| | | I had an interesting call with a banker in the Caymans. He stated that many many Canadians have been coming to the Caymans, which has grown over the last 3 years to where there is now about 1/3 Canadians, 1/3 Brits and 1/3 Australian, Norwegian, Danes and a few Americans. He said the phone is ringing off the hook from Canada. Withholding on RRSP's and capital gains is 25% and all Canadian property must be sold, but may be owned by a foreign (Cayman) corporation should you wish to continue enjoying on a part time basis, your Canadian residency. Taxes in the Caymans are zero, however there is a consumption tax of 20%. The alternatives are Singapore and the Bahamas for tax free havens.
Many large corporations have abandoned Canada, and foreign investment continues to flow out of Canada. Now Canadians with the means are leaving. The bottom line is that Canadians have quietly been fleeing Canada under the Trudeau regime, and now the flood gates are opening. Few small businesses will be investing in Canada for growth. Although anecdotal, In my home town, a consulting group just opened two offices in the USA as Bill 69 has impacted Canadian contracts with little work
in Canada going forward, outside of Quebec which has special status. Where will Trudeau get the money to pay for and increase entitlements to both the public sector and Canadians in general? He says everyone will be getting a tax cut. If so, the money must be clawed back by increased carbon taxes, and deficits must dramatically increase, but how long can that go on for before the economy and the dollar collapses? |
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