Wealth Without Bay Street Infinite Banking Podcast
In episode 124 of Wealth Without Bay Street we welcome back Henry Wong, a professional CPA and Authorized Infinite Banking practitioner. After discovering the book “Becoming Your Own Banker” Henry began to piece together his knowledge of financial accounting and PAR whole life insurance and soon began to pursue the journey of becoming his own banker. He now trains others as an accountant in how to build their own personal capital pool and manage their taxation through IBC.
In this episode Henry highlights some of the pitfalls for US Citizens in Canada when it comes to using Infinite Banking and the subsequent tax implications. Henry guides U.S. citizens through issues including Canada vs. U.S. Exempt Rules, Estate Tax, Excise Tax and how to identify and find a solution to some of these issues.