From Canada To The World: How Living Abroad Saved Us Thousands In Taxes 🇨🇦 | Travel & Explore Now
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- Опубликовано: 15 сен 2024
- Discover how Canadians can save on taxes and enjoy financial benefits by living abroad. This video shares our experience of becoming non-residents of Canada and the surprising savings we discovered. Learn about the tax implications, financial perks, and how to make your money work for you while traveling the world.
Introduction to tax savings and financial benefits for Canadian ex-pats
Personal stories and experiences of living abroad
Insights from meetings with accountants and portfolio managers
Advice on handling investments and retirement savings as a non-resident
Debunking myths about exit taxes and residency status
This video is about From Canada To The World: How Living Abroad Saved Us Thousands In Taxes 🇨🇦. But It also covers the following topics:
Tax Benefits Living Abroad Canada
Save Money Living Abroad
Canadian Expats Tax Savings
Video Title: From Canada To The World: How Living Abroad Saved Us Thousands In Taxes 🇨🇦 | Travel & Explore Now
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Two years ago, we sold our home and all our belongings in Canada 🇨🇦. We now own nothing! We are currently traveling around the world full-time. We now enjoy world travel to many amazing destinations for less than sitting at home watching the rain. You can, too. Come join us😊
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Thanks for the advice. And… welcome home! Thanks for the video.
And thank you so much for watching our videos and taking the time to respond. And thanks for the welcome back home. We weren’t there long. We are in the UK now. Having a great time and should have some great videos out in the very near future.
My Wife and I just enjoyed two weeks at a cottage. True… it was for the most part relaxing and wonderful (save those mosquitoes, black flies and deer flies). We at night around a campfire, discussed with friends situations, possibilities and intentions. Your videos… your advice, your experiences… basically your videos were regularly referenced. Both of you guys are really making a difference by addressing many of people’s (unanswered) questions through your experiences and journey. I cannot say it enough… I (we) sincerely appreciate you dissecting these concerns and obstacles. Thank you.
The homeless on the streets has spread to small rural areas as well. Justin has done a fine job for his masters.
Yes the homelessness has become a real problem in our country. It’s a real shame considering we are one of the richest countries in the world. Definitely time for a change of leader ship. Thank you so much for watching our videos, and taking the time to respond.
his masters ???
@@blanksy_- WEF
Thank you so much for making these videos!! So informative for Canadians ❤
And thank you so much for watching them. We are really glad you’re enjoying them.
Love you guys; thank you for creating this valuable content!
Taxes aren’t boring it’s planning and unfortunately essential no matter how you shape it. You guys are living your best lives in retirement. Hoping the 67% on realized gains above 250k will return to 50%., so much uncertainty for future retirees looking to do similar things as you guys. That’s a great part time puppy , cheers !
Yes Alfie is a real cutie. And yes we are definitely joining our retirement. And because the future is uncertain we thought we should act sooner than later. No one knows where taxes are going to go. But one thing I do know and that is the politicians are desperate to raise more money. My prediction is they are going to come after your principal residence. Only time will tell. And thank you so much for watching our videos and taking the time to respond.
good video (again), looking forward to the interview with David 👍
Hi there. Our interview with David video should be out within a day or two. Stay tuned😎
Another informative video. I am assuming that due to the tax treaty is the reason you only have 15% withheld? Dividends are great,they are the reason i retired early and being a DIY investor i save/make even more. Where in England are you? My last trip there was to Plymouth and it was rainy and chilly but food was amazing. Have fun
Hi there. We are in the Cotswold right now. We will be going to the Malvern hills in a couple weeks, and then off to Scotland. Thanks for watching our videos, and taking the time to share.
Awesome vlog. I have lived for a year outside Canada and loved it. Getting ready to take the plunge.looking forward to your next video for some inspiration
Well thank you so much. We have a video coming out in the next day or two featuring our portfolio manager. It should be a good one. And thank you again for watching our videos and taking the time to respond.
@@jillpemberton1434 Looking forward to the new video.
Just subscribed to you channel. Great content and really appreciate it. Many people want to leave Canada legally. I am glad that I found your channel. Keep up the great work.
