Canada Country Profile

Passport
For more details visit Canada Passport Ranking
  • Passport Grade
    A
  • Passport Ranking
    38/198
  • Passport Score
    174.4/198
  • Visa-free Countries
    157
  • Visa-required Countries
    41
  • Access to the World's GDP
    75%
  • Access to the World's Surface Area
    60%
  • Access to the World's Population
    46%
  • Access to the Unesco Sites
    80%
Citizenship and Naturalization
Birthright citizenship (Jus Soli)
  • Birthright citizenship (Jus Soli)
    Yes
    Unrestricted: Any child born in the country automatically becomes a citizen.
Naturalization - Standard Conditions
  • Minimum residency period
    3 years
    To be able to apply in 3 years must live full-time. The timeline extends if you spend significant time abroad each year.
  • Physical presence requirement
    Must spend at least 1,095 days (3 full years) during 5 years immediately before the application
  • Language test
    Yes, English or French
  • Need to renounce original citizenship?
    No
  • Can minor children naturalize?
    Yes
  • Can naturalized parents pass citizenship to a child born abroad?
    Restricted
    Canadian citizenship is limited to the first generation born outside Canada only. E.g., a child born to a Canadian parent will inherit Canadian citizenship, while a child born to a Canadian grandparent will not.
  • Can you lose naturalization due to prolonged absence/ naturalization elsewhere?
    No / No
Naturalization - Your Spouse is a Citizen
  • Living IN the country: Residency/marriage requirement
    No provisions
  • Living ABROAD: Marriage requirement
    No provisions
  • Language test
    No provisions
  • Need to renounce original citizenship?
    No provisions
Naturalization - Other Beneficial Provisions
  • Your child is a citizen
    No provisions
  • Citizens of specific countries
    No provisions
"–": The provision has not been analysed.
Taxation
For more details visit Cost of Living
  • Taxation Type
    Residence-based
A tax resident of a country with a RESIDENCE-BASED tax system pays taxes on their WORLDWIDE income. However, if you lose tax residency status there (e.g., by moving out), the country will generally stop taxing you.
Schiff Sovereign's Take on Canada
Chances are, you already know enough about Canada, a.k.a. America-Lite. Thus, we will be brief when talking about the lifestyle there.

In terms of whom Canada might be right for, students top the list in our view. Education quality is high in Canada. We know Americans who attended McGill University and loved it… and spent far less than they would have at a comparable university in the US.

Canada also could be a great option to consider for residency. You can become a permanent resident there without ever setting foot there. 

And since Canadians (at least, pre-pandemic) enjoy visa-free access to the US for up to six months at a time, a Canadian passport can be a great replacement in case you decide to renounce your American one, but still want to have access to the US.

And once you become a citizen there, you can move out of the country, break the necessary ties to it, and disconnect from the Canadian tax system entirely (something that US citizens cannot do unless they renounce their citizenship.)

Of course, if you like the cold, then Canada might also be a great place to retire and receive (mostly) free healthcare.

But we wouldn't hold too much money in Canada. Canada has the least capitalized central bank in the developed world. Its margin of safety, in fact, is almost zero.

On top of that, Canada passed formalized bail-in legislation: Whereas bailouts are used by governments (i.e. taxpayers) to rescue the banking system, bail-ins force depositors to rescue the banks. 

At the same time, opening a Canadian bank account can still make sense for specific situations. Their customer service is great. People will talk to you in English, the banks are efficient, and opening an account is actually an easy process there (your personal presence is required though).

Just make sure you don't end up on the wrong side of the government. The 2022 anti-Covid protests led to government oppression, and the seizure of bank accounts of people who dared to openly support the protesters.

So much for freedom of speech in that country…
Schiff Sovereign's Rolodex
Service Providers available in Canada
  • Immigration (residency, citizenship)
  • Tax advice (attorneys and/or accountants)
  • Asset protection (specialized LLCs, trusts, etc)
  • Corporate services (company formation, etc.)
Obtain access to our Rolodex by signing up for Sovereign Confidential Join Sovereign Confidential Today

Sovereign Global Explorer

Benefiting from over a decade of our team’s boots-on-the-ground experience, Global Explorer is where your international journey begins.
Canada Overview
  • Region
    North and South America
  • Capital City
    Ottawa
  • Largest City
    Toronto
  • Currency
    Canadian dollar
  • Languages
    English, French
  • Population
    39 million (37th)
  • Life Expectancy
    83.8 years (6th)
  • GDP (Nominal)
    $2.2 trillion (8th)
  • GDP/Capita
    $56,444 (16th)
Useful Data
For more details visit Cost of Living
  • Cost of Living
    Very expensive (6/7)
  • Climate
    Bearable (4/5)
  • Safety
    Very Safe (2/7)
  • Pollution
    Very clean (1/5)
  • English Proficiency
    Native

Sovereign Global Explorer

Benefiting from over a decade of our team’s boots-on-the-ground experience, Global Explorer is where your international journey begins.
PREMIUM REPORTS
Canada inside Schiff Sovereign resources

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Renminbi
International Diversification Strategies

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