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What would you do if you were me?

Allwomen247

New member
Jan 26, 2017
169
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Guys

I want to run a hypothetical question by you and get your opinion. I may be confronted with having to make this decision in a year or two...

Would you become a non-resident of Canada for tax purposes if it meant a (capital gains) tax savings of between one and two million dollars?. With this you would still be able to visit Canada a few months a year.
You would be required to forfeit your OHIP coverage, driver’s license etc. In addition, become resident in another country where your passive income is more favourably taxed.

In my case, I like Canada but not so much that I couldn’t move and just visit occasionally - maybe up to 4or 5 months a year. I think there are other places in the world with better women, climate and cost of living. I am single and the only relative I have here is my Mum. I don’t work and have few good friends.

Moving abroad would be very straightforward and hassle free for me, I’m just wondering if I should be considering it just to save taxes (pretty much the only reason). Btw, my total net worth may be 10 to 12 million USD. Is this enough to make it worthwhile enough to move? Obviously that’s not enough to move to Monaco or the Caymans with anyway so it wouldn’t be to a tax haven country.

Please let me know your thoughts

Thanks in advance
 

alan9080

Member
Sep 23, 2006
589
0
16
Toronto
I would stay. Canada is the greatest country in the world in my opinion .
Make sure you consult a professional Accountant to get his/her advice. By becoming a non res, you might have to pay a capital gains tax as you will be deemed to have disposed of your assets.

Also, I’m assuming your net worth of $12million includes your principal residence which is not subject to capital gains tax.

I know some people who have about $10million in investments that is generating say 4% in dividends or $400,000.
That’s $220,000 after tax. I would stay put.
 

Allwomen247

New member
Jan 26, 2017
169
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0
I don’t own any real estate (and not interested in doing so) so that’s not a consideration.

I would become a non-resident prior to any gains. The investments are currently worthless.

While Canada is a great country, it’s not the only great country. It’s up there with the best though

Tbh I don’t like the direction this country is going in with excessive taxation, SJW’s and cultural Marxism.

Thanks for your input
 

Trevor

New member
Mar 29, 2004
16
0
1
I would leave in spite of Canada being a great country.This
Several S. American countries offer what we don't have here...
great weather, cheap living, organic quality food and low taxes.
This means you can save even more.
The drawback is there are few well paying jobs in S America .....but you don't care.
 

Butler1000

Well-known member
Oct 31, 2011
28,711
3,410
113
It isn't the money that should determine this. Its the life you want to lead.

First I would suggest you stay until your mom has passed. This is an important obligation on your part imo and you should be there for her. Its ok to think about plans after.

Then in the meantime if you can travel and see where you like. Don't assume you will like things outside if Canada without a lot of research.

Personally on retirement im off on a boat for about a decade. Planning it now slowly and methodically.

But with the money you will have all options are open.
 

BigVee

Member
Apr 4, 2012
87
0
6
Stay in Canada and pay your due taxes.
You made your money here, enjoyed the benefits provided by this country, and now you want to exit without paying. Like gas and dash?

I will owe more than $ 3M in tax ( not $ 3M in cap gains) when I die or transfer my assets to the kids. I bought and insurance policy to cover that. Travel as you wish, but do your share at home.
 

Allwomen247

New member
Jan 26, 2017
169
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0
BigVee

The money wouldn’t be made in Canada in anyway whatsoever. That’s the whole point of my question. If it was “made” in Canada then I would gladly pay taxes owing to Canada

Cheers
 

Johnny Utah

Active member
Jun 9, 2017
589
60
28
BigVee

The money wouldn’t be made in Canada in anyway whatsoever. That’s the whole point of my question. If it was “made” in Canada then I would gladly pay taxes owing to Canada

Cheers
I would consider what my mom would want in this. For you and for her. Can you help give her a great life?

