Comments by "Marvin Fine" (@torontovoice1) on "The Best Countries for Canadians to Move Overseas" video.
-
3
-
@tonespeaks you need to look at not only what tax rates are, but what types of deductions are available. So for example, this is just one example there's hundreds. If you buy a piece of real estate and sell it and let's see you have a million dollars of capital gains, you can take that million and buy another property, and not pay capital gains on the first one. So you can keep rolling over properties and never pay Capital against tax. And then you can borrow money off those properties to cover your living expenses and you're able to pay off those loans as the property appreciates and you sell them. In Canada that doesn't work. The only thing you can write off are the capital cost allowances, but you're stuck paying the capital gains tax at 26 and a half percent in Ontario. That's a big chunk of money. So it's a real problem with wealth creation because every time you do a transaction, you are taxed whereas in the US, you are not if you roll it over. You can also write off the payments on your principal residence, you can't do that in Canada, and there's a whole list of provisions. You can write off a boat in the United States, you can't in Canada or you can also write off your own private jet. It's not the same thing trust me.
2
-
2
-
1
-
1