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

Why Tax Planning Is Essential When Leaving Canada

31 Oct 2024 · 1 min

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The speaker (Richard Canfield) advises that when leaving Canada—whether cutting ties or transferring residency—tax outcomes depend on how assets are held (income-generating vs held assets) and that poor or rash decisions can trigger higher taxes under the tax code. He recommends using time and engaging appropriate professionals to plan strategically to avoid unnecessary tax costs.

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Assets can generate income, or you can have assets that are being held at the moment. It's not just cutting ties, or it's not just, let's say, transferring residency. The main reason to record and talk about this is it's not about the emotional decision, because what can happen is if it's done incorrectly, you will fall into. And that's whether it's deliberately designed or not. The tax code has these particular things that ends up paying more taxes for things if you don't properly strategically plan for it. So. So you can either use time to plan for it, and in combination, in my opinion, with the right professionals to help guide you in the right places to not make rash decisions on the decision that you want to make, as, for example, to cut ties.