124. USA Citizens In Canada Life Insurance Landmines

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