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Action Plan Tax optimisation - Coggle Diagram
Action Plan Tax optimisation
Finalize Canadian Departure
1) File Canadian Departure Tax Return
1.1) Complete previous tax filling
1.3) Notify CRA that you’re ceasing Canadian residency by indicating the date of departure in your final return
2) Cut Ties with Canada
Close any remaining Canadian bank accounts and cancel services tied to Canada (health insurance, driver’s license, etc.). This is crucial to avoid CRA claiming you still have residency ties.
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Set Up Hong Kong Business
1) Register a Hong Kong Private Limited Company
Engage with a service provider or law firm in Hong Kong to set up your private limited company.
Set up the necessary structure for ownership and directorship. If you're the sole owner, you’ll need a Hong Kong address for the business (you can use a virtual office).
2) Open a Business Bank Account in Hong Kong
3) Establish Accounting and Compliance System
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Transition to Thai Residency
Ensure that you spend at least 183 days in Thailand within the calendar year to establish your tax residency.
Begin tracking your days in Thailand to ensure compliance with their tax residency rules.