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Each week on “I’m a Millionaire, So Now What?”, Colleen O’Connell-Campbell, Wealth Advisor at RBC Dominion Securities, delivers inspirational stories and practical advice to self-made millionaires and wealthy families. With a focus on financial planning and wealth management strategies, Colleen and her guests cover the critical issues that truly matter to you, including succession strategies, family business governance tips, how to cope with fundraiser fatigue, finding your purpose after losing your family business, and much more.

Aug 27, 2019

 

John Oakey is the National Director of Tax Services at Baker Tilly Canada, Canada’s largest association of chartered professional accounting firms. John has been working with Canadian and US citizens on advanced tax planning strategies for more than 20 years. He has contributed his expertise to organizations such as the Canadian Tax Foundation and the CPA of Canada and Nova Scotia. He became a Chartered Accountant in 2001 and has a Bachelor of Commerce Degree from St Mary’s University.

 

John joins me today to share how residency affects where you pay tax. He describes the different types of tax residency and how weighted ties are used to decide this. John reveals the reporting steps you need to take when leaving or entering Canada, along with which Canadian-tax obligations remain. He also shares what you need to know about double taxation and offshore tax planning.

 

 

 

“Somebody is ordinarily or factually a resident in the place they are settled, where they have a regular and normal routine of life.” - John Oakey

 

 

 

Today on I’m A Millionaire...So, Now What:

 

  • Who pays tax in Canada and on which sources of income.
  • The different types of residency for tax purposes.
  • How significant ties and secondary ties determine your residency.
  • How to file your final tax return if you are leaving Canada.
  • Why you should be cautious in requesting a residency determination from the CRA.
  • Tax obligations for Canadians who are no longer residents.
  • How to reduce or eliminate double taxation.
  • The good and bad side of offshore tax planning.
  • Canada's voluntary disclosure program.

 

 

John Oakey’s Fun Frank Advice for Self-Made Millionaires & Wealthy Families:

 

  • When we are talking about residency, you have to be very careful with what you are doing, and you should always seek professional advice because the consequences can be quite severe.

 

 

Connect with John Oakey:

 

 

 

 

 

Book Your Prosperity Discovery Session Today!

 

Are you ready to double your net worth? Ready to create your roadmap to riches or get your financial life back on track? Join me for a Prosperity Discovery Session today! Let’s unlock your roadmap to riches so you can begin to live your life to the fullest. To book your Prosperity Discovery Session, email me at colleen.campbell@rbc.com to request a free questionnaire and let’s begin your roadmap to riches now!

 

Spots are limited, so book your Prosperity Discovery Session today!

 

Get Ready for Fun Networking & Fundraising!

 

Kick off your high-heels ladies, lace up your golf shoes, and get ready for an exciting, fun way to network with your business peers while raising money for a worthy cause. Join me, Colleen O’Connell-Campbell and Shelley True on September 5, 2019 for the all-women’s golf tournament, FORE-Play for Charity - the annual event supporting The Royal Ottawa Foundation for Mental Health.

 

The FORE-Play for Charity event features fun ways to network with other Ottawa-based business leaders such as Open Mic, Cocktail Hour, the Red Carpet event, and a unique Makeup and Beauty Bar as well as a Gala Dinner.

 

So if you’re ready to lace up your golf shoes and tee off to support The Royal Ottawa Foundation for Mental Health, visit www.truedotdesign.com/foreplay to register today - or, become a sponsor to show the community you’re serious about mental health.

 

Be sure to subscribe to our newsletter and follow FORE-Play for Charity on Facebook so you never miss an update on this important event.

 

Registration opens on April 1, 2019

 

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