glad I stumbled upon this video. Thank you!

[@JasonGoodison]

Great video! Love this new channel

[@Life-With-Tim]

Thanks brother

[@mogkow]

Thank you very much. Great details and much appreciated. Good luck in Dubai. I am also looking for way to properly move and work Dubai.

[@Dubaihomefurnishingservices]

Hie we offer home furnishing services in UAE based on your style fix and supply at affordable prices please feel free to dm if interested

[@robertk5441]

I am retired, and by definition ,kind of rich (I don't feel that). Substantial gains in my holding company. Consulted with my accountant. I am staying in Canada. I 'd have to pay ridiculous money just to get out. I wish you all the best. The sooner you leave, the better. If you stay too long, it might be extremely painful in case you made it in Canada.

[@TimHuza]

Nice video. Thank You Tim🔥🔥🔥🔥🔥

[@Life-With-Tim]

My pleasure!!

[@taranjitlotey9502]

Tip: exit before you get rich

[@Life-With-Tim]

Yep

[@enghhb]

amazing overview, thanks for sharing bro - doing the same - but not UAE

[@lilacwicket7403]

Great video!! I'm living in Canada and what he said about the country is absolutely correct. Looking into applying to United Emirates Airline as a way to get a foothold in Dubai . I will admit I felt a little bad for the kitty that got left behind..

[@Life-With-Tim]

Glad it was helpful!

[@ukuma1]

Take your kitty 😢

[@kstorontorealestate]

Great video man, so just to confirm, if you do choose to hold your RRSP or TFSA, any value increase would also trigger a deemed disposition when moving to UAE as well

[@Life-With-Tim]

Not in the TFSA but in the RRSP yes

[@ankitseksaria]

Excellent video.

[@parkleonarrd]

Very useful video thank you

[@Life-With-Tim]

Glad it was helpful!

[@karlholander5845]

Good video! Very well said

[@razmikartashes9992]

Very informative video!! Thank you for clarifying, you answered way better than many accountants I've known. Here is my question to you, for another scenario: Supposing I want to move to the UAE for a higher salary, but I do not want to cut my ties with Canada. I will keep my house where my parents will live in and I might want to return to Canada after a number of years. How will my income made in the UAE be taxed? I know that I will be considered a Canadian tax resident still, but do the same marginal tax rates apply? Also, I don't know if there is any treaty between the UAE and Canada that would waive those taxes, usually in the form of double tax treaty, but the problem here is the UAE doesn't rax your income.

[@jiti5034]

Does Canada tax on global income if you are not a resident for tax purposes

[@razmikartashes9992]

@@jiti5034 it doesn't. But if you hold your assets and live abroad you are still considered a resident for tax purposes.

[@jiti5034]

@@razmikartashes9992 That is for assets and Capital Gains but what I am asking is you regular income abroad

[@Moneymanaginghacks]

I think TFSA and rRSP don’t get taxed? Right?

[@phivebee]

CRA 🍁: It’s over when we say it is 🗿

[@furqantarique3484]

I live in Canada but I want to move to Dubai

[@Dubaihomefurnishingservices]

Hie once you settle in please contact us we offer home furnishing services based on your style fix and supply. Do not hesitate to contact us , we have a curated selection for you at affordable prices!

[@NovaScotiaLegend]

How much you figure itd cost to move family of 5 from nova scotia to dubai? Power engineer is trade. Any insight would be amazing

[@Life-With-Tim]

Depends on what you’re doing with visas. Short answer is a lot, I’d want to have at least 40k cad for all upfront expenses

[@NovaScotiaLegend]

@Life-With-Tim 40k isn't bad I figured 400k.

[@peppernsalz]

This is horrendous. From your video, I understood if I sold my house and was my primary residence I don’t owe any taxes. Also, if I returned my car which was on lease, I don’t think I owe anything. Am I right?

[@Life-With-Tim]

Yes unless you have assets like stocks, bonds, or pretty much anything else that has a capital gain unrealized.

[@stockmarkettipsbykarankapa5172]

There is no double taxation avoidance agreement?

[@dominiquecoladon8343]

Crazy, / I need to leave Canada very soon🧐

[@Dubaihomefurnishingservices]

Hie have you moved to the UAE already? We offer home furnishing services based on your style at affordable rates please feel free to contact us if interested!

[@christinastevens7672]

When did you close your bank accounts in Canada? Currently working on figuring out the transfer of funds to UAE. Did you do the wires prior to leaving or after? Not sure if we can set up bank accounts prior to being a resident of UAE.