Well thanks so much for the encouragement. And it’s great you took the time to respond. It was a big decision for us to leave, but we haven’t regretted it for a second. Hope you find time to check out the rest of our goodbye Canada series. There’s lots of helpful tips in them. Cheers, from the UK.
my experience . lived in Victoria . we paid a total of 8% income tax as a retired couple , only income was investment funds .. now we pay 15% on our income as a non resident ( however in the summer after one gets a refund for the dividends that were ROC etc ) . and maybe more tax to pay , not done UK taxes yet .. but glad i left for reasons as you say
Hi there. Yes everyone is in a different tax bracket. That is why we recommend to all of our viewers to consult with professionals. I’m curious where are you residing now? And thank you so much for watching our videos and taking the time to respond.
@@jillpemberton1434 hi Jill . we moved to UK . house for $400 k canadian is not like in Victoria . way cheaper here for everything . you must be loving the supermarkets too in UK
Excellent content as always. I believe you are so correct that Canada, and the US for that matter, are on a downward slide.
Taxes are over the top and very little in return. We should be treated way better but, as a country we are struggling.
I believe you will see more people such as yourselves doing exactly the same.
Hi there. Yes, I am sorry to say I think you’re correct. We are hoping in the future there will be some positive change. If not I think our country is in big trouble. Thanks so much for watching our video and taking the time to respond.
Which dividend stocks or ETFs are you investing in?
Hi there. The majority of our holdings are in Canadian preferred shares. Most of them are rate reset, and will be renewing at much higher yields. Our portfolio manager, has full discretion to invest where he sees fit. We will be featuring him on our next video. Should be out within three or four days. Make sure to stay tuned. And thank you so much for watching our videos.
preferred shares are not the best alone .. . .. a balanced portfolio is the best .
Awesome video, just what i needed
Well I’m really glad it helped. And thank you so much for watching our videos and taking the time to respond.
Great video. I look forward to your interview with David. Question...I notice you have a small/medium sized dog. Do you travel with it as well? In cargo or cabin? We are also struggling with that.
Hi there. The interview with David is out now. And as far as the dog goes, that is our friends dog in the UK. His name is Alfie, and he’s a real sweetie. And thank you so much for watching our videos and taking the time to respond.
Thank you for the information
What company are you with for Medical coverage, .🎉
Hi there!
Thanks for connecting with us and for watching our videos.
We use Cigna - they are fantastic! I will put three links to our Goodbye Canada series. The last one is on healthcare. You should watch all 3 to learn the processes. If you have any questions please feel free to reach out anytime 😊
👉Goodbye Canada- Get A Life Of Freedom .Health, And Tax Benefits | Travel; & Explore Now|
ruclips.net/video/6DDMSG288-U/видео.htmlsi=8C_AT5Iue7QTIOU4
👉How To Leave Canada For Good :Cost Saving Tips & Global Residency | Travel &Explore Now
ruclips.net/video/FIrkrLTla5k/видео.htmlsi=PE7Rc8sUjn7sU3zZ
👉Leave Canada For Better Healthcare And Freedom -Global Travel Tips | Travel &Explore Now
ruclips.net/video/e1SdC2CjVog/видео.htmlsi=QbAy1hMUbz8SvAkP
Excellent video as always! How we can get a hold of your financial advisor if that's possible please? We are in a similar situation you were a few years ago and we would like to get things right proactively.
Hi there. His name is David Lepoidevin. He is in Vancouver. We should have a video out featuring him in the next day or two. We will have all this contact info there. Thanks so much for watching our video and taking the time to respond.
@@jillpemberton1434 Awesome! Looking forward to watch this video.
There is no free lunch. As Canadians leave to avoid taxes, those that remain will have to pay more to maintain public services. The issue to consider is whether those that return after their years of absence should be able to access tax-funded services immediately upon return. Paying taxes is like paying insurance premiums. When you give up your insurance policy and choose to buy another insurance, you pay more later.
We can choose to have low tax regime like the US and accept to pay thousands to access healthcare etc or to use tax dollars to fund services.
