Canadian Residency Status When Travelling The World
I'm planning to quit my job and travel the world later this year anywhere from 4-12+ months. Almost my entire net worth is at Wealthsimple, and they say if I am outside Canada for 6 months, they will restrict all transactions on my accounts so that I can't do anything until I'm back in Canada.
I told them that I'm not moving anywhere, I'm not becoming a resident of any other country, I'm literally just backpacking across Asia and Europe and wherever else I might go, probably not staying in any individual city for more than 1-2 weeks, but they said you're still considered a non-resident if you're gone for more than 6 months, no exceptions. I have confirmed this 3 times on 3 separate calls with 3 different WS employees.
Now I'm wondering if this affects me for tax purposes. Does CRA consider me a non-resident if I go backpacking across Asia for 7 months? Does my TFSA start being treated as a non-registered account? Are there other non-resident related issues that I need to be aware of? I'm not even sure what questions to ask, since I never thought that backpacking across Asia temporarily would make me a non-resident.
Live in Ontario. Born and raised Canadian, have no other citizenship and never lived anywhere outside Canada.
Posted Feb 19, 2025, 9:34 PM UTC