Move to Panama: Big Changes Coming! | TFSA/RRSP/Cash Portfolio & Broker Changes + Tax Consequences

Details on Panamanian Visas: panamafriendlynationsvisa.com/
00:00 INTRO
00:55 VISA Process/Requirements
03:35 Big Consequence + My Plan
05:42 Taxes as a Non-Resident
06:38 TFSA
07:59 RRSP
09:05 CASH Accounts
11:03 Taxes when Leaving Canada
14:00 Plan for 2022
14:47 Broker Change...
17:00 What's Next?
19:39 OUTRO
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[@investinggrind]

Thank you for keeping us up to date.

[@TerryGreenlaw]

There's another option for a Panamanian visa that is probably a much better fit for you . For around 5K you can have lawyers establish a Panamanian corporation which employs you. That gives you the ability to live there on a work visa. You have to pay yourself a minimal salary, and pay Panamanian taxes on that salary, but it ends up being significantly cheaper than pulling cash out of your retirement pool. We're going to use the Pensionado visa because it's the easiest one we qualify for, but if I decide to work locally in Panama, I'll be switching to the self-incorporation approach. Love your channel! Good luck with the move.

[@waynecole2465]

Interesting insight Terry; all the best in your venture. I admire your initiative.

[@geotabs2]

Where did you get this info from? I thought they got rid of that option.

[@TerryGreenlaw]

@@geotabs2 They got rid of the 5K favored nations visa, but the legal and administrative costs to create a Panamanian corporation which hires you as an employee are around 5K. It's more work than the old favored nations visa, but beats having to tie up 200K for people not intending to buy a house/property.

[@PassiveIncomeInvesting]

Looked into it , it’s “shady” and higher cost . I’d rather get it done good without strings attached

[@PassiveIncomeInvesting]

Yup

[@buzzbrainzodiac1835]

Very excited for your new move and the new testimony videos! I had moved 1/2 of my portfolio to high dividends investing 5 months ago (after watching you) and right now, with such a volatile market I am so happy I did! Thank you!!!

[@MS-jl1tl]

Great information ! So happy for you guys.

[@navrozjessani3964]

Would it not be more tax efficient to take your Cash account offshore?

[@mikaelpoulsen7419]

Congratulations guys, love to see people follow their dreams, well done. Me and my wife transitioned to PII after consulting with you on a 1 on 1 and we are now following our dream. PS we are on version 3 and can't wait for version 4 unveiling, Thanks again

[@PassiveIncomeInvesting]

Working on it 😉 good job , enjoy your lives !

[@SHHHMotoTravels]

Great video. You addressed several questions I had when I saw your last video Well done

[@MrChepburn]

Congratulations - truely exciting stuff! Wishing you success and smooth sailing in your move. ( And welcome to team Questrade - I'm sure you will like it )

[@graceg8834]

So exciting! Will follow your journey!

[@jasonstupak4535]

Watched and liked, thanks Adriano!

[@johnmc128]

Good one. Good luck , hope you both enjoy it there.

[@may-maytanymaytany_s3417]

Thank you for sharing Adrian 🙏👍

[@MTN99999]

Howdy my brother I have been watching you channel for a while and I am really happy for you and the insight that you constantly share with us all. Wishing you all the and a smooth transition out to Panama. I am looking for a possible transition to Portugal myself because the inflation and taxes here are only getting worse unfortunately. I talk to a lot of Canadians that made the move overseas to get away from the harsh winters and lately more for tax purposes. Might as well work for the CRA lol! Thanks for sharing brother and keep up the great work

[@PassiveIncomeInvesting]

Thanks brother . It’s well worth it ! Go for it and enjoy 😉

[@MTN99999]

@@PassiveIncomeInvesting My pleasure Brother, Will do 🙂! I am working on it! Ciao and all the best!

[@greatchalla3799]

Wow....I’m so happy for you guy’s best regards and thanks for keeping us posted.

[@jamesdarling3320]

I’m enjoying learning about passive Income, I wish I had found this channel a few years ago. I’m still a novice when it comes to doing this passive income stuff.

