Question : I am a Canadian looking to set up an overseas bank account (re. tax shelter), any suggestions?
I am about sign a personal services contract with a UK based company. The contract will pay me significant $$$$ over the next few years. I would like to shelter some of my earnings by putting the majority of funds in an offshore account.Being Canadian I am curious to know if there are preferential locations.... Caymans.... Isle of Man.... etcAs well I am unsure as to which banks are more reliable than others. Any pointers would be appreciated.
- asked by Robert T
All Answers:
Answer #1
Just be careful, alot of these tax havens havestarted to report account information (UBS). If/when CRA finds out the interest and penaltiesare massive. I've a few clients who have beengotten assessed on this type of incomeCaymans,just stay away from banks with US or CDNaffiliations
- answered by my16paws
Answer #2
I know that in the States - it's gotten harder tohide funds due to the Home Land SecurtiyProtection Act.I suggest setting up a dummycorporation - $100 if tha - name your cat aspresidentt. Use the dummy corp to buy property -that filters money and gives a mortgage taxadvantge. Also consider setting up a "Charity"fund. Easier than most people think. Name yourselfor just your family as recipients. It's a bit ofpaperwork but again very legal. Very rich peopleare known to set up scholarship funds that canonly be accessed if you are family members. Anyway- give from your corp to your charity. More taxbenefits for giving...but you gave to yourself.Then make sure the books are clean on the charityand that you spend that money. Have fun! Get agreat system for keeping track of it all. Use thesame accounts the rich do! Find them through GoodOle Boys at Country Clubs...they know where thebodies are buried!
- answered by Ruth Z
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measure and fulfill your financial needs