Yes if only our tax dollars were being directed in the right areas. We are one of the highest taxed countries in the world, and gets so little in return. Just look at the healthcare situation in Canada. It is falling apart. We need new leaders, and they can’t come quick enough. Unless things change drastically in Canada, we won’t have to worry about returning. Thanks so much for watching our videos and taking the time to respond.
If a Canadian decides to return after the damage is fixed no problem, they previously contributed to the system. Illegal immigrants are treated better than most Canadians these days. That's a BIG problem!!
@@johnnyguitar1422 Is there an insurance company that will cover you at the old rate after you have terminated your coverage years back, citing that the basis that you have paid premiums for upteem years?
@@Dinoknows007 Insurance rates never go down EVER. Always up not matter what.
@@johnnyguitar1422 Precisely. So, why should Canadians who flee the country to avoid paying taxes should feel entitled, after years away, to enjoy access to our tax-funded public services at the same price (pay your progressive tax for that year ) that Canadians paid? That's why we should do away with public services, so that the market can dictate the correct price of services for each person.
After all Canadians seems to dislike public healthcare, believing that private healthcare is the panacea of all our health care woes. Getting rid of public healthcare should not be a challenge. And I am sure those returning Canadians, having experience private healthcare abroad, will embrace private heatlhcare readily even though it means paying a little bit more. Their savings from living abroad will also tide them through more expensive healthcare needs.
Ending public services is the way to go.
First of your content I have seen: very interesting topic: hope to see all your new ones. Thank you for that encouragement.
So is it easy to make friends in your new digs, or are you just sort of on your own socially?
I find the Canadian Liberal/Socialist/Gov't/Bureaucracy to be very depressing. Congrats on your move.
Hi there. Yes it was depressing for us as well. We are hoping in the future new leadership turns things around. As far as friends go. We are constantly meeting like-minded people, and developing new friendships as we move around. We also have friends from Canada who are joining us. We will be in Scotland golfing in September, and have a good friend joining us. We also fly the kids out to join us and some of our more exotic locales. It seems we see more of them now than we ever did before when we were living in the same city. And thank you so much for watching our videos and taking the time to respond.
A beautiful place to Visit ❤❤❤❤🎉
Yes, we are really enjoying the UK. Only thing we don’t like is the driving on the left-hand side. We’re getting used to it though. Thanks so much for watching our videos and taking the time to respond.
Thank you for sharing. Which private health provider are you using, and does is cover health insurance when you are back in Canada?
Hi there. Thanks for watching our videos and taking the time to respond. We are using Cigna. And yes they will cover us for six months in our home country. Actually we are insured in every country in the world except for the United States. We have six months coverage in our home country. And all we would really need a three months and then Our BC medical would be reinstated.
@@jillpemberton1434 Thank you so much for the response! That's great to hear and so happy for the both of you living out your dreams, you're both an inspiration!
@@jillpemberton1434the month you return counts as 1 month even if you return on the 29 th. I’m guessing you know this? Also in Alberta,Nova Scotia and some other provinces you are covered the first day of your return. It’s not like you didn’t pay taxes your whole life and are Canadian citizens.Canadian hospitals have been treating foreigners free forever! The NDP in BC. Is the first to start grinding on the in-firmed after making BC medical FREE as an election platform. When leftists say FREE beware!
What would you advise someone selling their home with lets say 500,000 , is that enough to leave Canada? What would your move be? Any advice would be great!
Hi there. Thanks so much for watching our videos and taking the time to respond. The way we look at it zero finances is enough to leave Canada. That is of course if you can still maintain whatever income you had. And the reason being is Canada is one of the most expensive countries in the world to live. We are in England right now, and shocked at how much cheaper it is to live here. And we have done some other videos on leaving Canada. I would suggest you check them out. Especially the goodbye Canada, how to leave video. I will attach a link for all three. We have another video coming out within the next week on how to make your money work for you. Stay tuned, could be very helpful. Good luck to you, and whatever you do, don’t let fear get in the way. Feel free to contact us anytime with questions.
