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 0

December 25, 2024 00:34:17
Episode Cover

251: Balancing Business and Family with REBL Dad Derek Notman

Wealth On Main Street 251: Balancing Business and Family with REBL Dad Derek Notman ORDER A COPY OF OUR NEW BOOK! Don’t Spread the...

Listen

Episode

June 30, 2020 00:38:45
Episode Cover

17. Finding the Money to Get Started (Live Podcast Session)

Today Richard and Jayson discuss important aspects of Nelson Nash’s book, “Becoming Your Own Banker.” This book shows that the need for finance, during...

Listen

Episode

August 30, 2022 00:26:22
Episode Cover

130. Investing with Whole Life Policy Loans in Canada Interest Deductions

Wealth Without Bay Street EPISODE #130: On today’s episode of Wealth Without Baystreet, Jayson and Richard talk about how you can invest with your...

Listen