Canadian Tax Laws {{ revisited }}

[pokerplayer]

 

Since we appear to be close, just thought I would re-post for all the Canadians out there on the board. Hope this save's all of you Canadians some time.

 

  Cheers, pp

 

 

For all you Canadians out there who may not of gotten this Information as of yet. Been posted at several locations, but want to help save Canadians some possible troubles.

Hey my fellow Canadians This may save you some time and searching and calling. This was gathered by myself, so I know its true. No matter what your accountant says, think about it, does anyone really believe that our Gov't will say, "wow" are you lucky and not want a piece of OUR pie?

 

Note* this was gathered by a well respected poster and verified by myself. It is currently a little dated, but should greatly assist your accountant come cash in day.

 

  pp

 

Most accountants have little to no experience with currency traders, so you will need this Information which I received from Revenue Canada, and not a web site or another persons Interpretation. This is REVENUE CANADA talking, a real person.

 

Under Canadian tax laws we are subject to taxes under Regulation P4037, Section 17, paragraph 12-15. This directly relates to currency traders and tax Implications.

In basic English, its as follows: (Example only) You take your 1 million from selling your Dinars, divide by two. No tax on first $500,000 or 50%. From the second $500,000 Minus your Investment money, say $1000.00. then minus $200.00. The remainder you pay tax on based on your yearly tax rate.

 

The $200.00 is the exemption allowed for say, you were on holidays and came back with left over cash. Value jumps and you make a tidy some of say $300.00 over the cost of what you paid for it. By law, that extra $100.00 must be claimed. Would most claim this small amount? Doubtful, but it is still the law.

 

As well you have 364 days, before claiming your windfall. This will give you the time to top up RRSP's, and any other legal financial hiding spot.

Remember, pay your taxes and move on, let the other guy/gal look over there shoulder the rest of their lives.

 

I am not an accountant, nor a financial adviser, just someone who spent way to many hours talking with Revenue Canada.

 

[AU Geezer 11]

If you have a large amount that would be taxed in Canada there is a legal way around it. It involves becoming a non resident for taxes in Canada be fore cashing in a large amount. As a non resident you would have to pay no tax on any earnings for outside Canada.

[pokerplayer]

50 minutes ago, AU Geezer 11 said:

If you have a large amount that would be taxed in Canada there is a legal way around it. It involves becoming a non resident for taxes in Canada be fore cashing in a large amount. As a non resident you would have to pay no tax on any earnings for outside Canada.

 

@Au Geezer  True, but that being said the following would also apply as well, just to name a few. I checked into this before I left to work in Iraq.

 

-  you would need to give up healthcare

-  Have no Real Estate

-  No bank Accounts

-  Not have a spouse living in Canada

-  Have no business ventures or Involvement in any business

 

With the amount of potential return we are looking at I would just as soon pay my taxes minus any legal loopholes and still enjoy the benefits of Canada, and come and go as I please to be able to see my Grand Kids.

 

This would definitely be an option for some, but for me ? No

 

  Cheers, pp