Flip side is you pay on all capital gains, while Canada doesn’t charge on primary residence sales for example. And it makes investing far more complicated if it isn’t in an RRSP (401k equivalent). TFSA’s for example (the other retirement plan type) isn’t included so if you have investments in a TFSA you’re going to pay.
It’s generally not worth renouncing. It costs $2350 to do for one. While you have to “pay taxes” it’s mostly just filing paperwork, you don’t pay on your first $126,500 of income, and you can deduct taxes paid to your resident country as well.
wildbus8979@sh.itjust.works 3 weeks ago
Don_Dickle@lemmy.world 3 weeks ago
I read that the cheapest housing is in Manitoba with an estimate of 168k US. I so far got 250k in the bank. Basically I want somewhere remote grow some pot and be left the fuck alone.
clockwork_octopus@lemmy.world 3 weeks ago
The problem isn’t housing though, it’s the cost of living. EVERYTHING is more expensive in Canada, since almost everything is imported. Since the growing season is only about 3-4 months maybe (except for parts of BC), almost all food is imported (usually from the US, and as soon as those tariffs hit, the already-high prices are going to skyrocket). Clothing (of which you need double, since winter), books, school supplies, electronics, tires for your car (again, two sets), just every-fucking-thing is imported and expensive.
Housing costs are the least of your problems.
Don_Dickle@lemmy.world 3 weeks ago
I just want to buy a house have a couple acres. Grow stuff and maybe have a couple pot plants and resell them. Just living off what I can produce.
clockwork_octopus@lemmy.world 3 weeks ago
Do you think you can produce enough food in a 3 month growing season to keep you fed and healthy all year long? Do you already have a full set of proper winter clothes that are warm enough to make it through a Canadian Winter? Do you have a vehicle that has a block heater installed in it already, and winter tires for it? How are you going to pay for gas, and heat your house? And pay for electricity? And you may want to consider pot plant selling as a hobby instead of a main income source, since everyone grows their own already.
Breve@pawb.social 3 weeks ago
Even though cannabis is legal to grow for personal use (under certain conditions), it is illegal to sell unless you get a proper license and there are tons of regulations.
Troubleinmind@lemmy.wtf 3 weeks ago
So you think you can retire on the remaining $80,000? lol Canada is a very expensive country to live in.
NeoNachtwaechter@lemmy.world 3 weeks ago
Until you need a doctor. And then some more…
Don_Dickle@lemmy.world 3 weeks ago
Traveling nurse unless I get show or break something I should be fine. Unless Canada doesn’t offer vaccines then I am pretty fucked come new covid or flu seasons
NeoNachtwaechter@lemmy.world 3 weeks ago
Not quite common here. Don’t know about Canada, but you want to find out in advance.