[@PassiveIncomeInvesting]

Glad to hear ! And welcome … it’s not mainstream , yet 😉

[@patrickbramhill3434]

Great info !

[@davidsiwek994]

wow ! Wish you the best guys !!!!

[@siam9845]

Happy Trails. So many Canadians are leaving Canada. Seems I hear this everyday

[@anilsaggar]

Sounds exciting, enjoy your move to Panama!

[@waynecole2465]

Tough time to sell. Good for you leaving the grasp of CRA. Keep us posted, I am interested in not playing the Canadian tax game.

[@fogforestfilm]

try some Asian countries.

[@denisebaird6407]

Good for you!

[@thinkpassiv]

Congratulation for moving to paradise! Beautiful weather and less taxes!

[@brianwraight4966]

Great plan!!

[@Got2Learn]

Good move buddy, Canada (owned by WEF) is not what is used to be, enjoy your new life man!!

[@robbw4264]

Exciting stuff, Adrian! Been with you since version 1 of your DYI investing spreadsheet and love the channel. I’ll be ready to GTFO of here soon too soon -tho not to Panama. This video was super relevant

[@PassiveIncomeInvesting]

Good luck on your journey my friend . Forget what others say and think of it , do it

[@ZorheM]

I’m honestly debating on leaving Ontario, sick of these 40% income taxes and insane house prices. Most of us could easily live off our dividends in Panama, grand caymans, etc.

[@PassiveIncomeInvesting]

Yup lol . I suggest taking a trip first … you might not like it . Try a few places and at least a month or 2

[@johnsonoyama]

Great channel, very happy to discover

[@ttclion]

Thank-you so much. Great information. Thank-you thank-you.

[@ww8535]

Great! You guys will love Panama. Question: what kind of health insurance will you have down there?

[@wawaquan236]

Thanks you

[@hbaz2009]

Thank Adrian yiu are the best and please continue to show us the best way to invest.

[@elielavignedescoteaux7568]

Great topic.It would better to withdraw your RRSP on your first year of non resident, pay the 25 % and re invest from Panama in a third jurisdiction ( outside Panama) this way your gain would be tax free went repatriated to Panama. The safeguard of keeping your RRSP is very low has you will just keep getting richer has your aging and your taxable income at retirement age in Canada would definitely be in the highest tier ...more that 25% .. If you never come back to Canada, the 25% will be a bigger amount in 20 year that it is now . Enjoy Panama.

[@matthewturgeon767]

I enjoy both Questrade and TD. Congratulations on moving to Panama 🇵🇦

[@zw3565]

Great view. What was the reason for this big move? Also thanks for the information on moving from one country to another there is a lot to consider for those wanting to make a very big move like that.

[@abubakarimtiaz2199]

Congrats man,,,, quick question,,,, what about income for day to day expenses in Panama ? If you keep you cash account in Canada,,, you going to withdraw dividends/income via ATM over there ? Or more focus on youtube/webesite income ?

[@frankinfante791]

Congratulations to you and your wife. Well deserved and time to live life to its fullest while your still young.

[@thetiredlinecook]

all the best my dude

[@johnnycinelli7915]

congrats, living the dream in panama! i have , its great! your fees are now half, etf buying is free. the new app look will impress you. TD is great but cant justify a10 buck trade

[@PassiveIncomeInvesting]

It’s ok , I think I still prefer td but it’s probably because I got used to it . It’s been like 12 years

[@JoeSmith-pu9hi]

Congrats.

[@jwcmnbox]

Great content as always Adrian.. wish you well in paradise.. wish you all the best to u and wifie.

[@hammerdown3000]

Not lucky enough to head south yet but looking for a EV. Interested to know more about your car. FYI, I am not in the car business, I live in Montreal as well.

