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Any Canadian Tax Advice Out There Waiting to Be Shared?


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I have been reading a lot about tax advice but it is virtually all American, for US investors, using US tax laws. I know we have Canadians on site and I have not personally been able to go and get advice. I can't afford it ... yet. But I would like to find out what, if anything, other Canadian investors have found out from their in-place tax lawyers or investment counsellors, in regards to how much the Canadian government will want when this hits.I am noping it doesn't hit face down, in a puddle, but face up, with a smile ... for me. I don't mind paying my share of taxes, it is how we properly manage our country (I keep telling myself) but I have no idea currently what this kind of investment will mean in terms of taxes. Any one have any information to share?

Thanks in advance ...

:)

smee2

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I am also a Canadian and have had the good fortune to run into another Canadian Accountant whose is invested in dinars. He is going to have a seminar once the rv happens for any canadians who are interested to learn the best and different strategies and tax implications. keep in touch on the site and when it happens we will get the info to you somehow.

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Being Canadian myself I've come to believe there are a lot of Canadians invested in the Dinar and could use more upfront information on this matter. The Government up here in Canada has really closed most tax loopholes to the majority of the taxpaying population.

I have a sister who makes between $500,000-1,000.000 annually and has come to realize from her CPA tax accountant just how carful a taxpayer has to be now a days, not many loopholes without getting in real tax trouble.

I did a lot of research into offshore banking and investment about 12 or 13 years ago and learned that the Canadian Government was creating tax laws eliminating the legality of IBC’s (International Business Centers) or off shore Corporations as tax shelters for individual wealth. Any off shore Corp must be legitimate and an active business.

If I correctly recall the tax law made the person in control of the money was the one who was responsible for the taxes.

I am no great source of credible knowledge on these matters so take it for what it is worth or not, but I for one plan on paying the taxes required without taking risky tax strategies that could cost me an absolute fortune in tax penalties, tax interest and expensive tax attorney fees trying to defend myself.

Oh! and never forget, accountants really don’t take any responsibility for bad tax advice that could get you in a lot of trouble with the taxman DEVIL!

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Thanks Canadian Investors for adding your voice. Yes, we should get together, not just afterwards, but now too, to discuss things. Not necessarily together physically but maybe in the forum here.

One of my first questions is how much tax is payable for a windfall such as an RV. Like I keep thinking, for some reason, about 45% and so when I do the roughing out of numbers I use half ... half for me and half for the government.

My investment counsellor said that I sould just cash in, straight up, since there is no point in trying to do anything a little smoke and mirrorish doing that. Then bring the investment company the amount and let their lawyers and investment experts have a go from there.

I understand all that. But I want an idea of what percentage the government wants before we do and playing around with ways to avoid what we can. I know the difference between avoiding tax, and evading tax. The first is using whatever tactics and tools the government puts in place for us to try to get the best deal we can. The second is going beyond that and setting foot in illegal territory. So, I am looking for round numbers to think about in the legal end of that, for now.

Nice to see more Canadian investors. Thanks for dropping by to say hi ... any more? Welcome and give me your opinions, but not too deep, like L O P and stuff ... I am just a simple, fairly recent widow, trying to figure out what I have to do to make the rest of my life a little more livable for as long as I have. My husband was not very excited about the RV possibilities ... more of a "show me the money" type of guy. But I know some of the things he would have done with it so I will be doing those things for him. But I need to start figuring out how much there actually will be considering the RV amount when it is announced.

Thanks for your input and if you have any more ideas, or get any more information relative to Canadian investors in this deal, please share.

:)

smee2

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Well i've been thinking about the windfall tax. When a lottery is won in Canada we pay no taxes, is a lottery considered windfall or lottery?

I will shite a brick if we have to pay out 45%

Sorry i really have no useful info to provide except that link i posted up top.

Sorry to hear about your loss.

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I have talked to accountants and some other dinar investors I know have talked to a tax lawyer and buy definition we pay capital gains only. Dont worry, when we get a value on the dinar, pay the money and receive direction before cashing in. My group of investors here are planning on meeting with tax lawyer,accountants and trust fund manger before cashing in. I will post info on dinarvets as I receive from these meetings to help fellow canadians. This will take place within 2 weeks after RV. I suggest you research revenue canada in the mean time as well as trust funds and asset protection. Be patient and research before cashing out, this will help you make better choices and be in good legal terms with the gov't.

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I have talked to accountants and some other dinar investors I know have talked to a tax lawyer and buy definition we pay capital gains only. Dont worry, when we get a value on the dinar, pay the money and receive direction before cashing in. My group of investors here are planning on meeting with tax lawyer,accountants and trust fund manger before cashing in. I will post info on dinarvets as I receive from these meetings to help fellow canadians. This will take place within 2 weeks after RV. I suggest you research revenue canada in the mean time as well as trust funds and asset protection. Be patient and research before cashing out, this will help you make better choices and be in good legal terms with the gov't.

Yes, I think I'll be reading the Revenue Canada Website quite a bit now. As far as I have heard this site will be open to VIP only once the RV happens, so I won't be able to be in on that. Just cannot afford it now. But thanks for the advice everyone.

:)

smee2

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  • 1 month later...

There is no notion of windfall taxes in canada.

Your gains are either capital or revenu.

The category in wich it falls are not determined only by the length (1 year) of possession.

The rules are easy for revenu taxes.

Its about 25% canada + depending on ur province between 10% Alberta and 27% in Quebec.

If it can be caracterized as capital gain then

its your gain divided by 2 then taxed as revenue.

also you have an exemption of 750K per person.

so if your not married and makes 1M$ profit your should pay to canada

1M-750K = 250K

divided by 2 = 125K

25% in canada = 32K

between 10% and 27% provinces = 32K

so would youd end up in quebec 1M - 64K around 926M.

All the persons I haved talked with are saying considering the type of investment there is a small chance of being taxed as capital gain.

So far I have talked with a ficalist and a tax attorney.

If you think its better having your gains in a company. Thats not so sure also.

Cause it would be taxed as a revenu 100% sure in a company then you pay yourself dividend taxed at 22%.

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