Hi:
Well, as I mentioned yesterday, low income folks with little assets might not have too many problems in leaving Canada simply because there is not too much the government can take. They could certainly live a peaceful, simple life in a warmer but poorer country and enjoy themselves.
Travel is somewhat expensive so probably they would not do too much.
Middle and high-income folks have different scenarios, however. After the famous Bronfman case, when this family exited Canada with millions of dollars, the government started closing up the loopholes.
One thing is certain, in my opinion, and that is that you will have to pay the government some money. What needs to be weighed is the amount of money paid now versus the amount of financial freedom from future taxes you will receive.
People like Alex Doulis, who wrote Take your Money and Run, seem to have done it. I would recommend you read that book. Mr. Doulis lives on a boat somewhere in the Mediterranean. He doesn't say what country he lives in, or if indeed he does. Is his passport still Canadian. As I believe he is a Canadian citizen, he would be entitled to it.
Besides that, arranging your affairs does take some thought. Trusts can be set up. There are many lawyers and acountantants who advise on this.
One caveat. Do not be fooled by internet scams that offer secret bank accounts, high interest rates and fabulous bank guarantees. If the government cn't find it, maybe you won't be able to either.
More tomorrow.
M.
retirement and expatriates
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