I need to "shelter" about $70k

[Mao Tse Tongue]

I'd like advice about how to shelter the proceeds of a deal I made.

Want it to be legal, but just below the threshold of illegal in its creativity (LOL).

PM me if you know someone (accountant, lawyer, mobster...wait scratch the last one)

Please no pitches to invest in your "schemes". I'm way too smart for that nonsense.

Looks like it'll be Merry Christmas for me!

 

[papasmerf]

for years one of the best shelters have been realestate.

 

[Mao Tse Tongue]

for years one of the best shelters have been realestate.

$70k will get me a bachelor just off Shuter

 

[zzap]

Offshore Yambo accounts a good way to launder money

http://yambo.biz/

Once you have money in this account you use a "numbered ATM card" with no name on it to take out your cash at just about any ATM in the world.

 

[papasmerf]

$70k will get me a bachelor just off Shuter

70k will get you a downpayment on a rental



easiest wat to gain losses

 

[ice_dog]

The most obvious and legal shelter is your RSP contribition.

Of course, it depends how much un-used RSP limit you have from previous hears. Or if you are married, use Spousal RSP

 

[Mao Tse Tongue]

Real estate? RSP?

Please.

Where are the masters?

 

[flyingdgn]

Life insurance is a good one.

Call you local agent and he can explain how you can shelter your money from Revenue Canada.

 

[Mr. Downtown]

How is the money being delivered to you? In Canada and net of deductions? Or is it from a foreign source or here in Canada (with no deductions made) and the issuer of the cheque has a US or an other foreign-based bank?

 

[Don]

'shelter'? Come on! Pay up yer taxes like every other good Canadian! How else are we gonna support all our federal programs! Whaddya think this is? America?

 

[Mao Tse Tongue]

Offshore Yambo accounts a good way to launder money

http://yambo.biz/

Once you have money in this account you use a "numbered ATM card" with no name on it to take out your cash at just about any ATM in the world.

Very low level. Not a good idea. In the States, Uncle Sam flags such accounts through originating banks.

 

[Mao Tse Tongue]

How is the money being delivered to you? In Canada and net of deductions? Or is it from a foreign source or here in Canada (with no deductions made) and the issuer of the cheque has a US or an other foreign-based bank?

USD via wire.

 

[Mr. Downtown]

Then go talk to a tax accountant and set up a trust on an offshore island where you become an income beneficiary and bring it home in a cost effective manner that way.

 

[canucklehead]

Same place i have a mailing address West Indies GC..... account

 

[shack]

Invest in pussy futures. I hear the demand will never go down.

 

[ClitLover]

Hi all,

I am interested in the Yambo. I took a look at the website. But I have a question that hopefully Mao Tse Tongue can answer. I am a Canadian resident but have a stock brokerage account in the U.S. where I have filled out the W-8Ben for non-U.S. citizens/residents so that no U.S. taxes are withheld. In this case, would American banks care about flagging me because I am not subject to U.S. tax?

Thanks

 

[BottomsUp]

USD via wire.

That was a big mistake to wire it to Canadian bank. Should have had it sent to an offshore account. Banks are obligated to report anything wired or cash deposited into a Canadian account in excess of 10K, to the RCMP, which of course means CCRA has access to the info. If this is an abnormal txn. you may simply ignore reporting it on your T1 and if caught, use the excuse that you thought since it was earned in US that it wouldn't be taxable. Keep in mind of course, that CCRA taxes Canadian residents on their global income, so you would be assessed if caught, but a plausible excuse may prevent you from being assessed the fraud penalty of 50%.

 

[Mao Tse Tongue]

That was a big mistake to wire it to Canadian bank. Should have had it sent to an offshore account. Banks are obligated to report anything wired or cash deposited into a Canadian account in excess of 10K, to the RCMP, which of course means CCRA has access to the info. If this is an abnormal txn. you may simply ignore reporting it on your T1 and if caught, use the excuse that you thought since it was earned in US that it wouldn't be taxable. Keep in mind of course, that CCRA taxes Canadian residents on their global income, so you would be assessed if caught, but a plausible excuse may prevent you from being assessed the fraud penalty of 50%.

It hasn't been wired. I can still divert it

 

[BottomsUp]

Then get your ass down to your favourite tax shelterd island, set up an account and send it there.

 

[gala]

CRA has closed almost all the loopholes that used to exist through a series of attribution rules, and rules for offshore accounts. As someone said, they want you to pay tax on your global income.

If you want to wire it overseas you will likely need to set up an overseas corporation, so that the money is taxed in the hands of the corporation, rather than yours, and hopefully at some low foreign tax rate.

You'll need to talk to an accountant and a lawyer. For $70k, assuming your marginal rate is 40% or more, it's worth spending the cash on professional advice., as you're talking about potentially up to $30k in taxes. Get professional help.

It really depends WHAT kind of income this is. Is it capital gains from a sale? Is it a dividend or interest payment? Is it earned income? If it's earned income, is it payment in advance or in arrears that can be spread over several tax years?

Again, seek help. For this much money it's worth paying for a good tax accountant or even tax lawyer.