How to get my money out of Canada and make it disappear.

[FREE CITIZEN]

Fed up with my government, less freedom, more woke-ness, poor financial management, ever increasing taxes, inflation and ever increasing debt levels that will need to be paid back.

The last part is key... The socialists will be looking for more ways to collect from the rich (ie anyone that worked and saved to get ahead, instead of looking for a handout)

I am done with it. I am out of here!... but what is the best way?

You see I believe that they will be so wanting to keep their failed economic gravy train going that they will be looking to switch to taxation by citizenship like the good old USA. Thank f**k they don't yet have as much reach as them. So not only do I want to leave, I would like to have my money trail go cold from the moment I expatriate (as I do???) so they don't get to pry on how it's doing and how much I am making from it.

While I have zero plans to go back, one could never say never for sure, so I need to protect myself from them getting a say.

So is it still possible these days to make the trail go cold, to not have how my money is doing being reported back or tracked by others that could leak it?

I worked for every cent of it all my life, how do I obtain some financial (and personal) privacy.

Idea's?

 

[Larin]

The way to 'make the trail go cold': Move to a different country, establish tax residency there, sever your ties to Canada, report to CRA that you have left, pay the departure tax (Leaving Canada (emigrants) - Canada.ca) and enjoy your new home.

Personally, I would suggest you choose a country which has a double taxation treaty with Canada and spend at least a year (preferably two) building your life there, after which time you can choose a different home.

 

[JohnnyDoe]

With a bit of effort you can go dark, as far as your money is concerned at least. Converting it to crypto without leaving a trail is possible!

 

[Sols]

It's challenging to map out a strategy against an unknown threat with limited comparisons.

If Canada starts to tax by citizenship, the only somewhat close comparison would be the US. The US ensured its tax laws would work by mandating that every jurisdiction and bank in the world complies with FATCA or risk losing access to USD, and pretty much everyone rushed to become compliant. If Canada tried the same thing, it would be far less effective since Canada has a fraction of the US' geopolitical influence and CAD is almost exclusively used for trade in/with Canada. Unless they also do what the US did and start refusing to renew passports for citizens with tax debts over a certain amount (50,000 USD, if memory serves).

If you want to be safe from Canadian taxation by citizenship, the best route would be to obtain another citizenship and then renounce your Canadian citizenship. You can obtain citizenship by investment in a couple of places, or simply by living for a number of years in the same country.

Making money disappear and reappear is doable but there is always a non-zero risk of discovery. You would risk exposure through for example data leaks, hacks, future changes in exchange of information laws, or reverse burdens of proof. If you somehow get caught, you haven't just transferred your wealth out of Canada. You have engaged in activities which a creative prosecutor could try to claim is attempted money laundering or attempted tax evasion. Being convicted of money laundering doesn't require being convicted of a crime.

Consider starting with what @Larin proposed and then eventually take up citizenship in your new home, followed by renouncing your Canadian citizenship.

 

[Louis88]

What Larin mentioned is the best way to get Canada off your back. As long as you cut all primary ties (e.g. dependents living in Canada) and enough secondary ties (e.g. health card, credit cards), then Canada won't have any claim to tax you based on the current rules.

You also cannot show any intention on returning to Canada in the future. The country you move to matters as well. Moving to an OECD country with a double tax treaty with Canada will keep you off of certain radars. Afterwards, you can then move to a low-tax country and be free.

Updating your address and other indicia at your banks should prevent them from sharing your financial data through CRS with Canada. However, there are some banks that will choose to over-report and send your data to your country of citizenship as well. Only a second citizenship would prevent this.

 

[Martin Everson]

The unrealized capital gains tax aka departure tax that @Larin mentioned may end your plans in a minute to leave. It could wipe you out financially depending on your asset base . Worth investigating first your tax liabilities before doing anything. There are also other issues to consider so see below.

The tax consequences of leaving Canada permanently - CPA Canada

www.cpacanada.ca

 

[diatessaron]

No KYC crypto purchase and you're gone.

 

[JohnnyDoe]

No KYC crypto purchase and you're gone.

That and a few more details for better safety

 

[hernanday]

Fed up with my government, less freedom, more woke-ness, poor financial management, ever increasing taxes, inflation and ever increasing debt levels that will need to be paid back.

