Apr 16, 2026
Montrealer Patrick Pichette left his home country to pursue greener pastures in the U.S. But now, he's suggesting that other Canadians who do the same should pay a $500,000 tax.
That may strike some as ironic (1).
Advertisement
After working in Canada for 20 years, Pichette moved to the U.S. in 2008 to take on the role of senior vice president and CFO of Google in California. He held the role until 2017. Over time, he has amassed a net worth of about $269 million (2) and is now a partner at Inovia Capital.
At the 2026 Liberal Convention (3) in Montreal, Pichette spoke on a panel titled Building a Stronger, More Competitive Canadian Economy.
“We as Canadians have subsidized my education to the tune of … half a million,” he said, during the panel. He went on to explain that the Trade NAFTA (TN) (4) visa allows Canadian and Mexican citizens to work temporarily in the U.S. in specific, prearranged jobs.
So why does Pichette now think that educated Canadians should either leave home for their professional careers or pay a $500,000 exit tax?
‘Brain drain’
Canada is experiencing what is often called a brain drain. This is when highly educated people leave their country to seek better pay and job opportunities.
According to Statistics Canada (5), the net emigration of 65,372 in 2024-25 was the highest level in the 50-year data series, as reported by The Hub (6).
Research from the Bank of Canada (7) also found that roughly 40% of Canadians who would rank in the top 1% of earners have moved to the United States. The study also found Canadian-born individuals in the U.S. are more educated than native-born Americans and earn substantially more.
Advertisement
That said, Pichette argued these departures drain the Canadian economy.
“You want to go to the U.S.? Give me back my money,” he said (1).
His proposed solution?
“You want to save yourself five, ten billion dollars. Shut the TN program. Keep them in Canada, or make them pay their half a million so that if they leave, I’m OK with that.”
Must Read
- You can now build wealth like a landlord for as little as $100 — and no, you don't have to chase down rent or take 3 A.M tenant calls
- Goldman Sachs used to hoard prime real estate deals for the ultrarich. Two ex-analysts just opened the door for $250
- Robert Kiyosaki begs investors not to miss this ‘explosion’ — says this 1 asset will surge 400% in a year
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
The real drain
In reality, an ever-changing and sometimes bleak economic outlook is pushing many educated Canadians to look elsewhere. While that may draw talent away, high living costs and an unpredictable job market are driving people to explore options that can make their professional and financial lives more stable.
Correction — April 16, 2026: This story has been updated from a previous version that incorrectly stated Patrick Pichette attended the University of Waterloo, worked at Microsoft and used a Trade NAFTA visa to work in the U.S. This information came from Pichette describing a hypothetical example of TN visa use, not his own work history. The previous version of the story also incorrectly stated that $30,000 tied to the TN program flows to the U.S. each year.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
National Post (1); GuruFocus (2); CPAC (3); U.S. Citizenship and Immigration Services (4); Statistics Canada (5); The Hub (6); Bank of Canada (7)
You May Also Like
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
- Robert Kiyosaki issues grim warning for baby boomers. Many could be ‘wiped out’ and homeless ‘all over’ the country. How to protect yourself now
Em Norton is a Content Specialist at moneywise.com. They have been with the company since 2022.