[@samelabd4611]

Hey beautiful man Your a inspiration to all us young investors best of luck in your new journey

[@patbaxter4482]

I have been a non-resident of Canada for 16 years now, living in Mexico. Last September I posted on your FB page that TD had written to me and gave me only 30 days to move my cash account and RRSP out of their bank due to my being a non-resident. I was allowed to keep my chequing account which my pensions go to. None of the big banks would accept me as a non-resident so I too switched to Questrade. Like you, I would have preferred to stay with TD but had no choice. For this reason I just want to mention that you may not be allowed by TD to leave your cash account until next year. It's something to look into. I thought it was pretty crappy to be given only 30 days to make my move but they said that after 30 days the account would be frozen, so I could sell funds after that but not buy any, and not buy with my dividends. It did take me longer than that to get my RRSP out and they did indeed freeze it.

[@PassiveIncomeInvesting]

Thanks pat . Yeah I’ll move the cash eventually . Luckily its easy and quick with questrade . 2 weeks and it’s fine without even talking to anybody 😉

[@patbaxter4482]

@@PassiveIncomeInvesting I hope you'll like their website more than I do. I like the one at TD far better and just can't seem to get used to the one for Questrade.

[@patbaxter4482]

@@PassiveIncomeInvesting another thing I want to tell you is that Questrade let me name my husband as beneficiary on my RRSP, but they won't allow it on the margin account. They say it has to go to my estate. They said I could open a joint account and transfer my investments into it, but in the event of my death they want a Canadian death certificate to remove my name from the account and leave the money to him. I will only have a Mexican certificate which they won't accept, and they told me I could get a Canadian one by applying to the provincial government in Alberta but that's not correct and they told me they can't provide one. This situation is a PIA, and I'm still thinking about it, and I advise that you and Erika should look into it too.

[@PassiveIncomeInvesting]

Yeah …

[@rachida2878]

and why does the royal bank tell me that I can keep my account as much as a non-resident, not BMO bank there are not the same rules or wath, i am thinking to move to questrade to i am asking if i can do it from outside canada thanks for sharing

[@jean-lucbouchard5967]

Tks for your video. Can you explain how it's works the tax for non-resident of Canada like you will in Panama for the capital gain, divident for example. I'm looking to go to with the Visa Pensionado.

[@cspanza]

I just watched this an I was wondering why you needed to sell to raise cash when the savings account in panama gave a higher rate of return than the margin rate of interactive brokers? It seems that you could move your non registered to ikbr and then take the cash from margin to deposit in Panama and use the interest from panama plus any extra income you have to pay down the margin account?

[@PassiveIncomeInvesting]

I will never take Marvin

[@beauchampfrancois151]

I was wondering if I could use a vpn and keep my Disnat broker when I moved. Anyone knows about that? Your journey is verrrry interesting :-)

[@vladk5765]

Congratulations moving to Panama. How much is the rental that you signed? Is it one or two bedrooms? We are looking to do the same in fall. Thank you.

[@PassiveIncomeInvesting]

You’ll find out soon enough 😉

[@dionphaneufauthentic]

Have you considered switching hyld to hyld-u? Also questrade let's you have CAD and usd cash in one account, do you think you'll use Norberts Gambit to get your USD? (Guessing CAD doesnt work down there?)

[@PassiveIncomeInvesting]

I outlined my plan in the video, . I’m keeping my tfsa and cash account Canadian and my rrsp American . But yeah , duel currency accounts are useful !

[@efullname]

How will you replace the top of the hour markets news and commentaries of TD which Questrade lack?

[@PassiveIncomeInvesting]

I never look at market news or commentary …

[@seanmccann2790]

Can you still contribute to CPP? It's guaranteed income that is indexed to inflation. If you wish to take it later on in life.. say 70, it does add up significantly. I'm guessing OAS will not be impacted if you take the visa and keep your Canadian Citizen ship. I hope this all works out for you..

[@Emmanuel_360]

Do you know what is the Panama tax rate of capital gain and dividend in a Panama account, when you have your temporary or permanent residency?

[@PassiveIncomeInvesting]

Ya … zero 😉

[@scottjantzen7]

So happy for you guys! Exciting times ahead. Really appreciate all of your advice over the past year. After selling our house and moving to Victoria, BC our monthly dividends have increased from $1300/month to $2000/month. Together with our pensions we're doing fine. I just wish ZPH would turn around!

