Maybe the last one left can turn off the lights.
The ACS, which is conducted by the U.S. Census Bureau, says the number of people moving from Canada to the U.S. hit 126,340 in 2022. That’s an increase of nearly 70 per cent over the 75,752 people who made the move in 2012.
Terminesi said his phone has been ringing off the hook for the last 18 months with calls from Canadians wanting to move to sunny Florida.
“‘With Trudeau, I have to get out of here,’ that’s what people tell me. They say to me, ‘Marco, who do I have to talk to to get out of here?'” Terminesi told CBC News.
I’ll bet a significant number of these escapees had their first experience with what Canada calls a “Departure Tax.” From what I understand, your holdings need to be sold and then the revenue from those efforts is taxed massively by your government. I believe it’s half of all net gains from the selling of property at “fair market price” is then subject to taxation as revenue.
So you plan ahead by consulting a CPA regarding assets and potential Departure Tax and how to avoid or reduce it. By the way, your home and any appreciation in value is excmpt from this. Furnishings, vehicles, RRSPs, TFSAs are also all exempt from this.
Yes “deemed” as sold, notice that the government wants to increase taxes on capital gains, as high net worth individuals leave?
Don’t you feel like you’re in one of the Monty Python skits?
But in real life?
Runaway…
Flee…oops sorry too late…
As you know now, you could’ve had a pickle factory!
The Brits did this a long time ago, nothing new. Had an old friend who immigrated here and could take very little wealth with him. Family in England looked after his assets and over the years he slowly got full value.
YouTube has many videos related to becoming an X-pat. Look and compare countries for cost of living, crime rates, housing, banking … your money may not be safe in Canada if the left remains in power.
We are looking and have been for some time. Will be checking out a place or two in South America … if we aren’t in a 3rd WW the the Biden admin seems to want before the the November election. Then it may just be too late.
Another brain drain coming right up. 20 and 30 years ago we were losing plenty of professionals to the US. Doctors, nurses, engineers, all trained in Canadian universities with Canadian taxpayer subsidies. With the Liberals jacking up the capital gains taxes, we’ll be losing a lot more, especially the health care folks, and we’re short enough now of those people. It won’t help to train more of them if we can’t keep them, and taxing them to death surely won’t keep them here.
Maybe the development of a DepartCan app is in order.
If you’ve got a portable skill or talent you can live somewhere where the taxation is less onerous and it isn’t-20 to -40 for five months of the year.
Taxes are why The Beatles left England for America back in the day.
https://www.youtube.com/watch?v=oO79rkfV0PI