Wealth Without Bay Street 243: Tax Implications of Leaving Canada
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Ready to leave Canada behind and chase sunnier shores? Or maybe you’ve had enough of the tax burden and want to cut ties for good? Before you take the leap, there's a lot you need to know about what happens to your money, assets, and tax obligations when you become a non-resident.
In this episode, Richard Canfield and Henry Wong discuss the tax implications and legal considerations of leaving Canada and becoming a non-resident. They break down the impact on your cash value life insurance policies, investments, real estate, registered accounts, and how this decision can affect your financial future.
As Henry puts it, “The key thing to remember is that Canada’s tax system will try to keep you tied to the country as long as possible.” If you’re practicing the Infinite Banking Concept, you’ll learn how your high cash value life insurance policy is treated when you cut ties with Canada. They also share the steps you need to take, like getting a clearance certificate, to ensure you don’t face massive tax bills when you leave.
Don’t make a rash decision and leave Canada without knowing the full financial impact. Tune in to this episode to learn the tax secrets that can save you from costly mistakes and keep more of your money where it belongs—in your pocket.
▶️ Tax Implications of Leaving Canada
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Website: https://dontspreadwealth.com/
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