[@PassiveIncomeInvesting]

Good job , I know you wish it wild turn around , but eventually you will realize it doesn’t really matter either way . 😉

[@sanjivraj9160]

Hi Scott,heard Victoria BC real estate is expensive, how is the housing market there,and weather.Please advice.

[@scottjantzen7]

@@PassiveIncomeInvesting I was using ZPH to park some money that I am saving to buy a boat. I may want it sooner than later so that is the only reason I am caring about the stock price. I'm still getting $300 per month in dividends on a $55,000 investment.

[@PassiveIncomeInvesting]

Ahhh , now I understand 😉

[@WhistleMaster]

@@PassiveIncomeInvesting it does matter as the dividends are based on the latest price. If the price drops, dividends drop too. And considering high inflation it would be a major loss, isn’t it?

[@blanksy_-]

moving to other countries ?? such as UK . double tax agreements ??

[@blanksy_-]

not all trades are free in Q.. sometimes much more expensive than my standard $10 in RBC

[@alexj700]

Happy for you Adrian. Me and my wife want to leave Canada also.

[@PassiveIncomeInvesting]

Take your time to do research … but it’s a great goal to have and you won’t regret it

[@Goforitmanager]

Good move, all the best. I’m with Questrade and been happy with them. Why no Interactive Brokers? IB seems to be a true global broker.

[@Gary-xq6lw]

I watched the video yday and logged in today to ask the same question ... @passiveincomeinvesting

[@PassiveIncomeInvesting]

Tomato tomato …

[@motivationmastery684]

Questrade by far is the best and easiest patform. Good choice. They did change the layout last yr to be more mobile friendly and its crap. You need the old layout with table view back. You can contact support for that. I use IBKR and Questrade. And Questrade's online support is many folds better, and much easier setup, and no jumping hoops to get approval to trade "risky" stocks/ETFs. Only reason I also use IBKR is their margin account is much better with low interest. And on IBKR, I need to get so many different approvals to be able to buy closed end funds, split funds, etc. I still can't buy some Hamilton ETFs like HYLD on IBKR. I also use WealthSImple Trade for Canadian stocks [no commission trades], but it also doesn't have all the stocks/ETFs listed.

[@guitarsoundsaround]

@@motivationmastery684 why is it hard to buy those on IBKR? I didn’t realize some funds need to be approved to be purchased.

[@motivationmastery684]

@@guitarsoundsaround IBKR tries to protect their userbase (I guess) by creating tiers of trading. Funds like HYLD or BTCC are considered Complex or Leveraged Exchange-Traded Product, and you need to request additional permission to buy/sell them, and their online support is bad and your permission request can just sit there for months without any action.

[@katalystc1268]

can put the link for the Coronado country club?

[@derekcyoung]

To clarify, you'll be non-resident so you don't have to file taxes (after final tax filing) but you'll still maintain Canadian citizenship?

[@PassiveIncomeInvesting]

Yes

[@stancherednik2081]

Great info ,i am also moving to Coronado in the fall .Where do rent from Bahia or Royal Palm ?Any good suggestion ?

[@PassiveIncomeInvesting]

Can’t really say . I’m at the Coronado country club and it’s awesome .

[@katalystc1268]

so you can be a non resident. but still have Canadian citizenship? and still wirthdraw money from tfsa tax free? I thought once you relinquished your residence you would lose everything?

[@johngord752]

What happens to US dividends in an RRSP when you become a non-resident? Are all witholding taxes on the US dividends still waived?

[@PassiveIncomeInvesting]

as far i know there is no change. it remains a tax sheltered account (until you withdraw)

[@samalexander5236]

15:38 it’s because they are the trustee. Those accounts are actually trusts. If people play funny business and get a huge tax bill which CRA can’t collect on, they will look at TD.

[@MegsCarpentry-lovedogs]

Wow! I had no idea you were planning on leaving Canada! And, it was Brandon investing channel that mentioned your channel and brought me to subscribe. Cool that you mentioned his channel in this vid. Keep up the important work....a pull back in the markets this week....waiting for some buys with a stink bid sitting and waiting for it to trigger...have DS on a stink bid. Cheers from East Canada📈📉🍁👍🇨🇦

[@PassiveIncomeInvesting]

😉

[@tuvstar100]

Thank you great Info!!!

