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To: AZLiberty
I did just learn, however, that Canada already has a departure tax of a kind. If you give up Canadian residency (e.g., move to the U.S.), the Canadian tax authorities trigger a capital gains tax on appreciated assets you hold, even if you don't sell them. From the Globe and Mail:

James and Kate are leaving for the U.S. because James has accepted a job offer south of the border. It wasn't an easy decision for them because Kate has a successful business here. She owns a retail store that sells jewellery and accessories. James will be heading to Texas the first week of January, while Kate is staying behind to complete the sale of her business and the sale of their home. She's expecting to join James in the U.S. three or four months after he moves.

The fact is, leaving Canada can give rise to an ugly tax hit because Canada imposes a "departure tax" on those who give up residency. Specifically, those giving up residency are deemed to have sold, at fair market value, most assets when they leave. This can give rise to tax on capital gains when those assets have appreciated in value. So, James and Kate could pay tax when they move to the U.S.

This is the same treatment capital gains get when you die. Basically, when you leave Canada, Canada says "you are dead to us".

153 posted on 05/07/2024 12:32:27 PM PDT by AZLiberty (All I want for Memorial Day is President Trump back in office (and Kari Lake as my Governor))
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To: All
This video is probably only viewable if you have Telegram. Chanel Rion makes the case that National Security Advisor Jake Sullivan is calling the shots in the White House. 
 
Obama’s Third Eye in the White House is THIS man. 
 
He’s calling the shots… He is why Iran/Hamas attacked Israel. 
 
Now he’s panicking. 
 
(Chanel Rion)

https://t.me/beholdisraelchannel/31894

154 posted on 05/07/2024 12:34:22 PM PDT by Keflavik76 (Fret not thyself because of evildoers)
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