While on a cruise a couple of years ago, I sat at the dinner table each night with a large group which included two sisters from New York who had immigrated to the USA from Hong Kong. Over the course of one evening the conversation turned to immigration and new countries and one of the sisters asserted that one could 'buy their way into Canada' but they could not do so in the USA. I had no experience or education in the matter but I have to admit it troubled me. I wonder if the following article from CBC online actually supports that contention?
Almost 1/3 of rich Canadians born abroad: BMO
The face of Canada's wealthy is changing with almost a third of high net worth Canadians reporting they were born outside of Canada, according to a new survey by BMO Harris Private Banking.
The online survey, conducted for BMO by Harris Decima and released Tuesday, said 30 per cent of affluent Canadians, which it defined as those having more than $1 million of investable assets, were born elsewhere.
The study also found that almost all affluent new Canadians — or about 96 per cent — keep the bulk of their wealth in Canada."These findings speak to the Canadian spirit of multiculturalism and how this country fosters an environment that helps individuals to succeed and thrive," said Andrew Auerbach, head of BMO Harris Private Banking.
"Attracting the best and the brightest demonstrates the relative prosperity and openness of Canada's economy. This bodes well for long-term wealth generation." Meanwhile, the study found only a minority of affluent Canadians overall — 38 per cent — say they are being treated fairly when it comes to taxation.
Two-thirds of the affluent would like to see a reduction in capital gains and incomes taxes.
Meanwhile, the number of affluent Canadians putting their money into tax-efficient investments has risen in recent years to 92 per cent from 73 per cent in 2008 and 67 per cent in 2005, the survey found.
While a majority of high net worth Canadians keep most of their money in Canada, about four in 10, or 37 per cent, said they allocate a portion of their wealth outside the country.
The top three foreign markets identified were The United States (69 per cent), Europe (35 per cent) and Asia (28 per cent).
"There's no question that the growth we're seeing in Asia is making it increasingly attractive to affluent Canadians," said Jennifer Chua, BMO Group's head of private banking (China), BMO Financial Group.
"Ultimately, Asia is a good market for any investor to consider, regardless of net worth," Chua added.
Almost 1/3 of rich Canadians born abroad: BMO
The face of Canada's wealthy is changing with almost a third of high net worth Canadians reporting they were born outside of Canada, according to a new survey by BMO Harris Private Banking.
The online survey, conducted for BMO by Harris Decima and released Tuesday, said 30 per cent of affluent Canadians, which it defined as those having more than $1 million of investable assets, were born elsewhere.
The study also found that almost all affluent new Canadians — or about 96 per cent — keep the bulk of their wealth in Canada."These findings speak to the Canadian spirit of multiculturalism and how this country fosters an environment that helps individuals to succeed and thrive," said Andrew Auerbach, head of BMO Harris Private Banking.
"Attracting the best and the brightest demonstrates the relative prosperity and openness of Canada's economy. This bodes well for long-term wealth generation." Meanwhile, the study found only a minority of affluent Canadians overall — 38 per cent — say they are being treated fairly when it comes to taxation.
Two-thirds of the affluent would like to see a reduction in capital gains and incomes taxes.
Meanwhile, the number of affluent Canadians putting their money into tax-efficient investments has risen in recent years to 92 per cent from 73 per cent in 2008 and 67 per cent in 2005, the survey found.
While a majority of high net worth Canadians keep most of their money in Canada, about four in 10, or 37 per cent, said they allocate a portion of their wealth outside the country.
The top three foreign markets identified were The United States (69 per cent), Europe (35 per cent) and Asia (28 per cent).
"There's no question that the growth we're seeing in Asia is making it increasingly attractive to affluent Canadians," said Jennifer Chua, BMO Group's head of private banking (China), BMO Financial Group.
"Ultimately, Asia is a good market for any investor to consider, regardless of net worth," Chua added.
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