Well Fools,Here are some excerpts from an article in today's FP, in which my own CEO complains of losing talent:When, some weeks back, Jean Chretien, the Prime Minister and the country's chief tax oppressor, advised high-income citizens of Taxania to leave, he may have been inadvertently dispensing good advice. "Many wealthy Canadians are doing just that", argues Nortel Networks CEO John Roth."Because Canada's future wealth-producers are leaving, Canada is going to face a crisis," Mr. Roth told Ivey's Ed Pearce. "If you want to see what this will look like, look at Quebec," he said. "They've got no money. Who are they going to tax? That's what this might lead to." Canada is a lousy place to earn a living, although Mr. Roth concedes it may be "a great place to retire... For anybody who has crossed the $100,000 Canadian income level, Canada's created a huge incentive to move" Mr. Roth says. "The U.S. will value them far more, pay them a higher salary and ask for less of it back in taxes.""So in Canada you are wealthy at $42,000. In America you're wealthy at $285,000" Mr. Roth says.Canada's tax treatment of capital gains is yet another disincentive, particularly for technology entrepreneurs. U.S. capital gains taxes are 18%, half the 36% it works out to in Canada for people in the top bracket.The whole article is available at:http://www.nationalpost.com/financialpost.asp?s2=investing&s3=personalfinanceI still stand behind my argument that we're not left with 2nd rate engineers, but clearly we have a problem. I know at least eight highly-qualified, >$100K salaried individuals who have already taken Mr Chretien's advice, and they are not coming back.'nuff said,Tony
I have to agree whole heartedly with Mr. Roth's statements. The only reason I'm staying in Canada is because I'm waiting for my girlfriend to finish school and then we plan on heading to the US to make money. Although I love my country and will most certainly return at some point in time (hopefully when the tax situation is better!) right now when I see half my pay cheque disappear for taxes it is rather disheartening. Plus the amount of money I can make in the US even dollar for dollat is higher than what I can make here. Yes I have considered the tax implications of the various states I have been looking at and stuff like Health insurance, but I still think that in the end working in the US probably at least from a financial basis is more worthwhile than Canada and that's the sad truth.Nick
I realize that it may be inapproriate to make these comments, as this board (and this entire site, in fact) is devoted to money, but I, for one, love my country (Canada - in case you got lost), and have absolutely no desire to live in the 'States. Many things in life are far more important than money - I never allow the desire for money to be a major motivating factor in my life decisions. There are many reasons that I choose to live here (I won't bore you with the details of what they are - we all have our own reasons), and I believe that some of them are a result of the higher taxes that we pay.I have worked my way up over the past ten years from an $18,000 a year salary to the lofty level at which this discussion is focused. I have always survived, and am able to live very comfortably at my current income level. Of course I care about money, I save and I invest (and I even spend too much time reading these boards), but I'm not going to allow a desire for more money to exile me from my beloved homeland.As for the rest of you, I do not echo our Prime Minister's statements; I don't want you to leave. Rather I'd like you to consider what you have here, and what you'd be giving up, and make a decision based on a multitude of factors, only one of which should be a desire for more money.Thanks for listening (well, reading, I guess),Bob
Tony,If you want to see an example of the 'talent' leaving canada, go sit at a border crossing on a daily basis. Probably about 10-15k of us per day with most of us willing to move to the usa if we could get citizenship. Not only are the taxes less, but the cost of goods bought and sold are cheaper.I agree Canada is still a great country to live in, but this government needs to wake up some day and realize most of us will not put up with their B.S. that we are paying higher taxes for higher living standards.I drive on roads that have more pot holes than a farmers field full of groundhogs and certainly do not see our medical or education system getting any better, and hear more excuses from every level of government in regards to spending.The talk is cheap and getting cheaper, i feel most canadians want to see action or it will be bye bye for most of us and you can bring in your illegal immigrants from china or wherever.b
By the way that 10-15k crossing is at the windsor to detroit border point alone, and i am sure it is similar all across this wonderful, but overly taxed country of ours.b
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