The last part is key... The socialists will be looking for more ways to collect from the rich (ie anyone that worked and saved to get ahead, instead of looking for a handout)

I am done with it. I am out of here!... but what is the best way?

You see I believe that they will be so wanting to keep their failed economic gravy train going that they will be looking to switch to taxation by citizenship like the good old USA. Thank **** they don't yet have as much reach as them. So not only do I want to leave, I would like to have my money trail go cold from the moment I expatriate (as I do???) so they don't get to pry on how it's doing and how much I am making from it.

While I have zero plans to go back, one could never say never for sure, so I need to protect myself from them getting a say.

So is it still possible these days to make the trail go cold, to not have how my money is doing being reported back or tracked by others that could leak it?

I worked for every cent of it all my life, how do I obtain some financial (and personal) privacy.

Idea's?

1. Canada has exit taxes. So does the gov't know you have this money? If the Canadian gov't knows you have this money, you could skip town and not pay, but understand that you will never get any Canadian gov't service again and they will withhold any and every dime from you for life and seize your bank accounts, property, etc. in Canada. Are you fine with that?
2. Do you have another citizenship? If so yes, you can make your trail go cold, as long as you are rich enough to never go back.

 

[FREE CITIZEN]

Sorry for the late reply... got zapped by covid.

All my assets have been liquidated (homes, stocks, bonds, etc) all turned into cash and converted to USD.

I paid taxes on the sale of my rental house, and there were no taxes due on my principle residence.

I paid all the taxes on my stocks, I wanted everything tidied up. I even sold my 2 year old 4x4 truck (came in handy to renovate my homes) and drive a beater that I could leave at the side of the road for all I care. I have zero dependents, going to close off my health card, most credit cards (till I can open another in a foreign jurisdiction) So as far as I know there is no withholding tax due, as it is all up to date.

I am living at a friends place helping her renovate while I plan my escape this fall.

What countries are recommended that have lower taxes but still a decent standard of living with tax treaties?

No KYC crypto purchase and you're gone.

How could I convert more than a million in $ to crypto using a no KYC exchange? What are these exchanges? legit?

That and a few more details for better safety

could you expound on the "few more details for better safety"? Please? (hey I am still a Canadian I try to be polite. LOL)

1. Canada has exit taxes. So does the gov't know you have this money? If the Canadian gov't knows you have this money, you could skip town and not pay, but understand that you will never get any Canadian gov't service again and they will withhold any and every dime from you for life and seize your bank accounts, property, etc. in Canada. Are you fine with that?
2. Do you have another citizenship? If so yes, you can make your trail go cold, as long as you are rich enough to never go back.

Ya The way Canada is going I don't see them having any money to fund anything so I am looking out for myself. I loved my country, but I think it has been broken.

I hear I can get citizenship with the Portugal golden visa (but am I any better being a citizen of Europe?) They all seem to be trying to out do each other on who can spend more money and reduce people's freedoms. Where does someone turn?

Where to get residency?

Dubai? (well at least for banking?)

Form a company and put my assets into that they are at a arms length and obscured?

Asset protection? (who know if one gets sued down the road, be prepared?)

Bottom line... my taxes are paid, but optimally after I leave (or even better AS I leave) I would like the eyes off approach to safely growing my assets and have the freedom to go someplace else if things deteriorate.

Like a "free citizen".

 

[icecold]

You want to convert it all to crypto and write it off as loss.

 

[diatessaron]

How could I convert more than a million in $ to crypto using a no KYC exchange? What are these exchanges? legit?

A million USD is nothing in crypto, and yes, legit exchanges.

 

[Thomas278]

Hello everyone, just sharing my own experience. First, do your research in terms of how to establish residence elsewhere - so that you can cease to be tax resident and ceased to be subject to our taxation.

There is a number of countries which offer that, usually the better known country the more expensive / difficult it is. After 18 months of living in Latin America and loving it, I chose to apply for a residency in a relatively small country for a number of reasons, but the two most important ones were 1. No income tax on foreign income 2. Once granted, you can maintain permanent residency by spending a mere few weeks in the country every 3 years.

I have put together all the documents and submitted my application few weeks ago, and in absence if any last minute surprise I should get it by December.

Happy to answer any questions you may have, just send me a message. Choose wisely!

