124. USA Citizens In Canada Life Insurance Landmines

July 19, 2022 00:55:24
124. USA Citizens In Canada Life Insurance Landmines
Wealth On Main Street
124. USA Citizens In Canada Life Insurance Landmines

Jul 19 2022 | 00:55:24

/

Hosted By

Richard Canfield Jayson Lowe

Show Notes

Wealth Without Bay Street EPISODE 124: Featured on today’s episode is Henry Wong, a professional CPA who also trains other CPA’s across Canada specializing in taxation and passing through the nationals exams. Today Henry uses the opportunity to help explain Canadian life insurance landmines that U.S. citizens can avoid.

Henry chanced upon the book “Becoming Your Own Banker” and began to piece together all his knowledge of life insurance and financial accounting and soon began to pursue the journey of becoming his own banker. He now trains others as an accountant in how to build their own personal capital pool and manage their taxation through IBC.

IN THIS EPISODE, YOU WILL LEARN:

0:00 Introduction

3:47 Insurance is Tied to Your Citizenship and Residency

8:05 Canada vs. U.S. Exempt Rules

10:18 Getting Canadian Insurance as a U.S. Citizen

12:29 Estate Tax

17:05 American vs. Canadian Tax System

21:08 U.S. Exempt Test

28:51 Identifying the Problem and Finding the Solution

30:14 Having a Canadian Citizen Beneficiary

31:16 Imposing Excise Tax

34:42 Tips For U.S. Citizens

40:10 Irrevocable Beneficiary

46:09 Cutting Ties With Canada

Other Episodes

Episode

December 07, 2021 00:40:44
Episode Cover

92. Financial Independence In The 21st Century – Dwayne Burnell

This episode of Wealth Without Baystreet features Dwayne Burnell, a Fiduciary and Wealth Strategist. Dwayne is also the author of two best-selling books on...

Listen

Episode

August 17, 2021 00:51:52
Episode Cover

76. Infinite Banking Concept Is A Way Of Life | David Stearns

David Stearns is Nelson Nash's son-in-law. In 2004, David was brought on by Nelson to help with the administrative side of Infinite Banking Concepts,...

Listen

Episode

June 14, 2022 01:02:48
Episode Cover

119. The Money Advantage Using Infinite Banking In Canada

Wealth Without Bay Street EPISODE 119: This episode of Wealth Without Baystreet features Bruce Wehner and Rachel Marshall. Bruce Wehner is the lead advisor...

Listen