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The short answer
Some countries tax you on gains you have not yet made when you stop being resident. Canada treats most property as sold at market value on the day you emigrate; the US applies an expatriation tax to citizens who renounce and long-term green card holders who give up residency if they are covered expatriates. The UK has no general exit charge, but gains made during a short absence of five years or less can be taxed when you return.
Moving back to Nigeria is usually planned around jobs, schools and family. Tax on departure is easy to miss because no money changes hands: you have not sold anything, yet a return can still show a gain. Whether that happens depends on the country you are leaving, how long you were resident and what you own.
Canada: the deemed disposition on emigration
The CRA's page on dispositions of property for emigrants (modified January 2026) says that when you leave Canada you are generally treated as having sold most of your property at its fair market value on the date you emigrate, and as having reacquired it at the same value. The resulting gain goes on your final Canadian return.
What is excluded
- Canadian real property, such as a house or flat in Canada.
- Canadian business property used through a permanent establishment in Canada.
- RRSPs, RRIFs, TFSAs, RESPs, RDSPs and pension plans.
- Property you owned when you arrived, if you were resident in Canada for 60 months or less in the 10 years before leaving.
Shares in a brokerage account, units in funds and crypto are the usual items caught. The CRA lets you elect on Form T1244 to defer payment of the tax, without interest, until you actually sell; the election is due by 30 April of the following year, and security is required if the federal tax deferred exceeds $16,500. You may also need Form T1161 listing your property if its total value exceeds $25,000; the late penalty is $25 a day, from $100 up to $2,500.
Worked example
Example only. You hold shares in a non-registered account that cost C$20,000 and are worth C$50,000 on your departure date. The deemed gain is C$30,000. At the one-half inclusion rate shown in the CRA's capital gains guide, C$15,000 is a taxable capital gain on your final return. If those shares sat inside a TFSA, nothing would be deemed sold.
US: the expatriation tax
The IRS expatriation tax (sections 877 and 877A) applies to US citizens who renounce and to long-term residents, meaning green card holders in at least 8 of the last 15 tax years, who end US residency. It only bites if you are a covered expatriate. Per the IRS page (reviewed October 2026), that means any one of:
- average annual net income tax for the five prior years above a threshold ($201,000 for 2024, $206,000 for 2025);
- net worth of $2 million or more; or
- failing to certify five years of US tax compliance on Form 8854.
A covered expatriate is treated as selling worldwide assets the day before expatriating, with an exclusion amount ($890,000 for 2025) before tax applies. Form 8854 is required either way, and a $10,000 penalty may apply if it is not filed. Many Nigerians holding green cards fall below the tests but miss the third one: an unfiled year can make you a covered expatriate on its own. Leaving the US without formally ending green card status can also leave you US tax resident.
UK: no exit charge, but watch the five-year rule
The UK does not tax unrealised gains when you leave. HMRC's helpsheet HS278 (2026) explains that people who leave are generally not chargeable on gains made after leaving, except on UK land and assets of a UK branch. The catch is temporary non-residence: if you had sole UK residence in at least four of the seven tax years before leaving and you come back within five years, certain gains made while abroad are taxed in the year you return. If you move to Nigeria and later decide to return to the UK, this matters.
The Nigerian side
Once you are resident in Nigeria, the Nigeria Tax Act 2025 taxes you on worldwide income (see is your foreign income taxed after you return). Gains are added to income and taxed at personal income tax rates, with the gain worked out as proceeds less cost (Bloomberg Tax, February 2026). The sources we read do not say whether Nigeria uses the value at the date you became resident as your cost for assets bought abroad. If it does not, the same growth could be taxed twice: once by the country you left and again by Nigeria when you sell. Nigeria gives residents a unilateral credit for foreign tax (PwC, May 2026), which may help; keep evidence of the exit tax paid.
What to check before you move
- List assets by type and where they are held: registered plans, brokerage accounts, property, business shares.
- Canada: estimate the deemed gain, decide whether to elect to defer, and diarise the T1161 and T1243 forms.
- US: test yourself against the three covered expatriate tests and make sure five years of returns are filed.
- UK: count your residence years; know when the five-year window closes.
- Keep valuations as at your departure date; they become your evidence later.
- Plan how you will move money; see moving back mid-year for the year of arrival.
Where Pryme fits
A Pryme account can be opened before you move and holds NGN, USD, GBP and EUR side by side, so you can bring savings home in stages and convert with Swap only when you choose; the app shows the rate and the fee before you approve. See multicurrency accounts.
Questions people ask
Does the UK charge exit tax when I move back to Nigeria?
No general exit charge. But if you were UK resident for at least four of the seven years before leaving and return within five years, some gains made while away can be taxed on your return (HMRC HS278).
Is my RRSP taxed when I leave Canada for Nigeria?
No. The CRA excludes RRSPs, RRIFs, TFSAs and pension plans from the deemed disposition on emigration. Withdrawals later have their own rules.
I have a green card and I am moving to Lagos. Do I pay exit tax?
Only if you are a long-term resident and a covered expatriate under the IRS tests: high average tax, $2 million net worth, or failure to certify five years of compliance. Form 8854 is needed either way.
Can I avoid paying Canada's departure tax immediately?
The CRA allows an election on Form T1244 to defer the tax without interest until you sell the property, with security required above $16,500 of federal tax.
Sources
- CRA: Dispositions of property (emigrants) · accessed Oct 2026
- IRS: Expatriation tax · accessed Oct 2026
- HMRC HS278: Temporary non-residents and Capital Gains Tax (2026) · accessed Oct 2026
- CRA T4037: Capital gains · accessed Oct 2026
- Bloomberg Tax: New Nigeria tax law redefines capital gains tax for individuals · accessed Oct 2026
- PwC: Nigeria, taxes on personal income · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.