Recent changes in Canadian policy have caused some citizens to feel that their country is becoming tyrannical. To prepare for any possible negative events, Canadians should create a Plan B for their financial assets and lifestyle. A Plan B allows Canadians to take control of their finances and be prepared for unexpected situations. There are several steps Canadians can take to create a Plan B that will ensure their financial well-being in the future.
Trudeau and closing bank accounts of citizens
A convoy of truckers in Canada has been making headlines, however, the situation has taken a disturbing turn, with Prime Minister Justin Trudeau deciding to block the bank accounts of the truckers involved in the protests.
It is important to note that many of these truckers are completely dependent on banks to finance their operations. They need access to credit to purchase fuel, pay for maintenance, and cover other expenses related to running a business. Without this access, they are essentially unable to work.
The government has defended its decision, arguing that it is necessary to maintain law and order. However, critics argue that this move is an overreach of power, and that it sets a dangerous precedent.
At the end of the day, the truckers involved in this protest are hard-working Canadians who are struggling to make a living. They deserve to be heard, and their rights should be respected. Blocking their bank accounts is not the way to achieve this.
Move your bank account
Banking in Europe, Georgia, and Asia are all great options for Canadians looking to diversify their assets and protect their wealth. Many banks in these regions offer the option of opening an account remotely, allowing you to manage your finances from anywhere in the world.
Not only can banking abroad protect your assets in the event of economic instability or political upheaval, but it can also provide access to financial services that may not be available in Canada. Additionally, opening multiple accounts in different countries can provide added security and ensure that you always have access to funds, no matter what happens in Canada.
Diversify your investments and assets
Holding all your assets in one jurisdiction can make you more vulnerable to changes in policy and regulation. By diversifying your investments, you spread the risk across different markets and countries, making it less likely that you’ll be hit hard by any one event.
There are many ways to diversify your holdings. One of the simplest is to move some of your assets out of Canada and into other countries. This can involve selling rental properties and investing the proceeds in overseas real estate or moving your stock market investments to overseas markets. By doing this, you are reducing your exposure to Canadian policy changes, while taking advantage of potential growth opportunities in other markets.
Leave the country physically
It’s important to note that leaving the country entirely can be a major decision that requires careful consideration and planning. You’ll need to research the requirements and regulations for your destination country, including visa and residency requirements, taxes, and other legal obligations. You may also need to think about the logistics of relocating, such as selling your property in Canada, finding new housing, and transferring your assets to a new bank account.
Fortunately, many countries around the world have streamlined their visa and residency processes to attract foreign investors, entrepreneurs, and high-net-worth individuals. Some countries, such as Georgia and Portugal, offer attractive residency programs that can provide a path to citizenship over time. And with many banks offering remote account opening, it’s easier than ever to manage your finances from anywhere in the world, including Europe and Asia.
Escape Canadian tax system
Canadian tax rates are some of the highest in the world, and for many citizens, the burden of paying taxes can be overwhelming. However, there are ways to escape the Canadian tax system, and to legally pay taxes in other countries where the rates are lower.
For Canadians who are willing to do the work, leaving the tax system in Canada can be a great way to protect their assets and keep more of their hard-earned money. By choosing to pay taxes in another country, Canadians can save a significant amount of money that they can then use to invest in business opportunities, education, or the future of their children.
Of course, leaving the Canadian tax system requires a certain amount of sophistication and knowledge of tax laws. It is also important to note that leaving the Canadian tax system is not for everyone. Some Canadians may prefer to pay their fair share of taxes and contribute to the country’s social programs and infrastructure. However, for those who are looking to keep more of their money and take control of their financial future, leaving the Canadian tax system can be a smart move.
Make some friends outside Canada
Finally, building a life outside of Canada is an important step. Having non-Canadian friends and acquaintances can provide a sense of belonging and support. It’s important to open yourself up to new experiences and be prepared for whatever the future holds.