FREE report 7 Simple Steps to Becoming Your Own Banker - http://7steps.ca/
Wealth Without Bay Street EPISODE 124: Featured on today’s episode is Henry Wong, a professional CPA who also trains other CPA’s across Canada specializing in taxation and passing through the nationals exams. Today Henry uses the opportunity to help explain Canadian life insurance landmines that U.S. citizens can avoid.
Henry chanced upon the book “Becoming Your Own Banker” and began to piece together all his knowledge of life insurance and financial accounting and soon began to pursue the journey of becoming his own banker. He now trains others as an accountant in how to build their own personal capital pool and manage their taxation through IBC.
IN THIS EPISODE, YOU WILL LEARN:
0:00 Introduction
3:47 Insurance is Tied to Your Citizenship and Residency
8:05 Canada vs. U.S. Exempt Rules
10:18 Getting Canadian Insurance as a U.S. Citizen
12:29 Estate Tax
17:05 American vs. Canadian Tax System
21:08 U.S. Exempt Test
28:51 Identifying the Problem and Finding the Solution
30:14 Having a Canadian Citizen Beneficiary
31:16 Imposing Excise Tax
34:42 Tips For U.S. Citizens
40:10 Irrevocable Beneficiary
46:09 Cutting Ties With Canada
🎙️ WEALTH WITHOUT BAY STREET LINKS:
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Watch our Tribute To The Man Who Created Infinite Banking R. Nelson Nash here:
https://wealthwithoutbaystreet.com/dayofnelson
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📚 IBC RECOMMENDED BOOKS
https://wealthwithoutbaystreet.com/books
📽️ WATCH THE DOCUMENTARY
Documentary Film This is Nelson Nash: https://www.ascendantfinancial.ca/nelson-nash-film/
💸 Financial Advisor? Learn about the Infinite Banking Concept here: Nelson Nash Institute Practitioner Program: https://infinitebanking.org/practitioners-program/ref/6/
EVA - Economic Value Add The Real Key To Creating Wealth Article: https://infinitebanking.org/the-real-key-to-creating-wealth/ref/6/
Wealth Without Bay Street is a Founding Member of the SMB PODCAST NETWORK visit https://www.smbpodcastnetwork.com/ to learn
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132. Infinite Banking Policy Application Questions
131. Canadian Real Estate Investors Tax Strategies
130. Investing with Whole Life Policy Loans in Canada Interest Deductions
129. The Wrong Way to Structure Whole Life Insurance in Canada
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127. 5 Ways To Reduce Taxes In Canada And Protect Your Wealth
126. Infinite Banking For Canadians A Self Sustaining System
125. Infinite Banking Conversations About Nelson Nash With Tim Yurek
123. Thinking Like a Bank Owner with Justin Craft
122. 7 Steps To Becoming Your Own Banker
121. Real Life Canada Market Crash Stories 2022 - Protect Your Wealth
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