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Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100419
Experience:  Lawyer
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I want to become a Resident of Mexico. I am living here with

Customer Question

I want to become a Resident of Mexico. I am living here with my common law husband. Can I keep my Canadian investment broker, my Canadian bank account, and my Canadian passport?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

Yes.

You certainly don't have to give up your citizenship.

And there is no reason why you cannot keep your assets in Canada.

Does that answer your question?

Customer: replied 1 year ago.
What happens if I am forced to leave my broker and sell my investments. Will I be taxed on this in one tax year?
Expert:  Debra replied 1 year ago.

You cannot be forced to sell your assets. That is not the law.

If you sell your assets and they are worth more than when you acquired them you have to pay capital gains tax on them in the year the were sold.

Customer: replied 1 year ago.
BUT do I have to move my investments out of Canada? Can I keep my bank in Canada even if I am no longer a resident? Can I continue to use my Canadian passport if I am no longer a resident?
Expert:  Debra replied 1 year ago.

I already said you don't have to remove your assets and you can always use your passport as it has nothing to do with residency. It is about citizenship.

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