FSW WORLDWIDE

[Impatient Dankaroo]

Oh I will, but we had a discussion here where GandiBaat said immigration shouldn't be based on want of a passport, but based on your skills. Right now I have a dearth of both so I'm working towards that with the gifts (the PR) I have.

Even those people earning in Qatar must be in some way very skilled or very very lucky. (btw I know some unskilled but lucky people working in the Royal palaces making millions)

@GandiBaat unfortunately I know about the harsh non residency requirement in Canada requirement. Will find a way around it or not buy anything here. I'm just worried that they'll change the system to do what USA does, get taxed no matter what your status is! Unimaginable.

@Impatient Dankaroo i was born an expat, will likely die an expat. Not very enjoyable but what can you do eh.

Making a US/Canadian salary and living as an expat in South East Asia or South America is a blessing. You need to look at COL as a massive factor in SOL. If you're spending 70-80% of income to live nice in Europe, NA, GCC, what's the point

 

[iSaidGoodDay]

Ppl from IIT's the most premier Institute from India, funded by tax dollars, are working in the same jobs as Lambda college graduates.

A couple of active posters in this thread are from so called IIT, but unlike regular folks from IIT co-founding companies etc, they keep replying and polluting this thread 24x7.
So dont judge a book by its cover, what is underneath the cover may surprise you.

I'm an IITian, I don't think my university graduates who make well above $70k in India as entry-level jobs would work at Timmies. Most of us are VPs or at very senior position in our lives. We've what people call golden handcuffs, no way we would leave all that to work Timmies. You are wrong.

 

[imransyed]

Making a US/Canadian salary and living as an expat in South East Asia or South America is a blessing. You need to look at COL as a massive factor in SOL. If you're spending 70-80% of income to live nice in Europe, NA, GCC, what's the point

Clean air and free health care lol

But yeah I agree with what you say. Idk about Canadian salaries though, our resident billionaire GandiBaat says Canadians don't pay shit. I kinda agree with him.

 

[GandiBaat]

But yeah I agree with what you say. Idk about Canadian salaries though, our resident billionaire GandiBaat says Canadians don't pay shit. I kinda agree with him.

Make it resident millionaire, lol --though it makes no sense to call oneself millionaire anymore; every upper middle class person in Canada is a millionaire. Some are even deca-millionaire. So yeah, middle class I am and happy to be one of the middle class.

Its not just they do not pay, they are also not earning as much. There is no half way decent innovation culture in Canada. Most founders move across the border for better funding and better exit plans and better tax environment. The companies here are mostly providing service to the government or operating in sectors like Telecom and banking or in real estate in which case the money is elsewhere. So... how can they pay? They do not earn as well.

I mean last major innovative Canadian company that I know of is RIM... and .... what should I say about RIM now?

 

[GandiBaat]

looks like my previous post has ruffled few feathers.
well, either I see ppl like iit founders of flipkart/zomato etc
or
ppl here laboring in Timmies and spending time in this thread in their 15 mins break working under lambda grads.

No one can help you if you are wearing glasses with in-built binarization. You know... you need to... um.... take those glasses off... There are many shades of grey among IIT grads... I can vouch for atleast 50.

 

[iSaidGoodDay]

looks like my previous post has ruffled few feathers.
well, either I see ppl like iit founders of flipkart/zomato etc
or
ppl here laboring in Timmies and spending time in this thread in their 15 mins break working under lambda grads.

These pointless comments and very non-inclusive to others. People here don't need to know what an IIT is as this is a global forum and what we are talking about is very local thing. I'd stop from my end.

 

[GandiBaat]

These pointless comments and very non-inclusive to others. People here don't need to know what an IIT is as this is a global forum and what we are talking about is very local thing. I'd stop from my end.

Its a troll post.. It serves no purpose but to generate flame responses. It has served its purpose. Better to put that on ignore. I guess.

 

[ivicts]

Make it resident millionaire, lol --though it makes no sense to call oneself millionaire anymore; every upper middle class person in Canada is a millionaire. Some are even deca-millionaire. So yeah, middle class I am and happy to be one of the middle class.

Its not just they do not pay, they are also not earning as much. There is no half way decent innovation culture in Canada. Most founders move across the border for better funding and better exit plans and better tax environment. The companies here are mostly providing service to the government or operating in sectors like Telecom and banking or in real estate in which case the money is elsewhere. So... how can they pay? They do not earn as well.

I mean last major innovative Canadian company that I know of is RIM... and .... what should I say about RIM now?

What about the positives that immigration might bring to Canada? since most immigrants are more likely to be founders than natives because they are risk takers. Will the increase in immigration increase Canada's innovation?

 

[GandiBaat]

What about the positives that immigration might bring to Canada? since most immigrants are more likely to be founders than natives because they are risk takers. Will the increase in immigration increase Canada's innovation?

The biggest problem is this: Canada as a country presents many hurdles for starting a business here (@iSaidGoodDay may know more about it). And anyways, as a Canadian you can always establish your company in US and move there to work as a senior exec. It will indeed involve a bit of lawyering but then thats the nature of the beast.

 

[imransyed]

This is one serial entrepreneur I came across on YouTube.
If you try to look for more entrepreneurs especially online, most of them will be into something related to real estate or mortgage brokerage or immigration consultancy. Literally impossible to find something else, online anyway.
Other entrepreneurs I know are into phone repair and accessories retail sales.

