Moving Guide/Emigration From Canada
Emigrating from Canada has three main effects:
- You no longer pay tax to the Canadian Government going forward.
- You may owe tax on all unrealized capital gains you’ve made going up to the point at which you left.
- You will no longer get certain services that are tied to being a resident, such as public health insurance and your driver’s license.
Tax considerations
TL;DR: You’ll need to tell the CRA you’re leaving and make a solid case that you’ve cut residential ties to the country. If you have assets, you’ll need to get a fair-market value for them (even things like stock in a private company that’s not traded widely).
Official Tax guidance
Here. It’s reasonably thorough, though if you have anything more complicated than a house and publicly-traded shares, it may be worth talking to a professional.
Access to Public Services
Driver’s license
For Ontario specifically, there are ways to get a temporary extension to an expiring driver’s license while out of the province. This isn’t a permanent solution.
Health insurance
For Ontario, one of the conditions is to “make your primary place of residence in Ontario”. AFAICT, this immediately ceases to be the case when you move out, so you should get private health coverage ready before moving to Próspera.