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This is what I’ve been striving for. I travel a lot, I always have. Once I return home, I’m already planning my next adventure. I have to come back to Canada to work & make money so I can venture off again. The only asset I own is a vehicle & I always have a decent amount of savings - spending every last penny wouldn’t be wise. Maybe I’m doing things the opposite of what I should be. Stay put, own larger assets, keep working to save, then sometime in the future, sell what I have & cash out. I don’t really think about the political side off things, I travel because there is so much beauty to see & explore, people to meet, learning about different cultures. However,this is ultimately the end goal here.I love Canada, but I don’t feel as though this is the where I’m meant to be & I have a hard time staying put in one place too long - well, I don’t have a choice to not return at this point LOL. Any tips for a women in her 30’s, trying to figure out where she belongs? I’m incredidibily happy for you both!! I love your channel - thank you for sharing your journey & wisdom along the way. XO 🌻🌺🌹🌼🌷
Invest in dividend/dist paying ETF's and it will be like you never quit work- every week can be a pay day and if done right it will be tax friendly
The only tip we can really offer is follow your heart. Life is short, and we always try to make the most of it. And we also would like to thank you so much for watching our videos, and taking the time to respond.
How do you save for your retirement?
I saw some of your other videos and that you chose to move to Mexico. Why Mexico? How many months of the year do you have to stay in Mexico to keep your residency there? How many months can you visit Canada? If you stay in Mexico for 2 months but visit Canada for 4 months, I hear that can be a problem as despite having spent less than 6 months in Canada the CRA can still treat you as a "deemed resident". Also, what other countries did you consider moving to for permanent residency? My wife and I are considering moving to either Barbados (tax treaty) or the Cayman Islands (no tax treaty).
Hi there. Our original plan was to buy a home in Mexico and settle there. That is why we got permanent residency there. As it turned out we were enjoying our freedom so much we decided to travel the world instead. But the nice thing about Mexican permanent residency is you do not have to live there. We are looking at getting residency in other countries as well. We are in the UK right now hoping to get citizenship here, as Jill’s parents are from here. Thanks so much for watching our videos and taking the time to respond.
What kind of account or tax lawyer is required to navigating giving up canadian residency. And what rights do you retain?
Hi there. Thanks so much for watching our videos and taking the time to respond. All you really need is an accountant to file a non-resident tax return. Of course it would be very beneficial to know the facts of exactly how to do that. There are certain requirements that CRA demands in order to grant you non-residency status. We would strongly recommend anyone take care of all of that before applying. And as far as rights. We can come back anytime we want and have the exact same rights we had before except for free medical coverage. I am going to attach a link of our leaving Canada series videos. A lot of your questions will be answered there. Any other questions feel free to contact us anytime.
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Good day!
Thank you for posting this video. I want to do the same: retire, sell my house and leave Canada. May i please use your financial adviser David to help me to get my finances in order? Your help will be much appreciated !
We are doing a video in the next day or two featuring David. We will have all his contact info there. He is in Vancouver. Give him a call. Hopefully he can help you. He has being really really good for us. And thank you so much for watching our videos, and taking the time to respond.
How did you go about becoming a non-resident?did you hire someone to help you with the process ? Thank you
Hi there. Yes we hired a woman in Cabo San Lucas to help us. It was very affordable. I don’t think we could’ve done it without her. We have are leaving Canada series which includes an interview with her and all her contact information. I would highly recommend you to get in touch with her. I have attached a link to our goodbye Canada series. And thank you so much for watching our videos and taking the time to respond.
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I am also a Canadian who became a non-resident recently. It’s great that you reduced your Canadian tax to 15%, but what about Mexico tax? They tax their residents on their worldwide income. How are you getting around that?
Probably just not filing in Mexico :) Mexico will take their 10% cut to bring it up to 25% non tax resident Canadian tax rate
You two look too happy
Hi there. Thanks for watching our videos and taking time to respond. We are permanent residence in Mexico, but do not reside there. Nor do we run any businesses or hold any real estate. Therefore for tax purposes deemed non-residence.