Also some info about this guy in the video, he was very well off *before* coming to Canada, and comes from a well off family back home too. So he came in with the capital and intention to invest. Not prejudicing, just stating the facts.
But I heard in a different video that he owns multiple investment properties too and most of his businesses did not appreciate in value or equity as much as the properties did.

 

[Lord_Tony]

Do remember that Canada taxes its citizens world wide income. To keep yourself totally outside Canada's taxes you will have to show that you have no economic ties to Canada.

ie No account in Canada, No close relatives (sons daughter, wife, husband, mistress) living in Canada, No property in canada, No stored house hold items in Canada, No loans in Canada and so on. Its a bit hard.

Otherwise be ready to pay 50% of our income in tax.

Do all the TN visa personnel going to USA and paying less Tax there, again pay delta Tax in Canada again. This higher Canadian tax sounds like a curse to me.

 

[iSaidGoodDay]

This is one serial entrepreneur I came across on YouTube.
If you try to look for more entrepreneurs especially online, most of them will be into something related to real estate or mortgage brokerage or immigration consultancy. Literally impossible to find something else, online anyway.
Other entrepreneurs I know are into phone repair and accessories retail sales.

Also some info about this guy in the video, he was very well off *before* coming to Canada, and comes from a well off family back home too. So he came in with the capital and intention to invest. Not prejudicing, just stating the facts.
But I heard in a different video that he owns multiple investment properties too and most of his businesses did not appreciate in value or equity as much as the properties did.

You need to look beyond these mediums. Join something like starterstory.com or similar - not sure if starterstory is still good these days. Most people fly under the radar, e.g. this guy: https://devbasu.com/about/ or a random "Bracket manufacturer" I met last month who is doing quite well. Youtube will narrow down pretty fast on your old viewing instead of providing good search results (as folks at YT say, YT isn't a search problem, it is a recommendation problem - which is why search on YT will be crap).

Look at the number of immigrants in this podcast alone: https://pod.link/1552067556

I'll probably share more info here later or over DMs.

 

[GandiBaat]

Do all the TN visa personnel going to USA and paying less Tax there, again pay delta Tax in Canada again. This higher Canadian tax sounds like a curse to me.

They will have to if CRA considers them Canada resident for tax purposes. There are many rules and sub rules for that.

 

[alexross]

They will have to if CRA considers them Canada resident for tax purposes. There are many rules and sub rules for that.

If you sell or rent out your property after leaving to the US, you generally would not be considered a tax resident of Canada and would not need to pay tax to Canada on foriegn income if you do not live in Canada. A few other clauses are there, but overall seems simple enough to avoid being considered a tax resident of Canada:

https://ca.rbcwealthmanagement.com/documents/61326/61346/Moving+from+Canada+to+the+US.pdf/e0607628-3519-4319-8dc7-165558d8c809

"Often, the goal of many Canadians moving to the U.S. is to become a non-resident of Canada to avoid paying Canadian tax on their worldwide income. The Canadian Income Tax Act (the “Act”) does not specifically define the term residence. Instead, residency is determined based on relevant facts and circumstances, which must support that sufficient ties to Canada have been severed. Generally, to become a non-resident of Canada, you must sever most if not all of your primary residential ties with Canada. Severing primary residential ties with Canada generally involves the following: ● Disposing of or renting your personal residence in Canada to non-related individuals and establishing a permanent home in another country; and ● Having your spouse and dependants leave Canada with you or soon after."

 

[GandiBaat]

If you sell or rent out your property after leaving to the US, you generally would not be considered a tax resident of Canada and would not need to pay tax to Canada on foriegn income if you do not live in Canada. A few other clauses are there, but overall seems simple enough to avoid being considered a tax resident of Canada:

https://ca.rbcwealthmanagement.com/documents/61326/61346/Moving+from+Canada+to+the+US.pdf/e0607628-3519-4319-8dc7-165558d8c809

"Often, the goal of many Canadians moving to the U.S. is to become a non-resident of Canada to avoid paying Canadian tax on their worldwide income. The Canadian Income Tax Act (the “Act”) does not specifically define the term residence. Instead, residency is determined based on relevant facts and circumstances, which must support that sufficient ties to Canada have been severed. Generally, to become a non-resident of Canada, you must sever most if not all of your primary residential ties with Canada. Severing primary residential ties with Canada generally involves the following: ● Disposing of or renting your personal residence in Canada to non-related individuals and establishing a permanent home in another country; and ● Having your spouse and dependants leave Canada with you or soon after."

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/determining-your-residency-status.html

The most important thing to consider when determining your residency status in Canada for income tax purposes is whether or not you maintain or establish significant residential ties with Canada.
Significant residential ties to Canada include:

• a home in Canada
• a spouse or common-law partner in Canada
• dependants in Canada

Secondary residential ties that may be relevant include:

• personal property in Canada, such as a car or furniture
• social ties in Canada, such as memberships in Canadian recreational or religious organizations
• economic ties in Canada, such as Canadian bank accounts or credit cards
• a Canadian driver's licence
• a Canadian passport
• health insurance with a Canadian province or territory

The information above is general in nature. For more information on residential ties, see Income Tax Folio S5-F1-C1, Determining an Individual's Residence Status.