Relocating from Canada to Another Country? Key Financial Considerations You Must Know


Relocating from one country to another is an exciting yet complex endeavor that requires careful planning and consideration, especially when it comes to your finances. For Canadians who are contemplating a move to another country, there are crucial financial factors to understand to ensure a smooth transition. From taxation to pension benefits, property purchases, and more, this article explores the key considerations that Canadians should keep in mind when planning a possible relocation.

Tax Implications and Benefits

One of the most significant aspects to consider when relocating is the taxation impact. Different countries have varying tax rules and agreements, and understanding how your Canadian income and assets will be taxed abroad is crucial. For example, if you receive benefits such as the Old Age Security (OAS) or the Canadian Pension Plan (CPP), you need to be aware of potential clawbacks if you permanently move abroad. Tax treaties between countries can affect how your income is taxed and whether you’re eligible for benefits.

Residency and Financial Accounts

Your residency status determines which Canadian financial accounts you can operate from abroad. While you can maintain accounts like Tax-Free Savings Accounts (TFSAs) from abroad, contributing to them might be restricted if you lose Canadian residency. Registered Retirement Savings Plans (RRSPs) have their own rules for contributions and withdrawals, and it’s important to understand these regulations before relocating. Moreover, ensure that you can work with financial advisors who are experienced in dealing with clients living abroad.

Property Purchase and Estate Planning

If you plan to buy property in your new country, it’s essential to understand the legal and tax implications. Different countries have diverse regulations regarding property ownership, inheritance, and estate planning. Consulting with professionals who specialize in international property transactions and estate planning can help you navigate these complexities.

Departure Tax

When permanently relocating from Canada, there might be a departure tax applicable on certain assets, such as real estate. This tax can impact your financial plans significantly, and it’s advisable to work with an accountant to understand how departure taxes may affect you and to plan accordingly.

Maintaining Canadian Tax Filing

Maintaining Canadian tax filing, even while living abroad, is crucial to ensure you continue to receive Canadian benefits and to avoid potential issues with your Canadian income streams, such as OAS and CPP. Filing Canadian taxes can also simplify the process of claiming foreign tax credits and managing your overall financial situation.

Relocating Professional Guidance is Key

Given the complexity of financial implications when relocating, seeking professional guidance is essential. A financial advisor with experience in international taxation and financial planning, along with legal experts familiar with the laws of your destination country, can provide invaluable insights and help you make well-informed decisions.


Relocating from Canada to another country is an exciting opportunity, but it comes with numerous financial considerations that require careful planning. To ensure a successful transition and to make the most of your financial resources, collaborate with experts who can guide you through the intricate process of relocating your finances while safeguarding your interests. Remember, every individual’s situation is unique, so tailored professional advice is essential for a seamless and prosperous international move.

Listen to the Podcast:

Key Financial Considerations for Canadians Relocating Abroad

Are you a Canadian considering relocating abroad? In this insightful discussion, financial advisor Todd Schmekel and relocation expert Emily Bron delve into crucial financial considerations that Canadians should keep in mind when planning to move to a new country. They discuss topics such as taxation, investments, pension plans, property ownership, residency rules, and more.



Hi, I am Emily Bron.

After living and working in 4 countries (3 continents), experiencing several immigrations, changing several professional fields and being an avid traveler, I created International Lifestyle Consulting to help you to find the best matching place and to relocate abroad for a better quality of life, work, or retirement.

As a professional Baby Boomer and Remote worker, I am relocating again!

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