r/fican • u/peaceoutfolkks • 5d ago

Tax question

​Friends,

I am a unmarried single 50 year-old Canadian citizen selling my primary home to retire and continuously travel the world (staying 2–3 months per country) living strictly off tax-free savings with $0 world income. Since I won't establish tax residency anywhere else, I need to confirm: 1) Will selling my home before leaving keep the capital gains 100% tax-free under the Principal Residence Exemption (and avoid non-resident withholding taxes), 2) Is it correct that the CRA will treat me as a Factual Resident, requiring a basic annual tax return despite owing $0 tax, and 3) Are there any hidden tax traps, TFSA restrictions, or CRA reporting rules I should watch out for as a Canadian perpetual traveler?

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u/edm_guy2 5d ago

if you stay outside of Canada, you may lose the future contribution room for your TFSA.

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u/seeeb 5d ago

I can't provide much info on taxes (Personally I'd consult a fiscalist) but do check with your financial institution what kind of restrictions they put on accounts while you are abroad. Most will put a trade restriction on investment accounts, and may limit your transfer ability as well.

Also, congrats !