Quote:
Originally posted by m0rph3us
...uhm you'd have to pay tax on that. Canada law forces you to report worldwide income. Even if you don't report your offshore business ... you can't appear as $0 income in Canada. And once you start bringing in cash from your offshore, the gov will catch on.
I do hear however that there's an international tax law that states, if you live less than 180 days in a country you don't have to pay tax to that country. ? something along those lines.. my friend says boris becker does it in germany & monaco.
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I heard that if you have an offshore corporation and pay tax there... Canada can't not double tax you on the same incomes.
Basically, if you run your business in Bahamas and pay 0% tax there, you can not be "double" taxed again here if you wire all the money to your canadian bank. Your corporation is not canadian, so it's not international incomes.
Anyway, an offshore corporation would save you from the 7% GST tax, at least.
I'm going to get a corporation in Caiman Isles and wire all the money to a Swiss Bank. I'll still get some money from advertising to my canadian corporation and pay 20-30k of tax per year in Canada... I think it's enough and honest ;-)