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What would you do if you were me?

Mencken

Well-known member
Oct 24, 2005
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I would seriously consider becoming a non-resident. I'm familiar with two very nice warm countries that may have attractive tax options... for example only taxing income made in the country of residence. The trick would be to have the income generated somewhere else that didn't tax it too heavily. But I'm no tax expert...but there are some out there and they are the ones that you need to talk to...just to understand your options if nothing else.
 

testing1

Member
Jan 12, 2014
100
2
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Someone correct me if I am wrong but it is my understanding you can go non resident for tax purposes while still keeping your canadian citizenship and in the event you need to move back you could. I would move abroad if I was in your situation as you can always return to canada if needed. I also do not think there is anything immoral in what you are discussing as this is like any other tax rule in the Canadian system just like people taking advantage of TFSA, RRSP or certain business structures to reduce the tax liability.
 

Kilgore Trout

Active member
Oct 18, 2008
2,490
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Yea, there's nothing wrong with trying to minimize your tax bill.
This is a high first world problem but with 12 million US saved up I don't think OHIP should be that big of a lure.

If you needed really important urgent medical care, immediately, right now, - the number of institutional blockages and restrictions and slow downs in place with OHIP would mean you would likely have to fly down to some California hospital to spend 2 million dollars on 6 weeks of hospital care to save your life assuming you wanted to save it.

Money, gets you a lot more than what OHIP can offer.
I have an uncle who was the president and chief operating officer for 20 years of a very large NYSE listed company with market cap of 9.3 billion US ;so, I think he's pretty well off judging from the residences he owns.
Anyway, he goes down to some clinic around Baltimore once a year for a full day, 25,000 dollar yearly physical. One of those yearly physicals saved his life because it uncovered something OHIP never would have found.

But, that's not really all that important because the unwritten subtext of this thread is that you seem a bit tired and jaded by life; so, the broader question perhaps is what constitutes a human life well lived. And that's a very important question all people need to ask themselves.

All great human lives lived seem to be characterized by a child like kind of spirit for exploration, discovery, innovation and creativity; so, if you're looking for something that turns your crank maybe you should do something that you have a lot of passion for. Something that makes you come alive.

I also get the feeling you also need a deeper connection with whatever community you live in and more human relationships because despite all your money it seems like you feel a bit isolated; but, that's just my opinion. Good luck in whatever you do.
 

NiceToMeetYou

Active member
Oct 24, 2010
719
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One of the things that I could think about being in your shoes, doing charity works could be very beneficial for your spiritual and other people in the society. Of course, there are many people living in poverty in countries such as Canada where everywhere you go in Canada you would see large number of beggars along the streets and sidewalks and homeless people whether they are white, native Indian, British accent persons and brown people. However, it may not be necessary to do the charity works in Canada. You could go back to the country where you were born and grew up to do the charity works for the local people assuming you are not born and grew up in Canada. This would give you a very real connection and contribution to the people and society where your roots are. They also would be appreciated more of your charity works and contributions because they will see that your are coming back HOME to do good things for your own people. In contrast, if you are doing charity works for people in other countries where you are not born and grew up in, they would always see you as the outsider / foreigner and will never be truly appreciated of your charity works and contribution.

I would believe that this is the real meaning of our life is by doing things to benefit others in our society and not always for our own benefits. People will always remember you from what you did to benefit them and society and not remembering on how much money we have had.
 
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