Life In Canada
The land of the maple leaf is the most welcoming of all West Countries. Money isn't everything, though, and despite the higher cost of living, Canada ranks 2nd amongst the countries with the highest quality of life. Contributing factors include the country's strong education and universal health care systems.
i. Canadian Geography - Canada has a vast geography that occupies much of the continent of North America, sharing land borders with the contiguous United States to the south and the U.S. state of Alaska to the northwest. Canada stretches from the Atlantic Ocean in the east to the Pacific Ocean in the west; to the north lies the Arctic Ocean.
ii. Political System - The politics of Canada function within a framework of parliamentary democracy and a federal system of parliamentary government with strong democratic traditions. Canada is a constitutional monarchy, in which the monarch is head of state. The two dominant political parties in Canada have historically been the current Liberal Party of Canada and the Conservative Party of Canada.
iii. Economy - The economy of Canada is a highly developed market economy. It is the 9th largest GDP by nominal and 15th largest GDP by PPP in the world. As with other developed nations, the country's economy is dominated by the service industry which employs about three quarters of Canadians.
iv. Education System - Canada is recognized worldwide for our outstanding quality of education—from elementary school to post-secondary studies. Our educators are highly trained and bring diverse perspectives to the classroom. At the university level, 2 out of every 5 academics hold at least one international degree. Public secondary or high school is free in Canada for residents of the country. Many schools charge fees for international students, which can range from approximately CAD 8,000 to CAD 14,000 per year. The Canadian education system offers three degrees: bachelor's, master's, and doctorate degrees. As an international student, you are welcome to complete all or part of your education in Canada. Like other countries, there are both public and private universities.
v. Healthcare - Canada's publicly funded health care system is dynamic--reforms have been made over the past four decades and will continue in response to changes within medicine and throughout society. The basics, however, remain the same--universal coverage for medically necessary health care services provided on the basis of need, rather than the ability to pay.
vi. Culture - The culture of Canada embodies the artistic, culinary, literary, humour, musical, political and social elements that are representative of Canada and Canadians. Canadian culture is a mixture of British, French, and American influences, all of which blend and sometimes compete in every aspect of cultural life, from filmmaking and writing to cooking and playing sports. Other peoples have added distinctive elements to this mixture: for example, Canada’s large foreign-born population is evident in the splendid and varied restaurants (notably South Asian) that line Toronto’s Yonge Street, Vancouver’s Chinese population has given that city a tradition of folk opera and puppetry that rival those found in China, Italian is widely spoken in the coffeehouses of Montreal, and Canada’s indigenous peoples are finding a growing voice through a broad range of fine and folk arts.
vii. Taxation in Canada - Canada has a graduated tax system, which means the more you earn the more you pay. Under this system, money is divided into income brackets which determines the applicable tax rate. But you never have to pay 30% of $3. Instead, you paid a total of just $0.60 which works out to an average tax rate of just 20%In Canada; the range is 15% to 33%. The corresponding bottom Canadian bracket stays at 15% until $47,630. Canadian citizens who are non-residents of Canada do not pay Canadian tax on their worldwide income.
viii. Tax Advantages - Non-residents pay Canadian tax only on certain Canadian-sourced income and capital gain. New Canadian permanent residents can significantly reduce, or even eliminate, Canadian taxes with proper planning in advance of their arrival. They are permitted to establish a properly structured offshore trust to shelter non-Canadian sourced income and capital gain for up to five years after their arrival in Canada. During this five-year tax holiday the individual can acquire Canadian citizenship and choose to become a non-resident for Canadian tax purposes. In this manner the income and capital gain generated by the trust never falls into the Canadian tax net.
Taken everything into consideration, Canada is the right choice — even from a taxation point of view.