Going back to Hong Kong...and then back to Canada in 20 years?

[davidvoyage]

Hi,

FYI, I immigrated to Canada years ago and I'm currently a Canadian citizen. Now if I (and my family) go back to Hong Kong for good(we already have Hong Kong ID), and then decide to move back to Canada when I'll retire (in 20 years probably) do we have to "re-immigrate" to Canada?

Thanks

[Byrns]

As long as you don't give up your Canadian citizenship you're a Canadian citizen forever. Doesn't matter where you live.

[davidvoyage]

But some people told me that I have to use my Hong Kong ID instead of passport to stay in HK for more than 3 months. If I use canada passport to go to HK, I only have 3 months limit...is that true?

If I use Hong Kong ID to go to Hong kong, that means I gave up my Canadian citizenship right?

[agent86]

Your Canadian citizenship = ROA in Hong Kong terms. It cannot be taken from you unless you lied on your citizenship application (e.g. previous criminal convictions, etc).

Enjoy your life in HK.

[agent86]

[QUOTE=davidvoyage;7389082]But some people told me that I have to use my Hong Kong ID instead of passport to stay in HK for more than 3 months. If I use canada passport to go to HK, I only have 3 months limit...is that true?

If I use Hong Kong ID to go to Hong kong, that means I gave up my Canadian citizenship right?[/QUOTE]When you arrive in HK, use your Permanent ID to enter, not your Cdn passport. If you choose to enter HK on your Cdn passport, then yes you are not considered a resident of HK.

When you chose to return to Canada, use your Cdn passport to enter Canada. You do not give up your Cdn citizenship by choosing to reside in HK.

[davidvoyage]

Do I need to renew my health card and driver license? Most importantly, do I need to pay Canadian tax while I'm in Hong Kong?

[heymikey]

Oooh... a Canadian of convenience. Just kidding.

I'm not sure if being away from Canada for that long will affect your pension in Canada or any other benefits. After all, you probably won't be paying Canadian taxes when you are in HK.

[CCCC3333]

Hong Kong and Canada haven't signed a tax treaty yet, so you will have to pay Canadian taxes.

[heymikey]

[QUOTE=CCCC3333;7389334]Hong Kong and Canada haven't signed a tax treaty yet, so you will have to pay Canadian taxes.[/QUOTE]
According to [URL="http://www.taxtips.ca/personaltax/whopaystax.htm"]this site[/URL], non-residents [I]"will pay Canadian income tax only on income earned from Canadian sources."[/I]

Since David will be living primarily in HK, he is no longer a Canadian [i]resident[/i]. He will still be a Canadian [I]citizen[/I], but not a [I]resident[/I].

[davidvoyage]

I see. Are they going to deduct my salary too? (HK job)

Also, do I need to have a house in Canada? or I can sell it? It doesn't matter right?

[heymikey]

If his income is solely derived from his job in HK and does not earn any income in Canada, he won't have to pay any income taxes.

[heymikey]

[QUOTE=davidvoyage;7389353]Also, do I need to have a house in Canada? or I can sell it? It doesn't matter right?[/QUOTE]
The thing is, if you continue to own property in Canada or maintain a Canadian bank account, will the government still consider you a Canadian resident even though you don't live here? If so, then that might affect whether you will have to pay Canadian taxes.

[gei]

So basically you just wanna move back here to leech off our health care and social benefits systems after you retire? Why not just stay in hong kong?

[chickenbones]

[QUOTE=gei;7389408]So basically you just wanna move back here to leech off our health care and social benefits systems after you retire? Why not just stay in hong kong?[/QUOTE]

Reality is he's not the only one. There are tons of people abusing Canada's social programs.

[stuff352]

The previous posters is correct, in Canada you pay taxes based on residency not citizenship. Once you sell your house and cut all substantial ties to canada you are no longer considered a resident.

The only tax implications you will have is when you are deemed to become a non-resident they (revenue Canada) assumes that you have disposed of all of your assets at FMV(fair market value) so that they can collect any capital gains tax owing.

For all other capital assets such a cottages, stocks, shares etc, you will get hit with a capital gains tax even if you do not sell it.

For example, you bought shares for $2000 but are now worth $10 000. You have a capital gain of $8000 but only a taxable capital gain of 4000 (50 % of the capital gain). If you fall in a 25 % percent tax bracket you would have to pay an extra tax of 1000.

If your house is the only asset you own and sell it , it is exempt from any capital gains tax as long as it is your primary residence