[@chongliu6402]

For a non-citizen of Canada, if I move to another country permenantly, how the tax is calculated from my TFSA, RRSP and non-registered account ? Is that still the same as a citizen of Canada moving out ?

[@PassiveIncomeInvesting]

Did you watch the video ??

[@Pharaoo2012]

Thanks Adriano for sharing all these info, you mentioned the tax on dividends will be 25% , any idea what tax percentage for capital gain?

[@neilmac4730]

Jesus, that's a big move Adriano! 😳

[@PassiveIncomeInvesting]

Hehe . Fortune favours the brave

[@stevencrowthers2887]

Is the visa $260K for each of you-you and your wife-or you need to come up with that total for both of you to get the visas?

[@jimcarry5208]

Any particular reason for choosing Panama?>

[@monex90210]

One of your best videos Adrian! Had you given any thought to taking the 25% tax hit up front on all assets departing? If so, is there any tax shelter investments in Panama that would have made this a viable alternative? Good find with Questrade! I was not aware of any Canadian broker that allowed you to retain your account or they simply locked down your account and allowed only withdrawals with a 25% with holding tax on all withdrawals.

[@rachida2878]

Royal bank do that

[@PassiveIncomeInvesting]

No there isn’t anything like that in Panama …as far as I know

[@monex90210]

@@rachida2878 so does BMO, Scotia, Interactive Brokers and Qtrade

[@asrarnasser8690]

@@monex90210 does these banks allow you to keep your accounts when you become none resident?

[@luchoCuevas]

Hi Adriano, Im also planning on moving, to Panama , and been reading on Non residence etc., I m also planning to move to Panama but I'm waitiing for my OAS, to get my full pension.. my question, Is there a way to invest in Panama with an online broker, like questrade, etc but a Panamanian based? will that solve the issue of paying taxes on dividends ?? (all the best with your process)

[@PassiveIncomeInvesting]

Maybe, but it still wouldn’t solve the withholding tax . It doesn’t matter what country you go to. The cra wants it’s cut from all Canadian based income but at least some of it is roc

[@marcperras9072]

I am thinking about moving to Coronado too. But on a pensioner visa.

[@PassiveIncomeInvesting]

👍

[@PuReGaMeRz268]

How much for your IKEA Malm dresser? 😅

[@dotsoncw]

stay passive!!!

[@rachida2878]

BMO bank told me that I can't drip the dividends received and can t buy stock for non resident is that true? thanks

[@PassiveIncomeInvesting]

Can’t buy stock ? Makes no sense

[@rachida2878]

@@PassiveIncomeInvesting you just say in the your video that TD banque too can t hold your portfolio as non resident,that s whay you wan move it to questrade is that true? i am looking do the same

[@PassiveIncomeInvesting]

Yes

[@horatiu70]

From what I heard all self directed accounts from the 5 Canadian banks will make you close and move out your accounts if you become non resident.

[@PassiveIncomeInvesting]

Yup , not cibc I’ve heard . This is why I’m moving to questrade

[@pradipbulsara9263]

My friend sent me another video that mentioned that $200,000 US requirement reversed back to $5,000. Is it true?

[@PassiveIncomeInvesting]

Show me . Is it from Jackie ( panama relocation tours )?

[@TheBreamer999]

We are not truly sovereign citizens, after listening to the whole moving process. Great video Adrian. You two are young, enjoy the years. I'm going to be 59 and will stick it out here, (Winter and all) and I don't have the energy to move :) . I'm in a good place financially so it's all good

[@brianmcgrath5977]

I hear you brother. 59 myself and just staying put. Unfortunately I didn't get my act together soon enough.

[@TheBreamer999]

@@brianmcgrath5977 Just keep plugging away Brian, you would be surprised how much progress you can still make. We are hopefully wiser at our age than in our 20's

[@brianmcgrath5977]

@@TheBreamer999 thank you

[@richardthorne2804]

I am blown away that they would require that much cash be tied up for that long. I just think that’s wrong. But obviously you want to do it so wishing you the best.