As a general rule, all individuals who establish their permanent home in Mexico are deemed to be Mexican residents. In case such individuals have also a permanent home available to them in another country, they shall be deemed to be Mexican residents if they have their center of vital interest in national territory; this is, when more than 50% of the total income obtained by the individual within a calendar year arises from sources within the country, or when the main center of their professional activities is located in Mexico.
For these purposes, individuals who temporarily use real estate for touristic purposes shall not be considered as having established their permanent home in Mexico.
Great video. One question: my understanding is that Canadian law requires that one has to pay taxes somewhere. If not in Canada, which country are you paying and/or how are you doing it? Many thanks 🙏
Hi there. Yes we are still paying taxes. They are in the form of withholding. We just don’t pay as much as we used to. We pay 15% withholding on our Canadian dividends. We will pay a flat 25% tax on our RRSPs when we pull them out. We also pay withholding taxes to the US on our American investments. But like I said before, it’s is still saving us thousands. And thanks so much for watching our videos and taking the time to respond.
Thanks guys. The one item you did not mention is where you actually are residents of ? Even as non residents my understanding is still need residence somewhere or Canada will still consider you. Would appreciate if you could respond on this and thanks again !
We have permanent residency in Mexico. But we spend no time there and conduct no business. We are in the UK right now working on attaining citizenship. We are also looking to attain residency in other countries as well, such as Portugal Spain and Panama.
I've heard of the "Departure Tax" (I think that is the tax you pay on your deemed disposition) - wonder if Exit Tax is just a different name for that, or if it is something entirely diff't.
Yes there is definitely the deemed disposition. But apparently they are talking about an additional exit tax of $25,000. Who knows what they have lined up for us down the road. That’s why we got out when we did. Thanks so much for watching our video and taking the time to respond.
Great info. I'm planning to leave Canada for the Philippines. You've answered many of my questions. Are you ok to share who is your accountant or how to find an accountant for non residents
You will love the PH, just avoid the areas hit bad by typhoons. Cost of living well is amazingly cheap. I personally never used an accountant but my money situation is quite basic.
@@kellyinPH thank you. Mine is basic as well but at least for the first year I'd like a pro to ensure I'm not missing anything
Hi there. Thanks for watching our videos and taking the time to respond. Our accountant is Joe Primerano. He is with Baker Tilley. We have used him for the last 10 years. He is being very good. We spent a few months in the Philippines last year. Some absolutely beautiful areas. And very affordable as well. A good choice.
Yes, still has the beauty, but its not the same as before
Yes that is for sure. We’re keeping our fingers crossed that things improve in the future. But until that time, we are going to travel the world, and look for a new happy place to live. Thanks so much for watching our videos and taking the time to respond.
and unaffordable for most . . but this is true of lots of the colonial countries . NZ OZ etc .
Bonjour, We are so happy that you share all of your findings and experiences.
I have one simple question, how can you renew your passports without a Canadian addresse?
Merci thanks.
Hi there. I am not entirely sure, as we have never done it yet. But thousands of other people have. We have to do it next year. If we have any problems, our viewers will be the first to hear about it. Thanks so much for watching our videos and taking the time to respond.
Your right to a cdn passport does no depend on being a resident. You can have it renewed at the embassy in the country where you are living in. Recently renewed mine and put the address of the country of residency served by the embassy
you can apply for passport renewal at Canadian consulate/embassy whereever you are when the time comes.
Hi. I am very happy for you. I was wondering though, which country are you a resident of? Don’t you have to pay taxes somewhere?
Hi there. Thanks so much for watching our videos and taking the time to respond. We are permanent residents in Mexico. We spend very little time there though. If you make your capital gains or interest in Mexico they do expect you to pay tax on it. We do no business in Mexico though. And we have no income there. But for people who are working down there the tax rates are a fraction of what we pay up here.
@@jillpemberton1434 thank you for your response. But it seems to me that there is a resident tax on worldwide income no? Maybe that would be an interesting video to do because I am not understanding how you pay no tax, or maybe I am not understanding correctly. Thanks in advance.
@@jillpemberton1434 I hope your following video addresses the MX tax on Canadian assets. I, like others mention, read that MX has worldwide income also.
