Question re depositing money as a NEW non resident

galleryman

Registered User
Messages
168
I am an Irish Citizen and resident in Ireland.

I plan to move abroad for a year or maybe more and hope to leave Ireland by around Sept/Oct 2010

I have some money that I want to deposit and get interest on. My query is in relation to where to deposit any money, should it be in Ireland or in my new country or residence... most likely Canada.
Which is better from a tax perspective?

I'm not all that aware of the rules for exactly when I become non resident for various things like DIRT etc etc.

Any suggestions welcome
Thanks
 
Can anyone offer an opinion on this?

If I earn deopsit interest in Ireland while living abroad, what tax do I need to pay and to which country's Revenue?

Assume that I want to deposit the money at the same time I leave Ireland.

thanks
 
The reason you're not getting replies on this is that not many people would know the rules in Canada.

Irish non residents can have a savings account without paying DIRT. You have to look up revenue.ie for the forms you need for this. What your tax liability will be in Canada on this interest, no clue? Look up the equivelent of AAM in Canada and post there. Irish interest rates are so derisory I don't see the benefit of you leaving it here. What is your goal?
 
If OP moves the money to Canada it will have to be converted to CAD or deposited as EUR at a more derisory rate.
 
Thanks for the replies.

Part of what I am trying to achieve is to achieve the best return NET of tax.

My real question is regarding my tax status with Irish Revenue the day after I leave for Canada. Do I immmediately become non resident for tax and no longer subject to DIRT on Irish held deposits OR does it take a certain period of time abroad before that status applies?

I don't want to deposit money in Ireland thinking my only tax liabilty will be in Canada if I still have to pay DIRT in Ireland for months after I move.

Thanks