Millionaires Leave Canada Before It's Too Late

Wealthy Expat

8 Aug 202407:19

Summary

TLDRThe video criticizes Canada's current economic and social situation, claiming it has the worst economy among developed countries and high taxes driving wealthy individuals to leave. It discusses issues like rising immigration, low native fertility rates, increased crime, and deteriorating social attitudes. The speaker suggests that wealthy Canadians should consider leaving the country for better opportunities and tax benefits elsewhere, such as Barbados or Mexico. The overall message is that Canada is no longer a desirable place to live, especially for the wealthy, due to its economic policies and social issues.

Takeaways

🌍 Canada is described as having the worst economy among OECD countries from 2020 to 2030.
🏠 Native Canadian fertility rates are low at 1.33 births per woman, and the population growth is primarily due to immigration, with 500,000 new immigrants annually.
📉 High taxes in Canada, including capital gains tax, carbon tax, and real estate taxes, are cited as a burden on residents.
🚶‍♂️ There is a concern about the integration of immigrants, with instances of cultural clashes and public health issues, such as defecation on beaches.
📉 The Canadian regime is criticized for being influenced by the World Economic Forum, leading to policies that negatively impact the country's position globally.
🔍 Immigration from Canada to the U.S. has reached a 10-year high, with skilled professionals like doctors, lawyers, and engineers seeking better opportunities.
💼 There are options for wealthy Canadians to move abroad, such as setting up in Barbados, which has a tax treaty with Canada and allows for becoming a tax non-resident.
📚 The suggestion to obtain a second citizenship or residency in another country is made, with Mexico and Spain being popular choices among Canadians.
🏦 There are concerns about the Canadian government's potential to freeze bank accounts or deny services to those critical of the government on social media.
🚗 Crime rates, particularly carjackings, are mentioned as being higher than ever, contributing to a perception of an unsafe environment.
💔 The script reflects a perceived degradation of Canadian society, with increasing resentment and division among its people.

Q & A

Why is Canada described as having the worst economy among OECD countries from 2020 to 2030?
-The script implies that Canada's economy is struggling due to high taxes, a low native fertility rate, and an influx of immigrants, which are contributing to a perceived decline in the quality of life and economic opportunities.
What is the native fertility rate in Canada, and why is it a concern?
-The native fertility rate in Canada is 1.33 births per woman, which is below the replacement level. It is a concern because it indicates that the native population is not growing naturally, and the population growth is primarily due to immigration.
How many new immigrants does Canada plan to accept annually, and what is the projected population growth?
-Canada plans to accept 500,000 new immigrants every year, with the goal of increasing the population from the current 40 million to 100 million by 2100.
What are some of the challenges faced by Canada's immigration policy according to the script?
-The script mentions challenges such as cultural integration, as evidenced by campaigns to discourage public defecation, and the potential strain on resources and infrastructure due to rapid population growth.
Why are some wealthy Canadians considering moving to other countries?
-Wealthy Canadians are considering moving abroad due to high taxes, perceived social and political instability, and a desire for a better quality of life in countries with lower taxes and a more favorable business environment.
What is the current regime in Canada described as, and why is it seen as problematic?
-The current regime is described as a 'World Economic Forum regime,' which is seen as problematic because it is perceived to be pushing policies that are detrimental to Canada's economic and social well-being.
What is the situation with immigration from Canada to the United States, and why is it happening?
-Immigration from Canada to the United States has hit a 10-year high, with tens of thousands of people, including professionals like doctors, lawyers, and engineers, moving south for better job opportunities and potentially lower taxes.
How does the script suggest wealthy Canadians can protect their assets and reduce their tax burden?
-The script suggests that wealthy Canadians can protect their assets and reduce their tax burden by moving to countries with more favorable tax regimes, such as Barbados, and by obtaining second citizenships or residency in other countries.
What are some of the social and political issues mentioned in the script that are affecting Canada?
-The script mentions issues such as high crime rates, including carjackings, a perceived degradation of Canadian niceness and societal attitudes, and an authoritarian government that may impose restrictions on citizens based on their political views.
What is the tax situation for wealthy Canadians, and why is it a concern?
-Wealthy Canadians face high tax rates, with some individuals paying up to 59.2% on business income and additional sales taxes. This is a concern because it may discourage wealth creation and incentivize individuals to move to countries with lower tax burdens.
What are some of the countries mentioned in the script as potential destinations for Canadians looking to move abroad?
-The script mentions Barbados, Mexico, and Spain as potential destinations for Canadians looking to move abroad, highlighting factors such as tax benefits, quality of life, and cultural attractions.

Outlines

00:00

📉 Economic Woes and Immigration Concerns in Canada

The first paragraph discusses the economic downturn in Canada, ranking it as the worst economy in the OECD from 2020 to 2030. It highlights the high cost of living, taxes, and the influx of immigrants, mainly from India and Africa, contributing to a growing population. The native fertility rate is dropping, and there are concerns about cultural integration, exemplified by incidents of public defecation on beaches. The paragraph also criticizes the high taxes on capital gains, carbon, and real estate, and the political regime, suggesting that Canada is becoming an undesirable place for the wealthy. It mentions the movement of Canadians to the US, particularly professionals like doctors and engineers, and the possibility of becoming a tax non-resident of Canada by moving to countries like Barbados, which has a tax treaty with Canada. The paragraph concludes with advice on obtaining second citizenship and residency elsewhere as a safeguard against potential authoritarian actions by the Canadian government.

