2 year plan to lower taxes?

[freedomseeker]

Canadian, have a decent stock investment portfolio, but also a private sector pension. I want to become a non resident of Canada to save taxes on my investments, but if I move directly to a non tax or residential tax location like Dubai or Paraguay my pension will be taxed at almost double compared to a country with a tax treaty.

So I was thinking, (say as a example) I was to take advantage of the Portugal D7 visa and become a tax resident of Portugal (tax treaty country) for a year while qualifiying to become a non resident of Canada. My pension is deposited in my wise account monthly and sent overseas to a bank in portugal or perhaps a channel island bank. My IBKR account is notified that my tax residence is now Portugal.

Now if after another year I obtain residency in Dubai or Paraguay, I notify IBKR, and wise (do I have to notify wise?), Do they report back to Canada or would it be now be a matter between Portugal and Dubai/Paraguay?

I am trying to find a way to become a resident of a tax efficient jurisdiction for my stock investments with out raising my taxes on my other revenue stream (pension).

Thoughts?

Ideas?

Thanks.

 

[Martin Everson]

Yes

They wont report back (if you mean reporting under CRS)‍ unless you give them reason to do so via indicia.

 

[freedomseeker]

Thank you‍ for the response.

Then perhaps would it be better to have the pension go to⁠ my Canadian bank account (which i am allowed to keep as a non resident as⁤ long as it isn't a daily use account) then transfer the funds to wise. (would⁣ that be enough steps to not trigger notifications if i change residency a year after⁢ severing my ties to Canada?

How does the system work anyways? would the reporting just︀ got from the last place of residency to the new? or when ever there is︁ a change is the country of citizenship notified?

 

[Martin Everson]

Wise will not report to Canada unless their⁣ is indicia.

There is no notification sent︁ to home country under CRS unless your indicia is involved. Also banks don't just go︂ informing your passport citizenship country unless your an American and that is done under FATCA.︃

 

[AlexGE]

If you are not going to cash out the︇ investment portfolio - what's the point?

Let's say you keep the portfolio, you only receive︈ dividends (in cash or DRIP) - Canada has 50% discounted taxation for dividends.

If you︉ cash out - Canada has an "exit tax", you have to do "a deemed disposition"︊ of your portfolio when you become a non-resident.