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by bodyfour
5270 days ago
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> However unlike the US which requires that you pay taxes for 7 Not 7, "infinite". You can be a US citizen by birth, leave when you are a week old never to return, and owe tax on everything you earn in your lifetime above the ~$93K/yr limit. The only way to completely avoid the US claiming taxes is to renounce your citizenship... although if you do that for economic reasons they can legally prevent you from ever visiting again (although I understand that's rarely if ever actually applied) It's a mess if you're a US profesional with any aspirations of working abroad. On the other hand, our billionaires tend to stay put rather than fleeing to Switzerland so the policy does have its desired effect I guess. The issues with the CRA are pretty much the same all over the world: people try to game the system by claiming they moved away while "really" living in their home country. If you make enough money away from your home tax authority expect to show some documentation. Even in the US this happens with people who claim to have moved to a low-tax state while still maintaining a residence in a different state; you need to prove you weren't within the state's borders for more than X days or the tax man will want their take. Nothing unusual about Canada in that regard. |
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Nevertheless, I agree it isn't bizarre or unique. The lack of a tax treaty with Hong Kong is unfortunate though. It's not even on the table from what I understand.