🇨🇦🇨🇦 HOW BAD IT IS🇨����🇨🇦
I came back to 🇨🇦 from 🇲🇽 for the summer. This is an example 🇨🇦 vs 🇲🇽.
2 Corona 🇲🇽 60 pesos $4.65 CDN no tax.
2 Corona 🇨🇦 $6.50 x 2 = $13.00 + 13% HST = $14.69 CDN.
Elbows Up.
@Monkey198111@DayleenVann If I pulled mine out to move them to my US accounts, I'd lose 60% before I touch it even though it depreciates. Properties, bank accounts etc all came with me in 2022. Skipped the tax entrapment. Luckily.
@barontrump47 Rising costs, taxation and healthcare access are the only things Canadians leaving are concerned with. Military strength is irrelevant. Their public education system is superior to the US system. Especially Florida.
@Monkey198111@DayleenVann So trying to be successful, realizing Canada won't make that happen, leaving for your own wellbeing and end up being stolen from?
That's wild!!!
Gad just learned about the Canadian “exit tax.”
It’s very real.
It’s one of the reasons our brain drain isn’t bigger than what it already is.
It’s a form of entrapment.
There are successful entrepreneurs who have highly profitable businesses, that do not leave because their business would be taxed as though it was sold, a deemed disposition, at fair market value, but they don’t have the money to pay the tax on it.
Think of it as an acquisition happening, but with you getting no money, and instead a tax bill as though you made a captain gain (profit) on selling your business.
It’s like the mafia.
You can’t leave without paying a price.
Gad just learned about the Canadian “exit tax.”
It’s very real.
It’s one of the reasons our brain drain isn’t bigger than what it already is.
It’s a form of entrapment.
There are successful entrepreneurs who have highly profitable businesses, that do not leave because their business would be taxed as though it was sold, a deemed disposition, at fair market value, but they don’t have the money to pay the tax on it.
Think of it as an acquisition happening, but with you getting no money, and instead a tax bill as though you made a captain gain (profit) on selling your business.
It’s like the mafia.
You can’t leave without paying a price.
It’s true. We got residency in Mexico in 2022, wanted to take every fucking penny out of this God forsaken country, but there’s this 25% exit tax. You pay it on every asset you own. From your jewelry, to your car, your art, stocks..everything. I had over $3M in assets. There’s no way I’m giving 25% to the government. I make damned sure I spend the least amount in Canada as possible.