Gordon Bizar alive and kicking at http://www.bizarfinancing.com/?nav=home -

This is a reminder that I will be on Radio 600AM on Sunday morning  (March 25, 2007) from 9:00 AM to 10:30 AM on Sunday (this morning) Vancouver Time.  Those outside of Vancouver can listen and even phone in by tuning to www.600am.com


Is Gordon Bizar still around?

Have you heard of a technique where one purchases a corporation by having that corporation issue redeemable preferred shares to the “vendors” in exchange for their selling their shares to the “purchaser” for $1 and then having the corporation redeem the preferred shares using working capital or funds loaned in by the purchaser?  Seems to me that the proceeds received by the vendor would be taxable and thereby deprive him of the $500,000 exemption on sale of control of a CCPC and that during the transaction the “vendor” would have NO security as against the “purchaser” bleeding the corp. dry and moving on.

How to buy a business with no money and no down payment either!

A friend of mine has been approached with this scheme (or scam) to buy his successful plumbing contracting corp.

Seems a tad risky for the vendor to me.

No tyranny is so irksome as petty tyranny: the officious demands of policemen, government clerks, and electromechanical gadgets.

david ingram replies:

(For those who do not know Gordon Bizar has a nothing down "buy a business" seminar which is intriguing and which I taught at one time back in the 80's.  Great for the buyer, usually bad for the seller.)(The sender of this email actually taught it as well.)

Gordon Bizar is alive and kicking at   http://www.bizarfinancing.com/?nav=home

Seller should NOT sell under terms you suggest but you knew that.


  This started out getting the following message  until  it was recognized as having come from an old best friend whom I have not seen in person for about 10 or 12 years or more.

david ingram wrote:

I am sorry that I cannot reply to your question at the moment because you do not show as a  client. If I am incorrect and you are a client with a new email address, etc., please resend your question or enquiry with your name and the words "PAYING CUSTOMER" in the subject matter.  That does NOT mean I am going to charge automatically for the question.  A simple yes or no question is never charged for.  However, it does identify your question as being a priority and should stop it from being spammed

At the moment, I am limiting my free replies to two per day (I get up to 50 questions) from non-clients. I am just too busy to answer many questions and am limiting myself to 2 a day except for my regular paying customers whom I do my dammedest to answer the same day.  And, if I have already answered one of yours free in the last six months, it is unlikely that the system will let you through with another free one now.

I am, however, adding your name to our Q & A list and another question may answer yours. AND, I have answered over 7,500 questions at http://www2.jurock.com/askexpert/expert.asp?aid=121&cid=63 or www.centa.com  (see the archives) and you should be able to find your answer by going there or  more specifically, to http://www.centa.com/search.htm
However, if you can not find your answer,
answers to this and other similar  questions can be obtained free on Air on the last Sunday morning of each month (Sunday Feb 25, Mar 25, April 29, May 27,  June 24 and July  24 are next).
On the last Sunday at 9:00 AM on 600AM in Vancouver, david ingram will be  a  guest on Fred Snyder of Dundee Wealth Management's Radio Program, "It's YOUR Money". If you are not in the Vancouver Area, you can still hear it live (or in archives for four weeks) at www.600am.com.
Calls to the show can be made to (604) 280-0600 - The long distance line is free throughout BC only at (866) 778-0600.
Callers to the Show can also come out on Thursday night to one of our free seminars. Each one of the 2 1/2 hour seminars devotes at least 45 minutes to mortgaging and making all interest deductible

Every Thursday Evening, Fred Snyder of Dundee Wealth Management conducts one of 17 different financial seminars at his office

Time:    7:00 to 9:30 PM
Date:    Every Thursday evening
Place    1764 West Seventh
             Vancouver (corner of Burrard)

Phone (604) 731-8900 to register and there is usually a Noon hour seminar as well.

No cost - no obligation

Topics always cover mortgage interest as a deduction

other topics - getting the mortgage, estate planning, critical care insurance, income taxation, differences between stocks and bonds, and usually the most innovative HELOC mortgage offered in Canada from Manulife Bank as presented by Stuart Rodger  of Manulife (604) 351-6133,
Those on Vancouver Island can attend Ralph Hahmann's Tuesday Evening Seminars on McKenzie Avenue in Victoria. (250) 472-0700.Ralph is also with Dundee Wealth Management and is a specialist in Pension Payouts and the co-author of the best selling "the Pension Paradigm:.

David Ingram's US / Canada Services

US / Canada / Mexico tax, Immigration and working Visa Specialists

US / Canada Real Estate Specialists

My Home office is at:
4466 Prospect Road

North Vancouver,  BC, CANADA, V7N 3L7

Cell (604) 657-8451 -

(604) 980-0321 Fax (604) 980-0325

Calls welcomed from 10 AM to 9 PM 7 days a week  Vancouver (LA) time -  (please do not fax or phone outside of those hours as this is a home office)
email to [email protected]

www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation  in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."

Be ALERT,  the world needs more "lerts"
David Ingram gives expert income tax & immigration help to non-resident Americans & Canadians from New York to California to Mexico  family, estate, income trust trusts Cross border, dual citizen - out of country investments are all handled with competence & authority.
Phone consultations are $400 for 15 minutes to 50 minutes (professional hour). Please note that GST is added if product remains in Canada or a phone consultation is in Canada.
This is not intended to be definitive but in general I am quoting $800 to $2,800 for a dual country tax return.
$800 would be one T4 slip one W2 slip one or two interest slips and you lived in one country only - no self employment or rentals or capital gains - you did not move into or out of the country in this year.
$1,000 would be the same with one rental
$1,200 would be the same with one business no rental
$1,200 would be the minimum with a move in or out of the country. These are complicated because of the back and forth foreign tax credits. - The IRS says a foreign tax credit takes 1 hour and 53 minutes.
$1,500 would be the minimum with a rental or two in the country you do not live in or a rental and a business and foreign tax credits  no move in or out

$1,600 would be for income from two countries  for two  people

$2,800 would be all of the above and you moved in and out of the country.
This is just a guideline for US / Canadian returns
We will still prepare Canadian only (lives in Canada, no US connection period) with two or three slips and no capital gains, etc. for $150.00 up.
With a Rental for $350
A Business for $350 - Rental and business likely $450

And an American only (lives in the US with no Canadian income or filing period) with about the same things in the same range with a little bit more if there is a state return.
Moving in or out of the country or part year earnings in the US will ALWAYS be $800 and up.
TDF 90-22.1 forms are $50 for the first and $25.00 each after that when part of a tax return.
8891 forms are generally $50.00 to $100.00 each.
18 RRSPs would be $900.00 - (maybe amalgamate a couple)
Capital gains *sales)  are likely $50.00 for the first and $20.00 each after that.
Just a guideline not etched in stone. 

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