3 ms·
Tax in BC is about the same as California. And you don't have to pay for people's healthcare, so it might be cheaper from a 'total cost' perspective. Sales ta
by novok 6y ago
Tax in BC is about the same as California. And you don't have to pay for people's healthcare, so it might be cheaper from a 'total cost' perspective.
Sales tax is a few % points more, property tax is actually less in general for new buyers unless you've owned a place for +15 years in CA.
You don't get a mortgage interest tax deduction, but you have an UNLIMITED cap gains exemption on the house you live in that you sell in Canada, while the USA has a limit.
The tax system is overall more straightforward and not a pile of fade outs and patches like the US tax system is. Compare Canadian RRSPs & TFSAs to the entire 401k, IRA, Roth IRA, mega backdoor roth 401k, etc mess that they have in the US. There isn't a penalty to withdrawing from your RRSP so there really isn't much of a loan concept for them either. I don't think something like AMT exists in Canada.
Cost of goods in Canada are overall more expensive than the USA.