Start with tax residency, not immigration status alone
Canadian personal income tax is based on tax residence. CRA states that once an individual becomes a Canadian tax resident, worldwide income generally must be reported for the period of Canadian residence. Arrival date, home, spouse or dependants, ties to the former country, and an applicable tax treaty can affect the analysis.
If the residency start date is unclear, foreign income, foreign tax credits, reporting obligations, and asset cost bases can all become misaligned.
Investments, property, and companies require an ownership-and-control map
A review should establish the facts before changing structures:
- Cash, investments, insurance, real estate, and trust interests held across jurisdictions.
- Where companies are incorporated, where actual management occurs, ownership, and related cash flows.
- Fair market values of important assets at arrival and supporting documents.
- Worldwide income after Canadian residence begins and possible foreign-asset reporting.
Why tax and estate reviews belong together
Tax analysis addresses income, residency, cost basis, and filings. Estate planning addresses ownership, transfers at death, incapacity, and whether documents across countries work together. When handled separately, beneficiary designations, corporate shares, jointly owned assets, and wills may conflict.
A complete review creates a current-state inventory, risk priorities, and a list for accounting, legal, insurance, or investment professionals. It should not force every newcomer into the same structure.