I don’t see anything wrong with visiting this country a third of the time a year and enjoy the best of this and another country.
 

hungry

Well-known member
Nov 20, 2005
1,515
62
48
Go to Vanuatu, they have no income tax, no capital gains and no estate taxes. Plus it looks pretty good. I agree Taxation is out of control in Canada. Trudeau and Wynn spend our money like drunken sailors. With your money I would have been gone long ago not necessarily to Vanuatu but somewhere.

https://www.huffingtonpost.com/charmaine-belonio/could-vanuatu-be-the-best_b_9720004.html

http://www.escapeartist.com/vanuatu/fast-track-immigration-to-vanuatu-in-under-a-month/

http://nomadcapitalist.com/2015/07/15/how-to-get-second-residency-citizenship-in-vanuatu/
 

Barca

Active member
Sep 8, 2008
2,062
4
38
Guys

I want to run a hypothetical question by you and get your opinion. I may be confronted with having to make this decision in a year or two...

Would you become a non-resident of Canada for tax purposes if it meant a (capital gains) tax savings of between one and two million dollars?. With this you would still be able to visit Canada a few months a year.
You would be required to forfeit your OHIP coverage, driver’s license etc. In addition, become resident in another country where your passive income is more favourably taxed.

In my case, I like Canada but not so much that I couldn’t move and just visit occasionally - maybe up to 4or 5 months a year. I think there are other places in the world with better women, climate and cost of living. I am single and the only relative I have here is my Mum. I don’t work and have few good friends.

Moving abroad would be very straightforward and hassle free for me, I’m just wondering if I should be considering it just to save taxes (pretty much the only reason). Btw, my total net worth may be 10 to 12 million USD. Is this enough to make it worthwhile enough to move? Obviously that’s not enough to move to Monaco or the Caymans with anyway so it wouldn’t be to a tax haven country.

Please let me know your thoughts

Thanks in advance
Have you gotten proper tax advice on this? As you appear to already know, you don’t have to give up your Canadian citizenship (just residency) to avoid Canadian taxes. So move somewhere for a short period of time that allows your residency for tax purposes to change and avoid the taxes. With your net worth, wouldn’t it make sense to have a winter place in the Caribbean?
 

BigVee

Member
Apr 4, 2012
87
0
6
BigVee

The money wouldn’t be made in Canada in anyway whatsoever. That’s the whole point of my question. If it was “made” in Canada then I would gladly pay taxes owing to Canada

Cheers
Capital gains is not about making money. It is about asset growth. So if the money is not invested here, there is no capital gains exposure in Canada. Dude, in that case, Vanavatu sounds great, because it's going to be underwater in decade.
 

wigglee

Well-known member
Oct 13, 2010
9,819
1,603
113
so you take the free education and healthcare, but are too selfish to pay taxes, even though you would still be quite wealthy? Says a lot about you.....
 

NiceToMeetYou

Active member
Oct 24, 2010
719
206
43
I suggest you should move to other countries such as Thailand and few others considering they have beautiful women, much lower cost of living, friendly people, good health care system, very low income taxes, warm (hot) weather, delicious foods, white sands and very beautiful beaches.

Also, you have not made money in Canada and you should not be obligated to pay taxes in Canada. My guess is that you have had your wealth from other countries such as China or Hong Kong and later moved your wealth and yourself to Canada. Because you don't have root in Canada except your mom whom perhaps moved to Canada with you, you should not feel bad to move to other countries and take your money with you.

Don't listen to other people who want you to spend your money in the country where they are born and grew up in but listening to yourself and act what is make more sense and beneficial to you.

With the 10-12 millions USD that you have had which are mostly very liquidible and not struck in an artificial wealth of price-inflated real estates which many people in the GTA weighed their wealth in, you can afford to buy plane tickets whenever you would like to come back to visit your mom even in the first class and not the business class.
 

boking

New member
Jul 8, 2012
13
0
1
I would consider what my mom would want in this. For you and for her. Can you help give her a great life?

I don’t see anything wrong with visiting this country a third of the time a year and enjoy the best of this and another country.
Talk to ur Mom First. And if u leave consider taking ur Mom with u, provided she's OK with that.
 

Smallcock

Active member
Jun 5, 2009
13,703
21
38
I can't add much to what others have said but your problem is a good one to have :)

Let us know what you ultimately decide. Congrats on your success!
 
Ashley Madison
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