[@PassiveIncomeInvesting]

It sucks , I know … but it’s worth it . I can do 2 years

[@sholness66]

Congrats on moving to paradise on your own terms and as a result of your wise financial decisions. You should be proud!

[@rickbold9337]

Hi Adrian thanks for the info on moving abroad. I will be moving to the Philippines in the fall. I am with RBC and they tell me that I can continue holding my investments while being a non resident. The problem I find with RBC is that very few of the income funds are eligible for drip with them which I find kind of annoying so I’m considering moving to Quest trade

[@PassiveIncomeInvesting]

i would if you cannot DRIP... because its 10$ a pop with RBC

[@tcmazz]

Hi Adrian not sure if you mentioned it but how's your Spanish?

[@PassiveIncomeInvesting]

I speak Italian and French so it’s like 30% there 😉 besides , many speak English there

[@thebes56]

Why not Uruguay, like Doug Casey?

[@G_Ellis606]

Don't blame you to get out of Canada. Personally, I'd pass on Panama due to the large spiders!!! Yikes!!!!!!!

[@brianwraight4966]

Fellow PII investors…… Next week could bring panic selling. So remember that we are long term dividend investors. So hold your positions and wait for the real deals SLOWLY. If the market does drop, I’ll be setting limits to buy at -10% -20% -30% less than my what I paid. Hold your dry powder and start a Dollar Cost Averaging plan. Remember that you will never find the perfect bottom of any market…. Do it right and you could be hold PII stocks with significantly better yields.

[@PassiveIncomeInvesting]

Can’t find one thing wrong with this statement 😉

[@vicfontaine5130]

Congrats, was Panama the only place you looked at

[@PassiveIncomeInvesting]

Looked at no, visited in person yes . But I’ve been to a few countries In the region …

[@frankszabo9410]

Hey Adrian when switching Canadian to US, do you find or use Norbert Gambit or did you have bank exchange it from Canadian to US dollars

[@morg444]

Norbit is easy and cheaper, but it takes a few days and the exchange rates can change.

[@aidannewton]

I’m 32 and an army veteran. Just doing my pensionado visa right now. There is no age requirement just the income requirement.

[@PassiveIncomeInvesting]

Ah ok … too bad we couldn’t meet the requirement…

[@aidannewton]

@@PassiveIncomeInvesting I completely understand. Just wanted to clarify that you don’t just have to be old age to get it 🙂

[@eliotness107]

Imagine that not taxing people to death like they do in Canada, gives you more money left in your pocket to reinvest into the Panama economy when you spend your dollars on goods and services down there, If more people with money move to places like Panama then their businesses are going to blossom. What a crazy thought that low taxes could be beneficial for an economy

[@PassiveIncomeInvesting]

That’s why Coronado is growing 😉

[@eliotness107]

@@PassiveIncomeInvesting the city in commiefornia? 😂

[@KOTNEmpire]

So are you giving up your Canadian Citizenship?

[@PassiveIncomeInvesting]

No , you don’t need to

[@KOTNEmpire]

@@PassiveIncomeInvesting do you need to come back every 6 months to keep your citizenship status active?

[@JoshuaJackson84]

Why not choose Portugal? I did. No requirement to put down any money. The setup is a bit more complex but essentially 0% personal income tax for 10 years.

[@PassiveIncomeInvesting]

We’ll there’s many options out there , the world is a big place

[@p.c.h.6721]

As far as I know in Portugal under the NHR program you will still pay 28% on capital gains coming from financial investments, and I was checking the double tax agreement between the U.S. and Portugal and it does mention that withholdings from U.S. income goes from 30% to 15%, I don’t know if there’s a way to get rid of that 15% withholding by the U.S. when you invest in income financial investments from the U.S.?

[@JoshuaJackson84]

@@p.c.h.6721 You must structure properly to receive tax free dividends

[@p.c.h.6721]

@@JoshuaJackson84 How?

