How to hide $400 million
- Thread starter kwtoxman
- Start date
I know a contactor that also owns a management firm that takes care of his affairs. Much of the contracting profits go to paying the management company. Since the management company is Canadian the Feds still get their money but the year ends are set up so the taxes are deferred and he gets to play with the money longer. Of course if the management company was in a country with low tax rates it would boost his overall income as long as he didn't take a management paycheck. The profits would be invested in the foreign country with low taxes.
What was Trump going to do to tax rates?????
What was Trump going to do to tax rates?????
IS. He is going to lower them so businesses are encouraged to stay in America (to make America great again) otherwise, if they leave, they will pay tax on goods coming in. Why are the super rich "tax planning" abroad? If their taxes were lower they'd be less compelled to do that. It's not unlike an illegal product losing it's value once made legal.
I'm not sure they would be compelled if taxes were as low as 10%, because 10% of a 5 million dollar T4 slip is a lot of money.
Wonder who does the taxes for pro athletes, thats gotta be a lot of money if your from the Dominican, working in Toronto for the Jays and getting paid in US dollars..
I'm not sure either but I do know taxes come out of profits. If all your suppliers are taxed less on their profits I imagine a cascading effect. If any government was run efficiently income tax on individuals and the usual fees like gas/road tax would almost carry the freight.
ps, using your math, a strong case could be made to dodge tax at every opportunity.
They probably feel overtaxed. The .gov has no mercy and they rub their inefficiencies in your face.
So if a Canadian company paid a US company to manage their affairs soaking up all of the Canadian profit and putting it into USD's all the investment goes to the USA. Tax revenue to Canada is zip. Will we be forced to drop our tax rate?
While some smaller companies / individuals might not want to enter the murky world of foreign banks the US appears less foreign, speak English use dollars.
Memo to self: Buy hole punch for belt.
A few years back a couple scammed a couple of million from their business (Kings Health?) but they weren't experienced crooks and didn't know how to hide it. Apparently they ended up living in a cheap motel in the Carolina's until they gave up.
I almost felt sorry for them.
I almost felt sorry for them.
We should drop corporate/business taxes anyway. Ask me what the corporate/business tax rates are. I wouldn't know. But every headline screams it's "really tough" to do business and bring investment* to Ontario. It's not just the cost of hydro. Paper work and taxes. Please note; all my information is ripped from headlines.
* foreign buyers in housing market excepted
I remember that. They were quite unattractive as I recall.
It was mostly a form of Ponzi scheme IIRC. Forged paperwork to indicate they were leasing high end medical equipment to hospitals etc and you could reap decent returns by supplying the cash to purchase the equipment.
There were no leases and no equipment purchases.They just kept the money.
Apparently they didn't spend much time in jail. First offenders, nice people, repentant, etc.
Dresden
Well-known member
As the days go by I frequent this forum less and less. Posts like this remind me why; sarcasm or not.
I'd hate to see Paul lose a good customer on my account but if it'll help, I'm pretty sure I can back up my opinion. Did you read the piece? These people are scum. Should I have used softer language?
You could have chosen more appropriate words. Scum has been offended by the comparison.
Right-O!
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Sorry, I forgot to use sarcasm font. You're good.
Yes, thanks. I gave it a good think this afternoon. I should probably edit post #37 to reflect the awakening.
