OFFSHORE tax shelters - Fred Hofman,

My_question_is: Canadian-specific
Subject:        tax shelters
Expert:         taxman at centa.com
Date:           Tuesday November 22, 2005
Time:           10:45 PM -0800
QUESTION:
what can you tell me about putting money offshore where it can't
be taxed. i have a friend who wants to do this. I think you may
need a Nevada corp or IBC
Thanks for your time
 XXXXXX
===================================
david ingram replies:
I guarantee that an American or a Canadian can NOT "LEGALLY" put
money offshore where it would not be taxable. "LEGALLY" means
that anything a Canadian earns out of the country is taxable IN
Canada as long as he or she is a resident of Canada.
Jerome Schneider got away with setting up over 1,000 "tax
shelter" offshore Corporations, Banks, and other vehicles for
over 12 years.  Three years ago he was arrested in Vancouver and
ended up being sentenced to 18 months in jail for setting them up
for others.  As part of his plea bargain he turned about 1,70 of
his clients and the lawyers and accountants who had helped him
over to the authorities.  Others who helped people with offshore
entities as tax shelters were Scott Brown, Fred Seymour Hofman,
and Nick Mazee.  These gentleman all disappeared with about
30,000,000 each of their clients' money.
Hofman was found in Australia a year ago as explained in the
following from
http://www.canadianchristianity.com/cgi-bin/bc.cgi?bc/bccn/0704/0
1fleece
A similar modus operandi was used by Fred Seymour Hofman Sr. to
bilk members of the First Christian Reformed Church in Vancouver
out of millions of dollars in the 1980s and '90s before he
skipped town in 1991.
Before he fled the country, six lawsuits claiming more than $10.5
million in losses had been filed against the churchgoer. In 1993,
the RCMP laid 61 counts of fraud against him as well.
Hofman was a fixture at the church for two decades. And, as a
certified general accountant, he was also entrusted as the church
treasurer. People felt they could count on him to give them
investment advice, and several couples handed him significant
sums to place in U.S. treasury bill investments he claimed would
net them high returns and shelter them from paying Canadian taxes
on the earnings.
Because Hofman wasn't registered to handle such investments , at
the time he was fined $50,00 and banned for trading for five
years by the BCSC. He was also kicked out of the General
Accountants' Association of B.C.
This year he was tracked down in Australia illegally soliciting
investments in a remote agricultural area near Cairns. He was
misrepresenting himself as a minister.
You can find out about the Schneider affair at
http://www.quatloos.com/Jerome_Schneider_exhibit.htm
If someone "DOES" set something up for you which is secret enough
the tax man might not find it, that same fellow is just as liable
to run away with the money as Hofman, Masee and Brown did OR turn
you in to the authorities as Jerome Schneider did.
========================================
Answers to this and other similar  questions can be obtained free
on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am
a regular guest on Fred Snyder of Dundee Wealth Managers' LIVE
talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
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Call (604) 280-0600 to have your question answered.  BC listeners
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Callers to the show and questioners on this board can also attend
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And for those in the Vancouver area, Fred is running an
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television at "groooaaannnn" 1 AM in the morning. It has a couple
of useful concepts in it that can be recorded to really get the
idea.
David Ingram's US/Canada Services
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Specialists
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Home office at:
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Disclaimer:  This question has been answered without detailed
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comment.   Nothing in this message is or should be construed as
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