KenC

@tlberg86 @GadSaad That is why you “realize” them when leaving the countries that settle up when you exit, which is — nearly all of them. Including the US, which does it slightly differently, based on citizenship rather than residency.

@kencu_web @GadSaad Taxing any unrealized gains is fucking criminal

I’m unable to deal with the theft of much of my accrued book royalties and other creative endeavours. I’ve worked night and day for decades; nearly all of my money was generated outside of Canada, yet the provincial and federal governments felt that they are owed more than 55% of my earnings even though my taxes on my professorial salary is already more than what most Canadians pay in taxes. It is a criminal exercise bereft of fairness or morality. I hold out hope that I will somehow be granted financial cosmic justice.

@JonFraserTF He's leaving because for the 1% at the top of the income chain, the US has lower taxes and he can keep more of his income and buy what he's missing that the government doesn't provide. For the other 99%, you're hosed, pretty much.

He's paid taxes in Canada for decades and likely pays more in a year than you will in your lifetime. I think the departure tax is nothing short of extortion. You should also ask yourself why he's leaving in the first place.

@DempsterRita @GadSaad I rather doubt his leaving has anything to do with feeling safer in the USA (are you nuts? the land of "open carry"?) and everything to do with a lower tax rate.

@kencu_web @GadSaad How can he be expected to feel grateful when he's leaving because the government has failed to protect the Jewish community? He's paid plenty in taxes already. Why should he face an exit tax when the country isn't enforcing its own laws equally to protect its citizens?

@seidshar75826 Good comeback, I guess. I'm new to the wonderful back and forth of X. Fun so far, with all you clever folks to banter with. We'll see if it grows on me. I usually charge rather large $$$ for my thoughts on things, but I'll give 'em to y'all for nada, as you seem to need them.

@kencu_web Do you got nothing bot with 9 followers.

The Great Scam After what @GadSaad posted yesterday, something I had no idea existed... an "Exit Tax" I did some digging. This is what I found. Canada's departure tax is one of the biggest scam taxes on the books. Apparently when you leave the country, the government treats you as if you sold every investment you own, even if you sold nothing. You get hit with a tax bill on money you never touched, never withdrew, never spent. They literally invented a fake sale to justify taking your money. Here's what makes it even worse. The stocks they're taxing? Those are foreign companies. Apple, Samsung, whatever you hold, those grew because of what those businesses did in their own countries, their own markets, with their own workers. Canada had absolutely nothing to do with it. Zero. But they still want a cut just because you happened to live here while you owned them. They did nothing and still want to be paid like they did. And before 1996 this didn't even exist the way it does now. Chrétien's government expanded it that year and buried it in section 128.1(4)(b) of the Income Tax Act like they hoped nobody would notice. Italy doesn't do this. Portugal doesn't. Belgium, Switzerland, the UK, none of them pull this shit. You paid income tax every year. You paid sales tax. Property tax. You held up your end of the deal the whole damn time. And when you decide to go live somewhere else, they hit you with a bill for money that was never real to begin with. Canada under any Liberal is a Scam!

@GadSaad WTF is wrong with all you assholes who somehow feel everyone else but you should pay the taxes that make our country work but you? You want to change the tax base? Stop asking for free shit all the time, and elect people who support that point of view.

@GFYmuchly @GadSaad You can't run an offshore business and avoid taxes in any reasonable democracy. Stop trying to cheat the system. You benefit from it -- you pay your fair share. This is not theft.

@GadSaad Impossible to comprehend how you are taxed on earnings outside your jurisdiction. If you have an entity that is being paid in another jurisdiction, taxes are owed in the jurisdiction of registration. This theft most likely would not survive a court challenge. Lawyer up👍🏻

@seidshar75826 @Odourboy1 @vesperdigital @GadSaad You're looking for a benefit of being Canadian that isn't provided by taxes? That is a silly question, and rather irrelevant, wouldn't you say? Most of the major Canadian benefits have been agreed to over decades of negotiation, and I never purported to provide such an odd list.

@kencu_web @Odourboy1 @vesperdigital @GadSaad We already know that it isn’t even a possibility, as it’s been explained many times, the democrats would have to agree to it and they would NEVER agree. So you’re just spreading misinformation. So you can’t give me an answer to one benefit we get that our taxes don’t pay for?