Mexico does tax worldwide income, that’s why it is only 15% in Canada, as Mexico will take their 10% to make it 25% non resident tax for Canada. As a tax resident of Canada, if there is no other income, $55000 of dividends are tax free. I don’t think it was worth becoming a non tax resident if you still keep your money in Canadian bank. If you move all your investments to Mexico, it would be 10% tax,If you stayed Canadian resident and withdraw less than 55 k each -tax free, but now it is 25% 🤷🏻♀️
GIC and capital gains on stock sales will also be taxed at 25%, but reduced by whatever amount Mexico will take.
You and your spouse can earn a total of $142k annually ($71k each) from dividends and pay zero taxes.
In many cases going non resident is going to cost a lot more in taxes. ..
Hi there. Our ears are wide open. I would love to hear how you do that. Are you an accountant? And thank you so much for watching our videos and taking the time to respond.
I am also curious. Certain dividends you will get tax withheld refunded but I have never heard the 71K$ number before. As a non resident myself I am saving more on taxes than when living in Canada but always eager to learn about new savings
which is why we only paid 8% a year as a couple .. we earned more than the 142k
OAS should not be an entitlement...it is geared to help Canadians attain a liveable retirement income. If those who do have more feels entitled to OAS, they should also ask to get the GIS as well. We complain about high taxes, yet have no qualms gaming the system to exrtract monies that we should not receive. And we blame Trudeau for all these.
For those reasons, we should just follow the US in tax and social services. Canadians, especially those who flee to avoid taxes, will be happy to pay for everything in return for US tax rates.
US tax rates ??? And as far as anyone gaming the system, I think not. Trust me, We have paid way more than our fair share of taxes. Maybe the people gaming the system are the ones who want to sit on their butt all day, and pay absolutely nothing into the system. And yes I do blame Justin Trudeau. He is enslaving all Canadians and future generations with his irresponsible spending. And thank you for watching our videos, and taking the time to respond.
unfortunately that's the system Canadians have put in place. And for non-residents of certain nations, the OAS clawback does not apply. So you can make $500k annually and still get full OAS. But for the poor sods living in Canada, they lose their full OAS if making over about $142k. Crazy system really, but awesome if you know how to game it a bit
But why keep referring to a person Trudeau but not the Liberals. Is like saying is a BC problem when every problem is a problem. As knowledgeable seniors set an example.
The buck stops at the top. Trudeau is their leader. This government is no longer about the liberals. Just look at his plane. It used to say liberals on the side. Now it says Trudeau. He hast to go. Thank you so much for watching our videos and taking the time to respond.
Are you filing and paying taxes in Mexico?
No not right now. We do not spend any time in Mexico. Nor do we own anything there or have any business dealings. We are seeking citizenship in the UK right now. And are also looking at residency in a couple other countries. In these crazy times it never hurts to have some options. Thank you so much for watching our videos and taking the time to respond.
you don't need to file in Mexico unless you have income there. And even interest income is subject to 10% govt withholding. Very easy.
@@jillpemberton1434 I think pre-Brexit there would have been significant advantage to UK citizenship. But i don't see any particular advantage to you and the travel lifestyle. What do you see as beneficial to your current plan? Thanks and enjoy!
Who's doggie? :)
That is our friends doggy Alfie. He is a really good boy😎
What about taxes in your new residency?
Depends on what your income is from and if there is a tax treaty with new country.
I was wondering the same. Perhaps they just travel all the time and dont have permanent residency anywhere, SO no additional tax beyond the flat rate 15% to Cdn Gov
@@Noonelson they say Mexico in the video.
We have permanent resident status in Mexico. But we do not live there, and we do no business there, or have any holdings. Therefore we do not file. Thanks so much for watching our video, and taking the time to respond.
Hello from Victoria, great video. Can you share your accountant's info David L ??
Hi there. Our accountant is Joe Primerano. He is with Baker Tilly in Vancouver. David Lepoidevin is our portfolio manager. He is with Canaccord in Vancouver. We should have a video out in the next day or two featuring David. And thank you so much for watching our videos and taking the time to respond.
Thanks so much
What country are you residents of?