[@Life-With-Tim]

i did it after i was a resident, its fine as long as you do it quickly. Use WISE to get the best exchange rate.

[@christinastevens7672]

@@Life-With-Tim ok great thank you 🙏

[@OG22812]

How long till u get citizenship of UAE ?

[@Life-With-Tim]

You can’t

[@kstar_ca]

Are you going to keep your Canadian citizenship or are you planning to surrender it in the future?

[@JustinWalker-j3q]

Hey man. Amazing video How can you get an exemption? I own 50% of a corporation without a holding co. What are the requirements for the exemption?

[@Life-With-Tim]

It’s called the lifetime capitals gains tax exemption on qualifying shares of a small business. On the operational company your shares likely qualify but they probably don’t for the holding company. You can look up the requirements on the CRA website.

[@JustinWalker-j3q]

@@Life-With-Tim thanks man

[@JustinWalker-j3q]

How do they value your business? My business does a lot in profit but it's all based on me. I would not be able to sell it if my life depended on it

[@JustinWalker-j3q]

Any ideas bro?

[@stardustbee]

If I sell my residential home, do I pay capital gains on my residential home or it is exempt? If I happen to keep it by renting it, I will need a bank account to pay mortgage? would it be safe to keep a bank account in that case?

[@Life-With-Tim]

No capital gains on primary residence (if it’s your only one). If you rent it you can keep an account yes that’s fine just only use it for business purposes

[@user-nt2me5lu1x]

Does UAE offer citizenship? My knowledge says no, so why move fully out from a country that gives you citizenship? What happens when you are unemployed in UAE?

[@Life-With-Tim]

I’m still a Canadian citizen if I don’t live there. If you’re unemployed you need to leave. But I don’t have that issue as I run my own company

[@ssy333kk5]

Thanks a lot for the video. Very helpful. I have adult children who are Canadian and own properties in Canada. How to get non resident in Canada with my condition?

[@Life-With-Tim]

as long as they are non dependants of yours you are fine (i.e they support themselves). You can keep your Canadian properties as long as they are ALL rented out. You cannot keep a home in Canada as your personal residence.

[@ssy333kk5]

@@Life-With-Tim I understand now. Thank you so much. One more question. Properties value increase a lot since I bought long time ago. Do I need to pay leaving tax on capital gain on those properties without selling?

[@Life-With-Tim]

@@ssy333kk5 A good question for an accountant but I believe the answer is yes.

[@maryammhd.artlife]

I’m living in Dubai but I don’t like it. I can’t study my phd because they don’t have fund I can’t find my dream jobs.we have only heat and sand and skyscrapers no rain no forest no blue sky. Here is only good for rich people and for vacation

[@jiti5034]

What age group you have in mind when making this video

[@popeye.thesailorman]

crazy taxation😮

[@Life-With-Tim]

Yep! Tell me about it

[@onemessage14]

Leaving Canada is easy

[@Inspector694]

Buy btc

[@Big-yh8wz]

After cutting ties with all primary and secondary ties aside from passport - Can we renew our passport as a non Canadian tax resident Tim?

[@Life-With-Tim]

Yes that’s fine!

[@Meister333]

2 quick question what if the only investment I have is in crypto and I decide not to sell, leave Canada cut residential ties move to UAE, and then sell there? Do I still have to pay exit tax if that's my only investment? Am I going to have to pay capital gain tax if I sell in UAE since I bought in Canada? Many thanks.

[@Life-With-Tim]

It doesn’t matter where you sell if you acquired the asset in Canada and it has a gain you’ll need to pay the capital gains tax (realized or unrealized) when you leave the country

[@Life-With-Tim]

Let’s say you have $50k in crypto that has a $25k gain. If you don’t sell it you’ll owe ~$6.25k as a deemed disposition when you leave. If you do sell it you’ll owe $6.25k as a realized capital gain. Meaning in each scenario you’ll owe the same amount just the name and type of tax you’ll pay will be different

[@Meister333]

@@Life-With-Tim What if I don’t sell, pay the $6.25K deemed disposition ($25K unrealized gain at the time), and then sell in UAE at a much later date when my gains climb even further to $40K (lets say ~$10K capital gain tax). Will I owe the government another $10K or $3.75K since I’d already paid $6.25K on this investment when I left?

[@Life-With-Tim]

@@Meister333 you only owe on the value when you leave

[@Meister333]

@@Life-With-Tim got it, thanks for your help!