Why Canadian Entrepreneurs Are Leaving To Get Rich
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- Опубликовано: 16 май 2024
- Find out why Canadian entrepreneurs are leaving to find success abroad in this eye-opening video. In this video, I'll explore the challenges Canadian business owners face and the opportunities that await them in other countries.
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I’m Canadian and agree 100% with your views about Canada
Born and raised in Canada, I left for good in 2014, my top 3 best decisions. Will never ever consider it my home again; even if I wanted to go back, it is long gone...
- Insane taxes
-5 year mortgage terms
- High interest rates
- Inflation at all time high
- 1 USD = 1.4 CAD
- Cold as hell 8 months a year, gloomy otherwise
- High risk of getting debanked. Draconian speech rules like C-63.
- High immigration levels
- Woke policies including those in education sector
- Broken Healthcare system taking us months for a "virtual" appointment with your primary care doctor
- Crime rates have increased 10 fold. Where I live, it's 1 carjacking every hour. Leading to higher car insurance rates.
- Rise in homelessness and tents
Canada?! More like Canafornia . Somebody please help me out here. Why on earth would any Canadian want to live here?
F Canada (Immigrant's Paradise)
It’s not entrepreneurship that’s getting unpopular but Canada is unpopular among entrepreneurs
I am an EU dual citizen with Canada, but left Canada many years ago. But I regularly travel to/from Canada every few months as I recently incorporated there. I basically buy/sell agricultural commodities and edible oils and in these sectors there are some fantastic opportunities in Canada. I was able to sort out a proper banking and trade finance solution (with a mainstream bank and not some EMI - basically the only thing I would have got had I gone the US LLC route). Tax wise, there are a lot of deductions available, so those headline 50% rates can be avoided. Overall I'd say tax wise, corporate tax in Canada is comparable with much of the EU. The only reason though why I went with Canada is because I deal with a lot of suppliers and customers there, so it made sense. Also when I was looking to set up in Europe, banks here tend to shy away from small import/export businesses like mine and this sort of business is heavily reliant on banking services.
This is awesome advice!. I live in the "so-called" West (i dont want to say which country, but not the US). I left due to taxes and general societal degradation. I now live in a different country, do work all around the world online and pay myself in my country of residence.
You are living the dream thanks for sharing!
@JamesBakerCPA I wish I listened to someone like you for professional advice before the financial pain I suffered trying to setup these structures. And got found a few charlatans along the way.
Do i need to open LLC account in every country for amazon fba
If anything happens regarding American taxes, and I would like to contact them, but I am not good at the English language, do they have a translation service so that I can communicate with them?
Thank you James for your video. Canada is broke and broken that's why people are trying to leave!
Landed at 2007, Canada now is a 3rd world country. So sad for my lovely country, will leave soon too.
James, talk to you soon
what its cost to open LLC + bank account before moving ?
You can do after moving too. It's cheap to DIY and more to do with us
@@JamesBakerCPA Hello James! thank you for info! Im in Montreal you know about tax here! can i send email with more detail tks
"Businesses are paying 50% in taxes" That is 100% false.
The net tax rate for businesses is between 9-15%.
If you sell your business and sold it for more than 250k CAD, then 50% of everything over 250k will be included in taxes.
So if you sold for 350k, then you have 100k over the tax free limit. Out of that 100k only 50k will be added to your income and taxes. So you keep 250k + 50k tax free on a sale of 350k. The remaining 50k will be taxed 9-15%.
If you sold for 1M, then you keep 250k + 500k = 750k tax free. The remaining 250k will be taxed between 9-15%.
Thanks for the comment. I'm not a Canadian tax expert but just had a client who is a dual citizen who is working with pwc sell his business for 10 million and he paid 5.5 million in taxes overall. So I'm just sharing my experience on this. And there are ways to leave income in a corp and pay less taxes but you cannot use this money until you pull it from the corp and pay all the taxes.
@@JamesBakerCPA Lot of context missing from that example client. How much was carried over dues, how was it structured, etc. Nothing is better proof than an actual tax submission or return document along with supporting docs.
@@zshn Sure but this video is mostly conjecture and sharing with my CA viewers that if they want to leave and pay 0 taxes, it is possible. I think you trying to argue that Canadian taxes are low, is also conjecture that most others viewing this video would disagree with. I appreciate the comment but again, I'm not trying to get into the weeds of Canadian taxes and just shared an example.
@zshn lol Which dream land are you talking about?? So you mean to say all his rich Canadian clients gave him wrong information about their taxes?? There are also very famous Amazon Sellers and RUclipsr who made million in profit and openly disclose in their videos how they had to pay half of that million every year to Canada in taxes! They all eventually left because of this ridiculously high tax rules on profit. Whoever is giving you information or where ever you are getting your information is a bogus source! The only people I know who are not paying high taxes are the ones who hide their profits from then Canadian government
Not true, 50% of your capitol gains are taxed whatever your rate is (for higher net worth people that usually about a 50% rate. So basically its about 25% on a gain
In june if the new proposal goes through then that will be the same for the first 250k of gains and after that 2/3rd of you gain will be taxed instead of 1/2 of it. So thats 33% Thats how i understand it from a big picture standpoint. I think there can be other little things that bump it up more. James is right on the income part. Its only 9-15% if you kept i the money in your corp. If you draw it out as a dividend to use it then the combined corp tax plus dividene would be over 50% just like if you had taken a salary. This is all if people were in the top tax bracket of course which doesnt take much to qualify for. The capitol gains exemption was the only good thing about Canadas tax and clearly they are going after that now in the name of fairness. No reason to stay anymore from a purely economic statpoint unless your busisness has to be there or family emotional ties of course