@seidshar75826 @Odourboy1 @vesperdigital @GadSaad Hah - you're joking of course - the democrats would certainly agree, and not only that but it is Alberta's ONLY path forward if they leave Canada, we all know the game. Thankfully, though, it appears cooler Alberta heads will prevail.

@seidshar75826 @Odourboy1 @vesperdigital @GadSaad I see you're one of the Albertans hoping to be pillaged by the USA 5 minutes after leaving Canada and joining the US. Anyone who thinks that is going to lead to a better, happier, life is hallucinating. You're just going to be working for new masters as cheap labour.

@kencu_web @Odourboy1 @vesperdigital @GadSaad You mean the healthcare that we pay for with OUR TAXES? What are some of the other thousands of things that Canada provides?

@NouveaT53568 @vesperdigital @GadSaad @grok The US uniquely continues to tax you as a US citizen when you leave the country until you renounce citizenship, so it's the same thing in different clothing. Google says Italy has an exit tax. UK is too confusing to sort out in a brief read.

@kencu_web @vesperdigital @GadSaad It does not. @grok fact check what other country has the same system as Canada?

@tradewaver1 @GadSaad

@tradewaver1 @GadSaad I thought I thought we were talking about how people wanting free shit raises taxes. But if you want to try and talk about the quality of life of the average American versus the average Canadian, we can certainly go down that pathway. It’ll be a sad outcome for you.

Following a very difficult meeting with my accountant, I just found out how much it is going to cost me in terms of an "exit tax" to leave Quebec and Canada. No human being in a free society should have their hard-earned money stolen in this manner. I'm genuinely numb. I'm speechless.

@Odourboy1 @vesperdigital @GadSaad Or … it could be true. It’s called reality. Visualize it long enough and you’ll see it’s true.

@kencu_web @vesperdigital @GadSaad It's called propaganda. Repeat something long enough and it's accepted as truth.

@KrassesDildo @vesperdigital @GadSaad I see your skills of discourse are coming through quite clearly now. Which isn’t a surprise given your moronic comments so far. It’s been fun interacting with you, but the IQ level seems to have dropped too precipitously for further continuation.

@kencu_web @vesperdigital @GadSaad So let him get it when you die or choose to sell Idiot

@Odourboy1 @vesperdigital @GadSaad I’m sorry to tell you that the happiness, satisfaction, life expectancy, and basically every other imaginable metric of the population in the United States compared to Canada is almost incomparably in favor of Canada.

@kencu_web @vesperdigital @GadSaad

@KrassesDildo @vesperdigital @GadSaad Sold, or you die. Uncle Sam always gets you in the end. Death and taxes.

@kencu_web @vesperdigital @GadSaad When SOLD, not forced to sell to pay taxes.

@HalHollis @RobOberTech @vesperdigital @GadSaad If you make 10 million dollars on NVIDIA while living in the US, and then take that to Germany and never make another penny, just spend your money, you pay essentially no German income tax. But when you die, the US government gets their tax money. Same as exit tax.

@kencu_web @RobOberTech @vesperdigital @GadSaad More precisely, a US citizen must file a US tax return even if they live and work in, e.g., Germany. However, one (generally) gets credit for the taxes paid in foreign countries which typically more than offsets the US tax, i.e., no money is owed to the IRS.

@Arbiter_Apodict @mario4thenorth Go to your local and regional and federal governments and start petitioning and campaigning to cut services then. Reduce healthcare coverage. Reduce old age security and income support for those who can't work. See how many of your fellow citizens you get to follow your lead.

@kencu_web @mario4thenorth Whats insane is the amount of tax we pay.

Gad just learned about the Canadian “exit tax.” It’s very real. It’s one of the reasons our brain drain isn’t bigger than what it already is. It’s a form of entrapment. There are successful entrepreneurs who have highly profitable businesses, that do not leave because their business would be taxed as though it was sold, a deemed disposition, at fair market value, but they don’t have the money to pay the tax on it. Think of it as an acquisition happening, but with you getting no money, and instead a tax bill as though you made a captain gain (profit) on selling your business. It’s like the mafia. You can’t leave without paying a price.

@Odourboy1 @vesperdigital @GadSaad US also provides a lousy social safety net, terrible support for the bottom half of society, no health care, and a thousand other things Canada provides that Americans dream and hope for.

@kencu_web @vesperdigital @GadSaad US provides a generous tax exemption (~$1.3M Cdn) per person. So a couple could ideally be exempt from about the first $5M Cdn in capital gains. Canada... zero $