We have permanent residency status in Mexico. We will be applying for citizenship in the UK. We are also looking to attain residency in other countries as well. Thank you so much for watching our videos and taking the time to respond.
Can you refer me to the accountant?
Our accountant is Joe Primerano. He is with Baker Tilly in Vancouver. He has been great for us. And thank you so much for watching our videos and taking the time to respond.
What is “David’s” last name?
David’s last name is Lepoidevin. He is with Canaccord in Vancouver. There should be a video out in the next day or two where we are featuring him. We will include all of his contact info. And thank you so much for watching our videos and taking the time to respond.
Trudeau, we work for what we have and still .. today .. but you need to be remove with disgrace also Singh and all your cabinets ministers whit handcuffs
Yes I agree. They are quite a group of losers. And they are ruining our country. And I also wanted to say thank you so much for watching our videos and taking the time to respond.
@@jillpemberton1434🫡
Trudeau 2.0, same trend pattern under Justin as Pierre. When does the inflation bubble burst? It makes me feel so for seniors on a fixed income or young people starting out.
It’s not just for young people starting out. Most everyone is struggling. Hopefully he gets his butt kicked out really quick. And thank you so much for watching our videos and taking the time to respond.
Its amazing how govt bloat, central banking and fiat currency end up disenfranchising and destroying productive people in an economy.
They end up leaving and see their exit as the only viable option to a better life.
Yes it is a real shame. Hopefully there is going to be some positive change in our future. If there isn’t our country is doomed. Thanks so much for watching our video, and taking the time to respond.
Thanks for the video. That is one thing that I am trying to figure out. I have real estate properties that I want to keep as they generate positive cash flow but how does that affect my tax situation if I leave Canada. I will be drawing my pension also along with CPP and OAS. Lots to consider... would you guys be opposed to a zoom call or phone call sometime down the road? Thanks again great content informative and has motivated me to do the same
Revenue generated by property or any means is considered income so you will have to file income taxes.
Hi there. I’m sure we could set something up. Maybe a WhatsApp call, as we are in the UK right now. My WhatsApp number is 1-250-888-1948.Shoot me a quick text and we will set something up. And thanks so much for watching our videos and taking the time to respond.
As long as you have a Canadian source of income, CRA considers you a Canadian tax resident even if you spend less than 180 days in Canada.
@SvirepiyBambr-xw8rw not according to our accountant. There are thousands of people from all over the world investing in Canada. It’s similar to my US holdings. There is a withholding tax held back, and that is the end of it. And thank you so much for watching our channel I’m taking the time to respond.
Hello
I believe that you must become a resident of a new country before you can can become a non-resident of Canada I.e. you can’t just “float around” or Canada won’t approve / recognize your nonresident status ?
I believe that you’ve taken up your new residency in Mexico ?
I assume that you’re paying zero capital gains because that is the general tax policy of Mexico - is that correct ?
Thanks
Thanks !
Hi there. Yes you are correct On both counts. We are permanent residence in Mexico. We are also looking to acquire residences elsewhere. Mexico does have capital gains tax. And if you make money in Mexico you will definitely be paying capital gains tax on it. At this time all of our investments are still in Canada, so will not be reporting in Mexico. The nice thing about Mexico is you can have residency there but don’t have to spend any time. And thanks so much for watching our videos and taking the time to respond.
@@jillpemberton1434
Thanks for the reply
I don’t understand how you can keep your investment portfolio in a Canadian institution as a (now) nonresident ?
This quote is directly from wealthsimple;
“Wealthsimple is only licensed to open Canadian accounts for residents of Canada. If you become a non-resident of Canada, you must decide what to do with your assets. By law, we're required to suspend accounts held by non-residents”
I’ve also read this elsewhere / from other Canadian financial institutions - I would post a link,but, that prevents my reply from being posted (it disappears immediately) ?
Looking forward to understanding how you got around this….so that I can too ?
Thanks
Hello - Will you be replying to the above comment ? I look forward to understanding how it is possible for (now) non-Canadian residents to continue holding their investment portfolios in a Canadian bank / brokerage account, when Welthsimple & other Canadian financial institutions, suggest that it is not possible ? Thanks.
