Anyone else fed up with how much in taxes we pay and what little we get out of it?
How many of us are living on the brink paying a rent or mortgage like a slave while we get taxed for everything we do?
When will things change?
Looking to take my remote job and move out of Canada to save taxes. Wondering if there is anyone who has done this already
Hey everyone.
I’ve been with my current company for about six years. It’s a small company where everyone knows everyone, so there’s some leeway to adjust my employment agreement
but I don’t want to push things or create unnecessary complexity for my employer.
I’m considering moving out of Canada to a country that doesn’t tax foreign-sourced income. Panama is my first thought because of its territorial tax system, weather, and cost of living.
The issue: my employer isn’t set up to handle a permanently overseas employee from a payroll, tax, and compliance standpoint.
My thought is that switching my status from employee to independent contractor would significantly reduce that burden on them.
I’m aware the CRA has its own tests for employee vs. contractor classification, but my understanding is those concerns largely fall away once I’m a non-resident for Canadian tax purposes — since there’s no Canadian source income, no CPP/EI owing, and nothing for CRA to claw back.
Would this arrangement actually be feasible? Anyone who’s done something similar - what am I missing?
Apologies in advance if this isn’t the right sub.
I’ve been with my current company for about six years. It’s a small company where everyone knows everyone, so there’s some leeway to adjust my employment agreement
but I don’t want to push things or create unnecessary complexity for my employer.
I’m considering moving out of Canada to a country that doesn’t tax foreign-sourced income. Panama is my first thought because of its territorial tax system.
The issue: my employer isn’t set up to handle a permanently overseas employee from a payroll, tax, and compliance standpoint.
My thought is that switching my status from employee to independent contractor would significantly reduce that burden on them.
I’m aware the CRA has its own tests for employee vs. contractor classification, but my understanding is those concerns largely fall away once I’m a non-resident for Canadian tax purposes — since there’s no Canadian source income, no CPP/EI owing, and nothing for CRA to claw back.
Would this arrangement actually be feasible? Anyone who’s done something similar — what am I missing?
I work remote full time and have been doing so for almost 5 years. My company is small around 150ish people.
They said working from abroad is something they’re not equipped to do because of how complex it is from a tax compliance and payroll standpoint.
Anyone know what I could say to that? I was going to bring up working as a contractor but then again I wasn’t sure if that would just sound naive.
Many companies do let employees work remote (think off sourcing, company’s that ship jobs overseas).
Anyone advice is appreciated
Edit: Title should have been convincing company to let me relocate to a foreign country