If you’re like me, you’ve been paying attention to the growing tension between Canada and the United States. And for the first time in a long time, the future of that relationship feels uncertain.
I’ve always thought of the US as our big brother. The kind that’s a little annoying, way too loud, and occasionally embarrassing at the family dinner. But at the end of the day, they had our back when things got tough. That was the deal. That’s how it worked. And for decades, it did work.
But now? Now it feels like that big brother has lost it. And if you’re anything like me, that makes you a little anxious. Okay… maybe more than a little.
Because here’s what’s actually happening behind the headlines. Canada is actively exploring new trade relationships with countries like China, forging alliances we never would have considered five years ago. Our government is building a backup plan in case this new reality sticks.
And whether you agree with that strategy or not, it raises a question I think every Canadian should be asking themselves right now.
If our country needs a backup plan… do you need one too?
Helen’s Story
Now I didn’t make this post just because it’s a hot topic. Yeah, it’s one of the most common things we hear from clients leaving Canada right now. But the real reason is because I recently reconnected with a good friend of mine named Helen. And her backup country is actually, well, Canada. Let me explain.
Helen was born and raised in Hong Kong. She grew up in one of the most vibrant, free cities in the entire world. And then, piece by piece, that all changed.
When China took over, there was some hope. People thought okay, maybe they’ll keep things more or less the same. Maybe Hong Kong gets to keep its identity.
Then came the protests. Millions of people in the streets, fighting for their freedoms. And the Chinese government just… crushed it. Unlike the West, they actually throw their billionaires in jail. Not slowly. Not gradually. Decisively.
And at that point, it was clear. Hong Kong as everyone knew it was done. It was going to be absorbed into China and there was nothing anyone could do about it.
So Helen did what hundreds of thousands of Hong Kongers have done since. She left. She and her husband came to Canada, pursuing permanent residency through an educational program. She also holds residency in the UK and Taiwan. But Canada is her number one pick. She wants stability. She wants a place where she can raise her future kids without constantly wondering if the ground is going to shift underneath her.
And when she told me all of this — just sitting across from me at a cafe like it was the most normal thing in the world — something clicked.
What if Canadians need our own backup country?
Why Canadians Are Worried
And I know, I know. That sounds dramatic. But hear me out.
If there is one single thing that every Canadian, left, right, centre, it doesn’t matter, can agree on right now, it’s that the world feels more unstable than it’s ever been. And I’m not even just talking about geopolitics. I’m talking about the stuff that hits your kitchen table every single day.
Cost of living is brutal. Housing? Don’t even get me started. Taxes keep going up. The headlines coming out of the US every day read like a bad movie script. And on top of all that, it’s freezing cold. Which honestly just makes everything feel worse.
Things have been rough for a lot of Canadians. And I don’t think saying that out loud is being dramatic. I think it’s just being honest.
So let’s address the big one. What are the actual real risks of the US trying to make Canada their 51st state? Look, I’ll be straight with you. The probability is pretty low. But if I asked you five years ago to predict any of what’s happening right now, you would have laughed in my face. So you just never know how things are going to shake out. And that uncertainty, that not knowing? That’s the part that keeps people up at night.
What Canadians Are Actually Doing
So what are Canadians actually doing about all of this?
Well, some of them — and more than you’d think — are doing exactly what Helen did. They’re making backup plans. They’re collecting residencies and buying properties in other countries. Some are going after full passports and citizenships in other countries, just in case things go sideways here.
Here’s a number that might surprise you. As of the most recent census data, over 3.7 million Canadians — close to 10% of the population — hold more than one citizenship. That’s more than double the number from five years ago. One in nine Canadians has a second passport. That’s not a fringe movement. That’s a trend.
And look, I want to be real with you. This isn’t always easy. You don’t just fill out a form online and boom, you’ve got a European Union passport. There are real barriers. Real costs. Real trade-offs.
But there are also real paths that thousands of Canadians are taking every week. Over 120,000 Canadian citizens left the country in the last year. That’s over 2000 per week. That’s not temporary workers. That’s not international students going home. Those are Canadians making the decision to leave. People are voting with their feet.
The Paths Out — And The Traps
Some countries offer residency through investment. Others have visa programs tied to remote work, entrepreneurship, or specialized skills. And some have ancestry-based citizenship — if your grandparents or even great-grandparents came from a certain country, you might already qualify and not even know it. Digital nomad visas, retirement visas — there are more paths than most people realize.
Thousands of Canadians and Americans used Portugal’s Golden Visa (investment-based residency) before it was largely closed in a few years ago. Those who got in early now have EU residency. Those who waited missed the window. Lesson: timing matters.
But here’s where it gets tricky. A lot of people start chasing residency in another country without realizing what that can trigger back home. Because depending on how much time you spend somewhere, where your income flows, and where your ties are, you can accidentally create a tax residency in another country. And if you haven’t properly broken your Canadian tax residency at the same time, you’re paying taxes in two places. Most people don’t find out they’ve messed this up until the CRA comes knocking.
And speaking of the CRA — there’s one thing people almost never think about. Canada’s departure tax. If you give up your tax residency, the CRA treats it as though you sold everything you own on the day you left. Investments, rental properties, business interests — all of it. It’s called a deemed disposition, and if you’re not prepared for it, it can be a serious financial hit.
This is why planning matters. You don’t want to find out what it costs after the fact, and that’s what we help our clients with here the most at Blueprint.
The Writing on the Wall
My friend Helen didn’t leave Hong Kong because she wanted to. She left because she saw the writing on the wall early enough to actually do something about it. She had time. She had options. And she used them.
Now I’m not saying Canada is Hong Kong. I’m not saying the US is China. I’m not saying we’re on the verge of some kind of collapse. But I am saying the ground is shifting in ways that a lot of Canadians can feel, even if they can’t quite put words to it yet.
And whatever your reason is — whether it’s the cost of living, the winters, the politics, or just a feeling that the opportunities you want aren’t here anymore — the Canadians who are quietly doing their research right now, figuring out what it takes to get a foothold somewhere else, they’re not being paranoid. They’re being smart.
Because here’s the thing about backup plans. You never need one until you do. And by the time you need one, it’s usually way too late to start building one.
So if this blog post got you thinking — if something in your gut is telling you it might be worth looking into your options — trust that feeling. You don’t have to do anything tomorrow. But start asking the questions. Start doing the research. Because the world is shifting, and the Canadians who come out of this the strongest are going to be the ones who didn’t sit around waiting to be told it was time to go.
RRSPs aren’t bad — blindly using them is. The real advantage comes from understanding timing, flexibility, and how each account fits into your full financial picture.
If you want help sequencing your RRSP, TFSA, and non-registered accounts properly — and avoiding costly lifetime tax mistakes — our team at Blueprint Financial can help.
Start by signing up for our free financial newsletter for practical retirement and tax planning insights. When you’re ready for a personalized strategy, explore our financial planning services to see how we build coordinated plans designed around your income, goals, and long-term flexibility.
Smart retirement planning isn’t about chasing refunds — it’s about designing your future on purpose.
