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Hi, if my date of departure from Canada to the US is January 1, 2024 do I only need to file forms T1161 and T1243? Or do I need to file a full Canadian tax return as well as these two forms mentioned above?
My understanding is once I file forms T1161 & T1243 I do not need to file Canadian taxes for 2024.
Dear LK,
Thank you for reaching out. If you departed Canada on January 1, 2024, you will generally be required to file a final Canadian tax return for the 2024 tax year, in addition to Forms T1161 (List of Properties by an Emigrant of Canada) and T1243 (Deemed Disposition of Property by an Emigrant of Canada), if applicable to your situation.
Filing a tax return is necessary to report any income earned in Canada before your departure and to officially update your residency status with the CRA. The departure tax applies to certain assets, but it does not replace the need for a final return.