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 $126,500 of income, and you can deduct taxes paid to your resident country as well.
Flip side is you pay on all capital gains, while Canada doesn’t charge on primary residence sales for example. And it makes investing far more complicated if it isn’t in an RRSP (401k equivalent). TFSA’s for example (the other retirement plan type) isn’t included so if you have investments in a TFSA you’re going to pay, including a base fee of ~700$ a year per investment accounts. Also your accountant is likely to cost you at least twice as much since you need to file twice (if not more cause CPAs that are certified in both countries aren’t exactly commonplace).
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.
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.
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.
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.
Well the pot would be just for me. I would just build a big green house or hot house and hydroponic the shit out of produce. And hopefully get a business license to sell it to stores or a farmers market/
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
But what if I renounce the US?
I do not think you can get ssi if you renounce.
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 $126,500 of income, and you can deduct taxes paid to your resident country as well.
Flip side is you pay on all capital gains, while Canada doesn’t charge on primary residence sales for example. And it makes investing far more complicated if it isn’t in an RRSP (401k equivalent). TFSA’s for example (the other retirement plan type) isn’t included so if you have investments in a TFSA you’re going to pay, including a base fee of ~700$ a year per investment accounts. Also your accountant is likely to cost you at least twice as much since you need to file twice (if not more cause CPAs that are certified in both countries aren’t exactly commonplace).
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.
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.
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.
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.
I meant grow my own cannabis for just me and use the rest of the land to grow vegetables and produce. And just sell that kind of like a business.
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.
Well the pot would be just for me. I would just build a big green house or hot house and hydroponic the shit out of produce. And hopefully get a business license to sell it to stores or a farmers market/
So you think you can retire on the remaining $80,000? lol Canada is a very expensive country to live in.
Until you need a doctor. And then some more…
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
Not quite common here. Don’t know about Canada, but you want to find out in advance.