Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Still Paying Taxes After You Leave Canada?

4 Nov 2024 · 1 min

Watch on YouTube

0:37

This YouTube conversation (recorded Nov 4, 2024) with Richard Canfield discusses whether Canadians who move to Mexico still owe Canadian taxes on Canadian-source income. Key points in this chunk: Canadian-source income (RRSP/RSP withdrawals, CPP, OAS, business or investments) is taxed in Canada even if the taxpayer resides in Mexico; the speakers emphasize that specific tax outcomes depend on individual circumstances, but one speaker mentions a rough ~25% flat tax as a broad-stroke figure.

Questions this video answers

November 4, 2024.

Approximately 25% (described as a rough flat tax).

Chapters

If you're in Mexico, let's just say. But you still have stuff, some assets in Canada, maybe you have an RSP account and you're taking withdrawals off of it. So that income is inside of Canada. It's going to be taxed in Canada. Maybe you still have a business that's running or some other type of investment like cpp, oas, these types of entitlements that you'd have, those are all going to be taxed essentially in Canada because they're Canadian sources of income.
Yeah. And the rules and how all of these tax implications apply, again, will be very specific to the situation. So that's why we can't really dive into something that will serve everyone. So it's just focused on the broad scoped category that it's roughly about a 25% flat tax.