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Hi David,
I am forwarding an excerpt of a seminar that takes place tomorrow. Would like to know your thoughts on this...
Thanks,
XXXXXXXXXXXX
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Seminar inmformation:
The location will be in the Fraser Room at the Sheraton Guildford in Surrey, 15269-104 Ave. The meeting should not be more than an hour long.
----- Original Message -----
The meeting time has been changed from Wednesday 5th to Thursday 6th at 7:00 pm. The location will be at the Sheraton Guildford in Surrey (it originally was going to be at my co-op meeting room, but the founder of this tax shelter is paying Vancouver a visit). The meeting should not be more than an hour long.
If this is inconvenient for you, we can arrange for another meeting time.
I will forward the meeting room details as I get them.
Visit http://members.shaw.ca/djbott/ and follow the 'GLS Explanation and Confirmation' link for information on the GLS Tax Shelter.
----- Original Message -----
Free information session, Wednesday November 5th at 7:00 pm.
If I have it my way, no one in BC will pay income tax this year. Once my skepticism at this concept was satisfied, I felt it was a worthy cause to share my knowledge. There isn't much we can do about sales tax, licensing fees and other such government taxes, which is all the more reason why I think everyone should know about this opportunity.
There is finally a way for the average person to legitimately keep their hard earned dollars. This is a donation based tax shelter that allows you to contribute to a genuinely worthy cause and keep your tax dollars at the same time. For every 1000 dollars contributed, you get approximately 1800 dollars of your tax back. That's it.
I will explain how the program works, why it is risk free and why Paul Martin will undoubtedly change the law to disallow this type of tax credit. Please contact me, Darren Bott, by email or at 604-329-8891 if you plan to attend. All you have to lose is your tax money.
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The response I have received about this program has been overwhelmingly positive, but there have
been a few notable exceptions. Since the integrity of this program has been built on its benefits
to all Canadians (including the government), an openly dissenting voice means I did not give
enough information so that everyone is able to make a knowledgeable assessment. It also means many
people were probably too polite to say anything.
Here is some additional information to alleviate concerns which may be present, about - in short -
what happens to our economy if everyone stops paying income tax through this program. It is
important to realize that this program only deals with your personal income tax. Everyone knows that
we in Canada, being the highest taxed of the G7 nations, pay upwards of 55% of our income in taxes.
In taxes, yes, but not income taxes. It is a common misconception that if you make 50,000 dollars
a year, you would pay about 25,000 dollars in taxes. Last year, the most anyone paid for this
level of income is 11,000 dollars or 22% of their income (see schedule one of your income tax return
if in doubt). In addition to other employment deductions, our total tax bill is made up from many
areas, including sales tax and property tax. Eliminating your income tax bill only eliminates
about half the tax you pay.
Still, if the government lost half its revenue, that couldn't be good. No is wouldn't, but they
won't. Personal income tax only makes up about 22% of the governments total income (Statistics
Canada). Ok, we still have roads, but isn't that still a great deal of money the government would
have to go without? Yes, but they won't have to. With the tax shelter, for every 1000 dollars you
contribute, you get about 1800 of your tax dollars back. This means your net return is 80%. 1000
dollars is still going somewhere. This program works because the government rewards people who
make donations. Why would they do this? Are they just rewarding nice people? If that were the
case, I'm sure most of us would be t .................
The information disappears here.
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david ingram replies:
In my opinion ( I am never one to mince words) this is a total waste of your time and money and maybe the same one I answered in another email yesterday. If you go to the website and read the April 16, 2003 Fraser Milner Casgrain "legal opinion" at http://www.globallearningsystems.ca/gls-LegalOpinions.pdf, it is full of disclaimers with enough outs that it is not binding in any way on anyone.
Further new legislation passed in June of 2003 virtually wipes out the concept.
In my opinion, this is a scheme put together for the benefit of the promoters. It has no social or redeeming benefits. If they can buy the software at the deep discounted prices, then that is the fair market value.
In my opinion, this software scheme stands a 99.9% chance of being audited and they cannot set up a big enough trust fund to pay the legal expenses to defend it.
Hope this helps!
david ingram
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
New 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 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"
This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, American and Canadian and Mexican and any of the 43 states with state tax returns, etc.
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