Calculate your site FeedRank Today
FeedRank, a newly developed algorithm for ranking RSS feeds only on RSSMicro
Click here to learn more
 4/10 Good --- network.nationalpost.com http://feeds.feedburner.com/DianeFrancis
| Financial Post editor at large Diane Francis blogs daily on business, financial matters and news in Canada and the United States ... |
Sunday, May 04, 2008 --- 81 days ago http://network.nationalpost.com/np/blogs/francis/archive/2008/05/03/canadian-tax
 For nearly 40 years, Canada’s richest individuals have been able to get off scot-free from paying income taxes. So have their children. The fix is not difficult and some areas where reforms can be imposed are outlined below. Even so, Canada’s politicians and policy wonks do nothing. Since 1972, a series of court decisions have attacked rules eroding them to the point where rich people can move offshore for a couple of years, move back again to use our health care and other services and still never pay taxes. Simple legislation would change this immediately by adopting American-style rules. So dodging taxes is easy: Taxpayer pays a one-time 25% hit on his wealth by declaring he is moving to a tax-free jurisdiction; he puts the direct management of his money in the hands of financial intermediaries or trustees. Canada Revenue Agency regards this as arm’s length, offshore trusts and therefore untaxable when distributed even back to Canada. “It’s easy to get out of taxes,” said offshore expert and consultant Alex Doulis. “A wealthy Canadian will leave and become a non-resident for tax purposes, pay a 25% departure tax [on all his or her wealth except for the value of his principal residence or Canadian-based corporations] and never pay taxes again. They also have someone set up a trust offshore and put capital into it so their children or grandchildren can be sent distributions from the non-resident trust to Canada tax-free in per ... |
|
|
Recent Posts
|
|
|
Facebook Del.icio.us Digg StumbleUpon Reddit Google
Anytime
