My_question_is:
Subject: Tax Haven
Expert: taxman at centa.com
Date: Saturday October 14, 2006
Time: 04:51 PM -0400
QUESTION:
I'm a Canadian working in Canada. I make a regular salary with
one company that I pay taxes on and recently have started to work
as a consultant. The companies I work for will pay any entity I
wish the consultation fees. I don't need to use this money for
personal use.
Q: What is best setup for me to recieve these fees for minimum
taxes. Ie. setup as an out of country company.
Thank you
---------------------------------------
david ingram replies:
There is no legal and safe way for you to have your money paid
offshore and keep it tax free unless you have a legitimate active
company with 5 full time employees who are not related to you in
that offshore country.
AND, All that "that" means is that the money is tax free until
you take it out so if you fly to the Bahamas and spend money from
your offshore company there, it is taxable to you in Canada.
And to make my point just a little, I was woken from a nap today
by a person calling me to ask about bankruptcy because he now has
CRA bill for $250,000+ from the time he "thought" he was offshore
and had escaped the CRA clutches. That bill is AFTER an appeal
to the Federal Court of Appeal.
Go to www.centa.com and read the Nov 1995, March 96 and November
1996 newsletters on OFFSHORE TRUSTS. You will find them in the
top left hand box.
Sheltering the earnings is possible with RRSP deposits and
perhaps the purchase of Flow through mining and Exploration
shares or mutual funds, participation in movies, or the very rare
LLP which has real value.
>From your email address, I get the idea you may be in the lower
mainland. If so, you would benefit from Fred Snyder's free tax
and investment seminars as follows:
Every Thursday Evening, Fred Snyder of Dundee Wealth Management
conducts one of 17 different financial seminars in the boardroom
of 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
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
If you are starting in downtown Vancouver and do not want to go
home first, one of the excellent THAI HOUSE restaurants is in the
same building and makes a nice start to the evening. If it is
your first seminar, Fred will buy you dinner if you are
pre-registered.
I, david ingram, will be at the Thursday evening following the
last Sunday of each month to cover mortgage interest as a
deduction and give the class an adding test.
--------------
And Fred's Associate Ralph Hahmann is having similar free
seminars in Victoria on Tuesdays, the first, second and third
Tuesday of the month in Oct Nov and Dec. at 7 PM
Topics will include Pensions, HELOC strategies and tax and estate
planning.
Ralph's phone number is 250-727-9238 - his email is:
rhahmann at dundeewealth.com
Ralph is usually on Fred's Sunday morning radio show on the
subjects as well as follows:
Answers to this and other similar questions can be obtained free
on Air by david ingram on the last Sunday of each month.
On the last Sunday at 9:00 AM on 600AM in Vancouver, I, david
ingram will be a 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
internet at
www.600AM.com
Call (604) 280-0600 to have your question answered. BC listeners
can also call 1-866-778-0600.
Callers to the show and questioners on this board can also attend
the Thursday Night seminars on finance and making your Canadian
Mortgage Interest deductible.
I will be at the seminar following the last Sunday of the month.
---------------------------
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 10 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 taxman at centa.com <mailto:taxman at centa.com>
www.centa.com <http://www.centa.com/> www.david-ingram.com
<http://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 <http://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
Saudi Arabia to Mexico to China or Chile - Cross border, dual
citizen - out of country investments are all handled with
competence & authority.
Alaska, Alabama, Arkansas, Arizona,
California, Colorado, Connecticut,
Delaware, District of Columbia, Florida,
Garland, Georgia, Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland,
Massachusetts, Michigan, Minnesota,
Mississippi, Missouri, Montana, Nebraska,
Nevada, New Hampshire, New Jersey,
New Mexico, New York, North Carolina,
North Dakota, Ohio, Oklahoma, Oregon.
Pennsylvania, Rhode Island, Rockwall,
South Carolina, South Dakota, Tennessee,
Texas, Utah, Vermont, Virginia,
West Virginia, Wisconsin, Wyoming,
British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, Quebec City,
New Brunswick, Prince Edward Island,
Nova Scotia, Newfoundland, Yukon and
Northwest and Nunavit Territories,
Mount Vernon, Eumenclaw, Coos Bay
and Dallas Houston Rockwall Garland
Texas Taxman and Tax Guru and wizzard
wizard - consultant - expert - advisor -advisors consultants -
gurus - Paris Prague Moscow Berlin
Lima Rio de Janeiro, Santaigo Zimbabwe
David Ingram expert income tax help and preparation of US Canada
Mexico non-resident and cross border returns with rental dividend
wages self-employed and royalty foreign tax credits
international non-resident cross border income tax help
assistance expert preparation & immigration consultant david
ingram, experts on rentals mutual funds RRSP RESP IRA 401(K) &
divorce preparer preparers consultants
This from "ask an income tax and immigration expert" from
www.centa.com or www.jurock.com or www.featureweb.com. David
Ingram deals on a daily basis with expatriate tax returns with:
multi jurisdictional cross and trans border expatriate problems
for the United States, Canada, Mexico, Great Britain, 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, and any of the 43 states with state tax returns, etc.
Rockwall, Dallas, San Antonio Houston
Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and
Immigration Tips, Income Tax Immigration Wizard Antarctica
Rwanda Guru Consultant Specialist Section 216(4) 216(1) NR6 NR-6
NR 6 Non-Resident Real Estate tax specialist expert preparer
expatriate anti money laundering money seasoning FINTRAC E677
E667 105 106 TDF-90 Reporting $10,000 cross border transactions
Grand Cayman Aruba Zimbabwe South Africa Namibia help USA US
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