 

[FREE CITIZEN]

A million USD is nothing in crypto, and yes, legit exchanges.

don't legit exchanges ask for all my info and notify the government?

You want to convert it all to crypto and write it off as loss.

new to cypto... how would do that? wouldn't saying i lost a hard drive or something be a little lame? (not believable?)

Hello everyone, just sharing my own experience. First, do your research in terms of how to establish residence elsewhere - so that you can cease to be tax resident and ceased to be subject to our taxation.

There is a number of countries which offer that, usually the better known country the more expensive / difficult it is. After 18 months of living in Latin America and loving it, I chose to apply for a residency in a relatively small country for a number of reasons, but the two most important ones were 1. No income tax on foreign income 2. Once granted, you can maintain permanent residency by spending a mere few weeks in the country every 3 years.

I have put together all the documents and submitted my application few weeks ago, and in absence if any last minute surprise I should get it by December.

Happy to answer any questions you may have, just send me a message. Choose wisely!

How do i send you a message? i do not see a pm button.

 

[Forester]

How do i send you a message? i do not see a pm button.

AFAIK, to send a private message to someone you must be either Silver Member or Mentor Group Gold/Light member. But you can write a post/message (publicly visible) at his/her profile.

 

[icecold]

I chose to apply for a residency in a relatively small country for a number of reasons, but the two most important ones were

what small country is it?

 

[Thomas278]

what small country is it?

Republic of Paraguay

 

[hernanday]

Sorry for the late reply... got zapped by covid.

All my assets have been liquidated (homes, stocks, bonds, etc) all turned into cash and converted to USD.

I paid taxes on the sale of my rental house, and there were no taxes due on my principle residence.

I paid all the taxes on my stocks, I wanted everything tidied up. I even sold my 2 year old 4x4 truck (came in handy to renovate my homes) and drive a beater that I could leave at the side of the road for all I care. I have zero dependents, going to close off my health card, most credit cards (till I can open another in a foreign jurisdiction) So as far as I know there is no withholding tax due, as it is all up to date.

I am living at a friends place helping her renovate while I plan my escape this fall.

What countries are recommended that have lower taxes but still a decent standard of living with tax treaties?

How could I convert more than a million in $ to crypto using a no KYC exchange? What are these exchanges? legit?

could you expound on the "few more details for better safety"? Please? (hey I am still a Canadian I try to be polite. LOL)

Ya The way Canada is going I don't see them having any money to fund anything so I am looking out for myself. I loved my country, but I think it has been broken.

I hear I can get citizenship with the Portugal golden visa (but am I any better being a citizen of Europe?) They all seem to be trying to out do each other on who can spend more money and reduce people's freedoms. Where does someone turn?

Where to get residency?

Dubai? (well at least for banking?)

Form a company and put my assets into that they are at a arms length and obscured?

Asset protection? (who know if one gets sued down the road, be prepared?)

Bottom line... my taxes are paid, but optimally after I leave (or even better AS I leave) I would like the eyes off approach to safely growing my assets and have the freedom to go someplace else if things deteriorate.

Like a "free citizen".

Are Your taxes, paid, because there are exit taxes based on the value of your assets when you leave permanently.
Understand if you don't pay they will seize your passport eventually.

Leaving Canada (emigrants) - Canada.ca

Information for individuals who leave Canada to settle in another country and who are considered emigrants for income tax purposes.

www.canada.ca

If you paid all your tax, why the need to move it out in a shadowy way that will make it hard to legitimize the funds down the road?

 

[Tr0nad0r]

don't legit exchanges ask for all my info and notify the government?

Canadian exchanges, for sure, every transaction over 10K CAD is reported to FINTRAC.

Take a look at decentralized exchanges like BisQ: Bisq - A decentralized bitcoin exchange network

 

[RexS9999]

Your original question question is hard to answer without knowing your wealth. If you are wealthly move to another country as suggested. If you are not wealthly just stay in Canada and hide your assets. Enjoy the free medical, apply for subsidized housing. Try to pass yourself off as a native Indian and get most everything free. Play the system. Enjoy your free vacation to the Rockies that Trudeau promised during an election. Buying coins in Canada is subject to reporting. Buying offshore on exchanges with no KYC is risky.