73 - How Canadians are Taxed Locally and Globally

Want to dive deeper into topics like this? Master your journey with Physician Empowerment’s Masterclass Membership—your gateway to exclusive content, expert-led sessions, and actionable strategies to elevate your personal and financial well-being. Learn more and join us today! https://www.physempowerment.ca/masterclass—In this episode, Dr. Wing Lim welcomes Masterclass faculty member Simon Wong back to the show to discuss global and local taxes for Canadians. Simon explains how taxes vary for Canadian citizens according to physical or tax residency, the international tax rules that affect tax brackets and investments. It’s a situation many medical professionals find themselves in for training, work, or financial ventures, and understanding how these taxes work is key to making wise decisions. The first thing Simon tackles is the three labels of citizenship, tax residency and physical residency. Each carries a different set of rights, obligations and planning consequences despite sounding similar. He and Wing then delve into deeper questions. How are offshore strategies affected by taxation? How can someone avoid becoming a dual country tax resident? What cross-border taxation applies to real estate in the US? Simon and Wing broach all these questions and more, exploring the best tax and accounts options for Canadian physicians at home and abroad.  About Simon Wong:As an Integrated Wealth Planner, Simon's expertise lies in simplifying complex financial concepts into clear, actionable insights, forming the cornerstone of his Financial Plans. Simon specializes in navigating individuals and businesses through the intricate landscape of tax planning and investing, utilizing his extensive knowledge and experience to foster their financial success and stability.__Physician Empowerment: Attend an upcoming Empowerment RetreatJoin the Physician Empowerment Masterclass nowWebsite: PhysEmpowerment.ca Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.