What would you do if you were me?

[Allwomen247]

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

 

[anon1]

I'd leave.

 

[alan9080]

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]

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]

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]

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.

 

[yomero5]

Stay in Canada and pay your due taxes.

 

[You Bet!]

I would leave and go to Malaysia

 

[BigVee]

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]

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]

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]

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]

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]

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]

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]

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]

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.

 

[Allwomen247]

wigglee

I’ve paid my fair share of taxes my whole life.

So go fuck yourself

Cheers

 

[wigglee]

wigglee

I’ve paid my fair share of taxes my whole life.

So go fuck yourself

Cheers

WE'll be glad to see you go

 

[Smallcock]

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!