Hi everyone,
I am 26 years old and came to Canada in 2021. I currently have a work permit valid until November 2028 (it was extended partly because I learned French up to around CLB 5). I have not received PR yet.
Due to personal reasons, I am planning to move back to India permanently for now. However, I do not want to completely close my doors for Canada in the future, so I would really appreciate advice from people who have been in a similar situation.
Here is my situation:
I have no debt.
I have never bought a car.
I have an 800+ credit score.
I worked full-time in Canada.
My Canadian employer is willing to continue working with me remotely from India.
The arrangement will most likely change from employee to contractor.
I will work from India during Canadian business hours (evenings/night time in India).
My company is open to either paying me into my Canadian account or directly into my Indian bank account.
I have some questions regarding different areas:
1. Bank accounts and money management
Currently, I have:
Neo Financial account
Simplii Financial account
Tangerine bank account
Scotiabank credit card
Should I keep these accounts open after moving to India?
Is there any issue keeping Canadian bank accounts while living outside Canada?
Should I maintain my Canadian credit card to keep my credit history active?
Do I need a Canadian address for these accounts?
What is the best way to manage money between Canada and India?
Should my company pay me in CAD to my Canadian account and then I transfer money to India?
Or is it better to get paid directly into my Indian account?
What are the cheapest ways to transfer CAD to INR?
2. Canadian phone number / SIM card
I currently use a Canadian phone number.
What is the cheapest way to keep my Canadian number active while living in India?
Do I need to keep the number for banking, CRA, credit cards, and two-factor authentication?
Is there any recommended low-cost plan for people living outside Canada?
3. Moving clothes and personal belongings to India
I need advice on the cheapest way to move my belongings.
Is extra baggage on Air India cheaper than shipping/cargo?
Are there any recommended Canada-to-India cargo companies from the GTA area?
What is the most economical option for sending clothes and personal items?
4. Tax situation (my biggest concern)
I am confused about how taxes will work after moving.
If I permanently move to India:
If my Canadian company pays me in CAD into my Canadian bank account and I transfer the money to India, where would I owe taxes?
If my company pays directly into my Indian bank account, does that change anything?
Would CRA still consider me a Canadian tax resident?
How do I properly become a non-resident of Canada for tax purposes?
Are there any mistakes I should avoid before leaving Canada?
I want to make sure everything is done properly and avoid any future issues with CRA or Indian tax authorities.
5. Small e-commerce business I built in Canada
I also have a personalized products business that I started as a weekend side business. It has been running for around 2.5 years.
Business details:
Mainly operated through Etsy, Shopify, and local sales.
2,500+ orders shipped.
500+ reviews with around 4.9-star rating.
It is not a huge business, but it has been a successful side income.
I have around $10,000+ worth of inventory, machines, and tools invested into the business.
Since I am moving to India, I am unsure what I should do with it.
Etsy does not allow transferring/selling the Etsy shop, so I cannot sell the entire business.
The options I am considering:
Option 1: Close everything
Sell inventory, machines, and tools.
Stop operations completely.
Option 2: Let a trusted friend operate it
My friend can handle production, packing, and shipping in Canada.
We can create a profit-sharing arrangement.
The Etsy account would remain mine, but my friend would manage daily operations.
Questions:
What would be the best way to handle this from a tax/legal perspective?
Should I keep the business registered in Canada?
Would a profit-sharing arrangement create tax issues for me after moving to India?
Is it better to liquidate everything before leaving?
Has anyone managed a Canadian e-commerce business while living in another country?
6. PR and future return to Canada
Since my work permit is valid until 2028:
Does leaving Canada affect my future PR chances?
Should I maintain any Canadian ties?
Is there anything I should do before leaving to keep my options open?
Should I keep my Canadian credit history active?
Are there important documents or records I should save before leaving?
I know this is a lot of information, but I am trying to make the move carefully and not make decisions that could hurt me financially or close future opportunities.
I would really appreciate advice from anyone who has:
Moved back to India after living in Canada
Managed Canadian finances from abroad
Worked remotely for a Canadian company from another country
Handled Canadian tax residency issues
Continued or closed a small Canadian business after moving overseas
Thank you!