U.S. best tax haven of all, author tells Canadians | MoneySense

Posted: July 17, 2012 in articles, in maple ridge, inmapleridge, insurance, maple ridge, mapleridge, personal finance, retweets, wordpress

via U.S. best tax haven of all, author tells Canadians | MoneySense.

Forget the turquoise waters and white-sand beaches of offshore tax havens. Take your hard-earned Canadian pension and head stateside. That’s the advice Robert F. Keats has for snowbirds in his latest book, “A Canadian’s Best Tax Haven: The U.S –Take Your Money and Drive!”Thumbnail Image

Roughly 1,000 baby boomers retire each day in Canada and too many of them don’t know how to protect their money, according to Keats, a dual citizen and president of cross-border wealth management firm KeatsConnelly.

“Snowbirds are getting the wrong advice with respect to taxes, medical coverage and immigration,” he recently told MoneySense.

While it’s true that anyone with a sizeable RRSP or corporate pension could see upwards of 40% of their nest egg gobbled up by federal and provincial taxes once they begin withdrawals, relocating to the Caymen Islands or the Bahamas isn’t the answer.

Traditional tax haven islands aren’t havens at all for high-net worth Canadians, Keats said. The idea that you’ll keep more of your money on a tropical island is a “myth.”

Read the rest…. U.S. best tax haven of all, author tells Canadians | MoneySense.

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