05:01

🚗 Declining Quality of Life and Societal Issues in Canada

The second paragraph focuses on the declining quality of life in Canada, with increasing crime rates, such as carjackings, and political issues that make living there less appealing. It includes a community member's testimony about the perceived corruption in the justice system, the prevalence of photo radar for revenue generation, and a negative attitude among the public service. The paragraph describes a shift in the Canadian social fabric, with a loss of the famed 'Canadian niceness' due to societal division and resentment. It also touches on the heavy tax burden on business income, with the speaker paying over 50% in various taxes, and the perception that wealthier individuals are unfairly targeted. The conclusion is a call to action for Canadians to consider leaving the country for places with lower taxes, better attitudes, and a safer environment, and to explore options for a better life elsewhere, with a reference to another video detailing the best countries for Canadians to move to.

Mindmap

Keywords

💡OECD

The OECD, or Organization for Economic Co-operation and Development, is an international organization that consists of 38 member countries, most of which are highly developed economies. In the context of the video, it is mentioned to emphasize that Canada has the worst economy among these developed countries from 2020 to 2030, indicating a significant economic downturn.

💡Immigration

Immigration refers to the process of moving to another country with the intention of residing there permanently. The script discusses Canada's immigration policy, which allows 500,000 new immigrants annually, contributing to the country's population growth. This is a point of contention in the video, as it is suggested that this influx may be affecting the native population and societal dynamics.

💡Fertility Rate

The fertility rate is the average number of children born per woman. In the video, it is mentioned that the native fertility rate in Canada is 1.33, which is below the replacement level, indicating a declining native population. This is contrasted with the high number of immigrants, suggesting a demographic shift.

💡Cost of Living

Cost of living refers to the amount of money needed to sustain a certain level of living, including expenses such as housing, food, and taxes. The script implies that the high cost of living in Canada is a factor contributing to the low fertility rate and is a burden on its residents.

💡Taxes

Taxes are mandatory financial charges imposed by a government on a taxpayer to fund various public expenditures. The video script criticizes Canada's high taxes, including capital gains tax and carbon tax, as a negative aspect of living in the country, suggesting that they are driving people away.

💡World Economic Forum

The World Economic Forum is an international organization committed to improving the state of the world by engaging business, political, academic, and other leaders of society. In the video, it is suggested that the current regime in Canada is influenced by the World Economic Forum, implying a loss of national sovereignty in economic policy.

💡Second Citizenship

Second citizenship refers to the status of a person who is a citizen of more than one country. The script encourages Canadians to obtain second citizenship as a way to diversify their options and protect themselves from potential political and economic instability in Canada.

💡Tax Treaty

A tax treaty is an agreement between two or more countries to avoid double taxation and fiscal evasion with respect to taxes on income and capital. The video mentions the tax treaty between Canada and Barbados as an example of how Canadians can legally reduce their tax burden by becoming tax non-residents.

💡Authoritarian Governments

Authoritarian governments are political systems where the state exercises strict and centralized control over the society, often limiting personal freedoms. The script warns of potential authoritarian actions by the Canadian government, such as restricting passport renewals for those who criticize the government.

💡Residency

Residency refers to the status of living in a particular place for an extended period. The video suggests that many Canadians are obtaining residency in other countries like Mexico, as a way to diversify their living options and escape the perceived negative conditions in Canada.

💡Tax-Free Setups

Tax-free setups refer to financial arrangements or jurisdictions that allow for little or no taxation on certain types of income or assets. The script mentions countries like Barbados and Cook Islands as examples of places with tax-free environments that are attractive to wealthy Canadians looking to minimize their tax liabilities.

Highlights

Canada is described as having the worst economy in the OECD from 2020 to 2030 among developed countries.

The speaker suggests that Canada's popularity as a peaceful and opportunity-rich destination is diminishing.

High immigration rates of 500,000 new immigrants annually contrast with a native fertility rate of 1.33 births per woman, indicating a population shift.

Issues of public hygiene and disregard for local customs are highlighted, with examples of Indians defecating on beaches.

Canada's high taxation, including capital gains and carbon taxes, is criticized as a burden on its residents.

The World Economic Forum's influence on Canada's regime is criticized for pushing the country into a negative position.

A 10-year high in Canadian immigration to the US is noted, with professionals like doctors and engineers seeking better opportunities.

The possibility of becoming a tax non-resident of Canada and setting up in Barbados within a couple of months is presented.

The idea of obtaining a second citizenship to protect against potential authoritarian actions by the Canadian government is suggested.

Canadians are advised to consider residency in Mexico or other countries with favorable tax and living conditions.

The speaker shares a client's experience with setting up complex trust structures to protect assets from potential Canadian legal issues.

Tax-free setups in countries like Dubai and Barbados are highlighted as attractive alternatives to Canada's high tax rates.

A community member's testimony about the degradation of the Canadian justice system and societal attitudes is included.

The high personal and corporate tax rates in Canada are criticized, with the speaker sharing personal experiences.

The speaker argues that living in Canada is no longer worth the high taxes and social issues, advocating for relocation.

A final recommendation is made for Canadians to explore better living options abroad, with a reference to a video on the topic.