[@JoshuaJackson84]

@@p.c.h.6721 Create business in a low tax jurisdiction like Romania, Bulgaria, Cyprus, Malta, Montenegro

[@TheTttooom]

Non residents of Canada still have to prepare and pay taxes on Canadian sourced income. Feel that it is necessary to specify, especially for income from canadian cash accounts

[@samalexander5236]

Only on employment income, dispositions of Canadian property, and business income (earned in Canada). Dividends from Canadian corps will just have automatic withholding taxes apply to them.

[@funnymomentswithbhakti3070]

CPP? OAS?

[@MS-jl1tl]

Good question

[@PassiveIncomeInvesting]

You still get to have what you accumulated

[@Tony-vc4wi]

Why you moving, dont need to be personal, but was it canadian taxes, family, friends.

[@PassiveIncomeInvesting]

Weather , taxes , pollution, vibe , politics I explain it in my first Panama video

[@rom4034]

Why not buy an annuity from sun life for 300000.00 (1000.00 for life) and get the Panama Retirement Visas (Visa Pensionado)

[@PassiveIncomeInvesting]

I don’t want that crap , I can do much better with stocks

[@denisewong3958]

Sounds like from a tax perspective its not that bad.

[@davidsmiottawa]

Great video - Why not take everything out of your RRSPs - sure you lose 25% - but wouldn't future gains be tax-free in Panama? Same question for TFSA - except no tax!

[@PassiveIncomeInvesting]

There is still a flat 25% withholding tax to pay on all income , so I’d rather leave it and grow tax free in there . But what you proposed is certainly an option

[@davidsmiottawa]

@@PassiveIncomeInvesting I'll bet if you run the #s is come out pretty similar for both methods!

[@morg444]

Why would you not go to a country with a tax treaty, so you can withdraw your RRSP with a lower tax rate?

[@PassiveIncomeInvesting]

Like where ?

[@morg444]

@@PassiveIncomeInvesting Portugal is my plan. It used to be 0% now it's 10 or 15% with the treaty. Still much better than 52% I'd pay in Canada... but there are others i'm sure

[@morg444]

There are a few bank websites I think the show the withholding tax treaty amounts. I think Ireland is another...

[@PassiveIncomeInvesting]

Yeah that’s good , but we aren’t interested in Portugal . Don’t know what the future holds however ! We won’t be tied down to any one place . It’s not all about the money for us , it’s about living free 😉

[@morg444]

@@PassiveIncomeInvesting Makes sense. For me it's being able to retire comfortably if I can pull money from my RRSP at a decent tax rate. And Portugal is a good time zone if your an investor. Markets are open in the afternoon!

[@havechopstickswilltravel2990]

Congrats!!!! Exactly, why live part time in paradise when you can live there year round?

[@rimonshalash8066]

Why not IBKR? - If I were you I would open IBKR margin account, that gives me up to 3.3 the money power. - Take out $200000 out of IBKR for interest of 1% and get paid 2.5% from the Panamanian bank. - In such you did not loose on investing the $200000 required for the Panamanian visa. - on the plus side, IBKR is cheaper for trading and can give the margin power on your money.

[@PassiveIncomeInvesting]

It was an option . But since I don’t want margin , it was tomato tomato for me

[@morg444]

IB interest rates and the fact you can take out cash from margin is pretty attractive if you need a loan cheap

[@endysdoodoo]

Wow that's crazy amount of stuff to do just to move.

[@PassiveIncomeInvesting]

Lol , it wasn’t so bad … but yea I can’t imagine doing it with sanity if you still need to work for money

[@endysdoodoo]

So since you cant pull dividends from your TFSA and you can't withdraw from you RRSP because of age where are you getting money from to live? Is it just from KZbin proceeds?

[@PassiveIncomeInvesting]

Cash accounts ?

[@endysdoodoo]

@@PassiveIncomeInvesting so you pay 30% on any income ok wow... I guess your KZbin gig doesn't pay any so it maybe evens it out abit.

[@PassiveIncomeInvesting]

25% not 30 . KZbin earnings are decent but nothing crazy as google takes half or so . For us it’s worth it