If I own real estate in Spain, will I pay departure tax on it?
Departure tax in Canada
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Hi Cari,
Yes, you will pay departure tax to the CRA on your Spanish property. Canada imposes a departure tax on individuals who cease to be Canadian tax residents. This tax is applied to the deemed disposition of most of your assets when you leave Canada, which includes properties, investments, and other assets. The deemed disposition means that for tax purposes, Canada treats you as if you sold your assets (including foreign real estate) on the day you become a non-resident.
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