Ahead of the election, a survey reveals concerns of wealthy Canadians
One of the arguments sometimes given for not introducing any form of wealth tax is that the people it’s designed to impact are often among the most resourceful and mobile, allowing them to avoid the extra tax.
Given that Canadian millionaires could face additional taxes depending on the outcome of the federal election, a new survey reveals that one in four may be ready to quit Canada altogether due to concerns about their money and their standard of living.
Montreal based investor migration consultancy Arton Capital has shared the results of its Affluence & Elections Survey with WP, revealing that 46% of surveyed millionaires plan to vote Liberal while 39% favour the Conservatives.
But when those who expressed a desire to leave Canada were asked why, 56% cited a decrease in quality of life and 45% cited negative economic outlook. It’s important to note that 34% of those who want to leave voted for the Conservatives at the last election compared to 23% who voted Liberal.
Asked what they are looking for in a potential new country to call home, political stability (1st) and access to social services and healthcare (2nd) topped surveyed voters’ rankings, ahead of tax burden (3rd) and cultural affinity (4th).
“Rich Canadians are feeling unsatisfied with the status quo and are now increasingly looking abroad for a longer-term solution,” said Armand Arton, CEO of Arton Capital. “Given the tension between the Trump administration and the Canadian government, it’s unsurprising to see that political stability is a prime concern amongst wealthy Canadians looking to settle abroad.”
As for where they would go to, 31% said Australia, making it the most popular, followed by the US (26%). The UK (17%) and Portugal (13%) are also in contention, the latter offering a popular ‘Golden Visa’ program, as does Singapore which is another popular choice for disillusioned Canadian millionaires.
“With a range of residency and citizenship by investment programmes available around the world, those with sufficient financial resources are increasingly searching for ‘plan B’ options in case of trouble at home,” added Arton.
