September 24, 2006

Sept. 24, 2006: Jack Mintz

If being a dual citizen is a form of insurance, non-resident Canadians should pay for it, Jack Mintz, Rotman School of Management, August 14-September 10, 2006 issue of Canadian Business magazine -- The price of citizenship

[....] While some Canadians living in high-tax European countries would owe no Canadian tax, many non-residents would likely pay some tax to Canada, including those from Lebanon, Hong Kong and the Caribbean countries where tax rates are low.

[....] Of course, some non-residents might no longer want to hold a Canadian passport if they were liable to pay income taxes when living abroad. But isn't that the point? Holding a Canadian passport should not merely be a relationship of convenience.

KC Irving must be rolling over in his grave ... perhaps bumping into that other Canadian citizen who was able to move at least some of his assets globally ... out of Canada, at the same time KC went global. I have read that KC's will stipulated that an heir would have to move to Bermuda, leaving the Canadian business, in order to enjoy the heavenly largesse ... but check on this, in case I have it all wrong, though I don't think so.

Some may cry, "I wanna go to Miami". Me? "I wanna go to Bermuda" ... Useless whine on my part, eh?


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