Chris Christopherson

[Chris Christopherson @Chris89988664]

You obviously don’t have any rich clients or the ability to do simple math.

[Chris Christopherson @Chris89988664]

@Meodread Personal tax accountants, not the sharpest. If the top marginal income tax rate is over 53%, simple math would say you can get there eventually. Try plugging in 5mil on wealthsimple tax calc.

[Chris Christopherson @Chris89988664]

@gregorrobertson Holy ratio

[Chris Christopherson @Chris89988664]

@CanadaTaxGuy If you say so... not sure why you didn't address it in your absolutely idiotic quote tweets. To each their own I guess.

[Chris Christopherson @Chris89988664]

@pokerbucket @robfoot His books, speaking business etc are corporate assets. When any assets come out it is a disposition. Basically there is no way around (legally) without the government of Canada getting its piece. The absolute worst thing he could do is exit without some planning.

[Chris Christopherson @Chris89988664]

@robfoot It’s worse than that, he paid capital gains on his corp and then pays tax on anything that comes out. This is why planning is so important.

[Chris Christopherson @Chris89988664]

@Marco_Piani @GadSaad It is definitely incorporated and exiting forces him to pay tax and then additional tax on the same amounts as money comes out. This is quite punitive compared to normal exit tax an employed person with a stock portfolio would pay.

[Chris Christopherson @Chris89988664]

If you own a private business which you are not planning to sell or can’t sell, the exit tax will result in double taxation if you don’t plan appropriately.

[Gad Saad @GadSaad]

I’m unable to deal with the theft of much of my accrued book royalties and other creative endeavours. I’ve worked night and day for decades; nearly all of my money was generated outside of Canada, yet the provincial and federal governments felt that they are owed more than 55% of my earnings even though my taxes on my professorial salary is already more than what most Canadians pay in taxes. It is a criminal exercise bereft of fairness or morality. I hold out hope that I will somehow be granted financial cosmic justice.

[Chris Christopherson @Chris89988664]

@KarenFactsLover So many ignorant opinions… capital gains on your stock portfolio is WAY different than a deemed gain on your own corporation. The cost bump cannot be used and you are stuck paying Canada tax on money you take out in perpetuity.

[Chris Christopherson @Chris89988664]

@dmacpher It’s double taxed… too many ignorant folks on here

[Chris Christopherson @Chris89988664]

@crreesor You both don’t understand the situation fully - his is a double tax situation

[Chris Christopherson @Chris89988664]

@KarlDHarrison He’s not 100% wrong, just misunderstanding the situation. When you own a private business you can’t sell, you open yourself up to double taxation on exit.

[Chris Christopherson @Chris89988664]

@guy_pharm That CPA is unfortunately not comprehending the situation.

[Chris Christopherson @Chris89988664]

@CanadaTaxGuy It makes sense for private business owners to pay tax on an asset they can’t sell and may go under? Something that also does not bump the paid in capital, so if you can’t sell you’re double taxed as long as you own it?

[Chris Christopherson @Chris89988664]

@guy_pharm You are the biggest moron ever if you immigrate to a country without reading all 3,000 pages of legal writing of their income tax act, is that your position?

[Chris Christopherson @Chris89988664]

@MyLatinLife Real estate is deferrable until sale… and for equity you hold can post security. It’s the private business owners that get screwed.

[Chris Christopherson @Chris89988664]

@TheChaosWeeber Why stop there? Why not put up a big wall and stop communication to the outside world?

[Chris Christopherson @Chris89988664]

@david_parker @GadSaad Canadas exit tax is not generally terrible EXCEPT for his exact situation where you own a private business

[Chris Christopherson @Chris89988664]

@HenninNolan You aren’t understanding the situation - he has a private business