Hi and great going on leaving this tax to death woke Canada. My question is your private insurance is based in Canada or ? I’m looking to leave Canada and denounce my citizenship,but isn’t there a cost to do that ? Entering Canada are you still using a Canadian passport? Thanks for the info.
why in the world would you denounce your Canadian citizenship, that would be an insane thing to do, best passport in the world, you would be making a huge mistake
@@kleerogers what decade are you referring to when saying the best passport in the world when Canada has become a tax crazed crap hole. Im denouncing to stop paying taxes to a rogue government that sends it to wherever the WEF tells them to.
@@kleerogers Because the corporate frauds on right have beat his his mind to a pulp with endless faux outrage anti government propaganda for so long now, that he can't even think critically anymore.
You want to give up your Canadian residency, NOT your citizenship. They are two very different things. UK has the best private insurance. There policies are much more consumer friendly that any insurance from the US. Check out World Expat Health.
@@wheretoretire3315 agree, you become a non resident for tax purposes, nobody would ever give up Canadian citizenship (in their right mind)
if you sell property when you leave Canada there is no capital gains tax . only on investments .. unfair IMO
There is no tax on your principal residence at this time. I believe that is going to change in the very near future. The government is desperate to raise more tax dollars. You are taxed capital gains on investment properties though. Thanks for watching our videos, and taking the time to respond.
@@jillpemberton1434 it is about time .. Canada is in a hole with the big Covid payments .. if i had made a huge amount on my house i would be happy to pay 15% tax on the profits .
Healthcare is under the control of the provincial government. We are blaming the Trudeau for that?
That's why we need a simple system of governance that Canadians can understand. Canadians are blaming Trudeau for a mess that is the doing of the provincial governments.
Maybe, we should just do away with the federal government. Provinces can collect and keep all the tax revenues originating from their jurisdiction. Residents of each province can then go after their own provincial government for failures of all public services, eg. Healthcare and education.
Do we need a federal government? If the provinces want one, they can fund it. The federal government exists at the pleasure of the provinces.
Constitution can be changed. Federation can be dissolved. The current multiple governments setup is not working.Canadians see the federal government as the the main level of government when the reality is that the provincial governments have the most impact on our lives as the key areas determining our well-being like healthcare, education, social services are under privincial controls.
Having the provincial governments control their own revenues will end the current bickerings between the federal and provinces. Provinces can manage their own destiny.
The only problem is the federal government collects the majority of our tax dollars. And this current government is spending a whole lot more than they’re collecting. This is something we are all going to have to live with in the years to come. Thanks so much for watching our channel and taking the time to respond.
@@jillpemberton1434
That is why we need tto change the whole governance structure. There is no reason why there should be a federal tax. End it. Provinces collect all the taxes rhey want and they will fund the federal government as they deemed fit. Canadians will hold their respective provincial governments responsible for everything. The federal government without funds can do nothing. There may not even be a need for federal programs. The provinces have different priori governments can run their own public pension or some may just
@@jillpemberton1434We can do away with federal taxes. Let the provinces collect all the taxes. The provinces will fund the federal government as they deem fit. Transfer all federal programs to the provunces and let the province run or eliminate them. The provinces have varied interest and priorities. So, the residents of each provinces are better served by their respective provincial governments.
As provinces take care of their own affairs, squabbles between the federal and provincial governments will end. Likewise bickerings amongst provinces will be eliminated too. End of equalization squabbles. End of CPP and OAS, replaced by provincial programs or privatized totally.
Finally, the residents of each province is free from federal clutch and can determine their own unique path forward.
In this era, do we need a federation? You want lower taxes, federation must go.
The ideal system is a loose federation where the provinces control their purse string and the end of federal programs.
❤❤❤❤❤ I need the contact to your CPA & portfolio man David. Please & thank you! 🙏🏼🥹
Hi Lynn,
Here you go!
David LePoidevin
LePoidevin Group
Canaccord Genuity Corp.
👉 +1 604 643 7320
👉+1 855 643 7073
👉www.lepoidevingroup.com
👉Joe Primerano
Baker Tilly in Vancouver
604 684 6212