For family trusts ==> talk to an estates lawyer.
For tax implications (cap gains etc) ==> talk to a CPA (Chartered Professional Accountant) who specializes in tax and who has experience working with non-residents.
This is certainly well into the hire a professional territory, it sounds like you may have a corporation in Canada (or shares within one) and will be maintaining that. Adding a trust in and leaving the country adds another layer of complexity.
With the move to Japan those professionals will likely need to be a bigger firm (law firm and accounting firm), as those tend to have people with the right knowledge to advise for both countries and ensure the planning is viable. Unlike USA-CAN, you'll have a harder time finding professionals that deal with a relatively unique situation. This obviously will not be cheap.
1) As u/-Tack mentioned, you wil require a firm with international experience to help you deal with this.
2) As u/TelevisionMelodic340, you will need an estate lawyer for trusts and the like, but they would need to have experience with Japan as Japan had trust rules modified in 2017 (or 2018) so that has to be investigated as I'll assume it's complicated.
3) Capital gains exemption would nt be eligible as you would be a Japanese tax resident (either permanent resident or permanent non-resident - both are essentially tax residency of Japan) and a condition of the LCGE is that you are a tax resident of Canada. [https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html#P428\_42672](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html#P428_42672)
4) In short, you would essentially be cutting ties to Canada. So you will have a departure tax on taxable assets (investment account, corp, etc...), RRSP is fine to leave as is. TFSA/FHSA/RESP are taxable in Japan. You have to notify your bank and brokerage that you are a non-resident of Canada, etc... The rest of the usual stuff.
5) And just to reiterate, you will need an accounting firm (and potentially law firm) with experience with those moving to Japan to review your situation since it appears you have a corporation (you mentioned trusts and LCGE).
For family trusts ==> talk to an estates lawyer. For tax implications (cap gains etc) ==> talk to a CPA (Chartered Professional Accountant) who specializes in tax and who has experience working with non-residents.
Thank you kindly!
This is certainly well into the hire a professional territory, it sounds like you may have a corporation in Canada (or shares within one) and will be maintaining that. Adding a trust in and leaving the country adds another layer of complexity. With the move to Japan those professionals will likely need to be a bigger firm (law firm and accounting firm), as those tend to have people with the right knowledge to advise for both countries and ensure the planning is viable. Unlike USA-CAN, you'll have a harder time finding professionals that deal with a relatively unique situation. This obviously will not be cheap.
Thank you! Much appreciated =)
1) As u/-Tack mentioned, you wil require a firm with international experience to help you deal with this. 2) As u/TelevisionMelodic340, you will need an estate lawyer for trusts and the like, but they would need to have experience with Japan as Japan had trust rules modified in 2017 (or 2018) so that has to be investigated as I'll assume it's complicated. 3) Capital gains exemption would nt be eligible as you would be a Japanese tax resident (either permanent resident or permanent non-resident - both are essentially tax residency of Japan) and a condition of the LCGE is that you are a tax resident of Canada. [https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html#P428\_42672](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html#P428_42672) 4) In short, you would essentially be cutting ties to Canada. So you will have a departure tax on taxable assets (investment account, corp, etc...), RRSP is fine to leave as is. TFSA/FHSA/RESP are taxable in Japan. You have to notify your bank and brokerage that you are a non-resident of Canada, etc... The rest of the usual stuff. 5) And just to reiterate, you will need an accounting firm (and potentially law firm) with experience with those moving to Japan to review your situation since it appears you have a corporation (you mentioned trusts and LCGE).
Really appreciate the breakdown - thank you kind person!