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Politics : Ask Michael Burke

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To: Cogito Ergo Sum who wrote (91683)	8/18/2001 12:34:08 PM
From: Tapcon	Read Replies (1) of 132070

Kastel, but for Americans Canada is easier ?????? If you are seriously thinking about Canada, (or any other country for that matter), and plan to take up residency in that country, you better do your homework on the tax consequences. I can tell you firsthand, that changing residencies can be very expensive. Canada and the US both have policies that nail you for a "deemed disposition of assets" before you emigrate. So any securities you hold outside of a retirement plan will be deemed to have been sold on the day of your departure. You have to pay capital gains on that to the country you are leaving. You should also be aware that Canada's income tax rates are MUCH higher than those in the US. However, they do have socialized medicine. Without getting into a big debate on that issue, I'll just say that socialized medicine , IMHO, does compare favorably to shelling out $400US + per month for a co-pay PPO or HMO. Unless you have an employer picking up the tab for that or are over 65 and qualify for Medicare, it is something to consider.

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