bdjuf has made quite more then 700k in the last 5 years I'm sure... lol
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Originally posted by rayadp05 -
I take it back, you don't want an accountant, you want a tax attorney. A tax attorney is bound by client/attorney privaledge whereas an accountant is "supposed" to be unbiased. Get a lawyer as this is getting more complex by the minute and you want someone who's in the position to work a structured settlement with the CRA. And do this before the CRA comes after you, you'll be in a much better position if you approach them.
WGI play with Google.Comment
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Does he have to claim the money he made while under 18?
Good luck dude, taxes fucking suck.
Does becoming a corp really help with the amount of taxes you have to pay? I've never bothered as its just easier having everything in your own name but am tired of paying large sums of money every april. How much does it cost to become incorporated?you don't know you're wearing a leash if you sit by the peg all day..Comment
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Its cheap if you want to do it youself like few hundred bucks if you get some lawyer or accountant to do it about 800bucks or so .
Being incorporated protects your personal assets if you ever get sued . It does yes give you better tax breaks and all sorts of fun tax write offs .
If you are making anymore than 30k a year i'd say its worth doing
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Get an accountant and use him for going forward. Then find a different accountant and explore options going back. I do not know but you might still be able to fly under the radar for the past years.Comment
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AdultAdBroker - Buy and Sell Your Flat Rate Banners, Links, Tabs, Pops, Email Clicks and Members' Area Traffic - updated May 2026Comment
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The big hit you will take will be all the penalties on top of your taxes you already owe. Another battle you will have will be with GST. You will need to get them to set you as 0 rated. Things may have changed since the time I had to do this, but I do remember this being a huge hassle as they wanted to charge me 7% on all my income even though I wasn't collecting GST. Get options from a bunch people and see what works best for you.Comment
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Give all the assets to somebody you trust, when they claim the taxes you will go into personal bankruptcy. Then move out of Canada and continue making money somewhere else. When they are unable to claim the money from you anymore (takes a couple of years) you can move back. If you go bankrupt in Canada before you move, you should still be able to visit. If you just bail, you will not be able to return until the charges are barred under the statue of limitation.Alea iacta estComment
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Just claim last years and every year from now on and hope they don't dig back.
They can only go back 6 or 7 yrs.
Do you feel lucky?
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you are such a fucking idiot
in your situation you ask for advice on GFY instead of paying some bucks for a decent lawyer / accountant that might keep you out of jail?
jesusComment
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Hey assfuck
I didnt say i dont want to see a lawyer / accountant. I was very clear in my earlier post about my paranoia about these help sources (which was confirmed by someone pointing out that accountants are supposed to be 'unbiased' but may not be). Also, I posted here to get others opinions on this before actually seeing one.Comment
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Run away to Cuba or something?
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Dude just MOVE out of CANADA before they figure it out. Save your cash and move to a tropical island somewhere with low taxes, and PAY THEMComment
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one more bumpComment
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The only thing that makes sense for your situation without being on the run your whole life is to call a tax attorney for client privileges like WG stated and see what your solutions are. He is the only one who will know your options fully and what you can expect to pay.XXXRewards - Karups - Boyfun - Jawked. Paying on time since 1997. Contact me at brent [at] xxxrewards.comComment
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Talk to a tax lawyer first, they can help you out negotiating with revenue Canada, and they are protected by lawyer-client privledge.Comment
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You are fucked. Interest is going to be a bitch. I have been there.
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Daddy I Get Paid To Be A Whore - Coming SoonComment
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I think what you may get is a bump in the balance in your bank account
Tax planning needs to be done in advance - not on hindsight. Would suggest you consult a lawyer with expertise in taxation with a view to damage limitation - and do this ASAP.
At the same time it would appear you need a biz structure - ie at least one corp. But... because of the past track record, this needs to be handled carefully and appear transparent to avoid any suggestion of "conspiracy to evade taxation' - I would be also consulting your taxation lawyer on the 'going-forward' aspect.
Who knows, but you will prob have to pay all taxes due and hopefully just a few penalties/interest (and avoid a criminal aspect) - definately a job for a tax lawyer.
Good luck on this - when it is over you can look forward to future good years
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Yes, it sure would raise alarm bells - and those funds would be tracked. If removed in cash - even worse, and most likely places you into the aura of fraud and subject to search warrants blah.
Avoid any action which may suggest to an outsider that you are attempting to defraud. At the moment, this is simply non-payment of due taxes and, most likely, can be negotiated by lawyers. Don't take any action which would let this 'non payment' aspect slide into a criminal action
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the 24% you pay as a corp. in canada is only up to the first $250,000 I think it is, after that, you still pay about %42 I think it is.
Don't forget though, you may also have to pay some taxes when the money comes out of the corp, and paid to you personally. The best way to do this is through dividends from the corp. not a payroll, but an accountant can tell you way more than me.Crazy fast VPS for $10 a month. Try with $20 free creditComment
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possibly go to panama? lolComment
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You have to go to a tax lawyer for a situation like this. You're going to making a "voluntary disclosure", but it's best to do it behind a lawyer, because they can't be forced to testify against you, and they protect your name during the process. Plus once you strike a deal, the CRA can't come after you anymore.
Bad news, you're going to pay a lot of tax (but you might be able to deduct all your expenses, internet, etc), and you're going to pay the lawyers. Some of them work off of percentages of what you Would have paid, had they not lent a hand.
Good news, you won't go to jail (you're wayyyyy into Tax Evasion territory...unless you're suddenly insane, retarded or crippled, then your parents might get a break after they take over your finances), and they generally waive the penalties/interest that you'd be subject to. You pay what you owe.
Bonus info: Corps pay lower taxes, but you, the shareholder, get taxed personally when you take money out of said corp via dividends, salary, bonuses, etc. So anybody who tells you that corps pay less tax vs. sole prop.ship etc. is full of shit. Tax people call that "integration"...whatever you do, tax is the same...more or less.
and you can bet the CRA is going to have a hardon for any personal expenses you try and run through the company (cars, rent, "meals and entertainment").
Last bit, if you've made any big ticket purchases lately, ie a house, yacht, they might already be looking at your returns (or lack thereof) to see if you reported any income. If you're already under investigation, there's no voluntary disclosure option, and you're fucked.
Good luck!Comment
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thanks guys
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Set up a Canadian company as a internet marketing/consulting firm, set up a offshore investment company and transfer your money there. Debit your offshore company with "fake" bills from the canadian company or even loan/invest to the canadian company from your offshore one. Pay taxes and do write off's and whatever on the Canadian company, all money you make should go to the offshore one though.
I just came up with it, atleast it sounds good in my head LOL needs more tweaking though.
gfynicky @ gmail.comComment
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If I was to setup a business offshore.. would I still have to pay canadian taxes? And if so, how much?Comment
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taxes seem like a nightmare to me. Im glad i pay an accountant each year and just dump him a load of account statements and expenses.Comment
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thebigmook , even though everyone is scaring the shit outta
yah (including myself) hehehe
I am pretty sure you can do payment plans so u don't have to pay it
all at 1 lump sum . hope that makes u feel little better
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The money that you have earned to your name will be assesed to you personally. There isn't much to do now. The two main things that you need to focus on are:
- File your tax returns as soon as possible
- Make a strategy for your future income
I can't stress enough how important it is for you to file your returns as soon as possible. I believe there is a 5% penalty charge if you are filing late plus 1% every month for a maximum of 12 months: so 17% penalty charge for a tax return that late for more than 12 months.
On top of that, they will charge you something like 5% to 10% yearly interest (compounded daily).
e.g. If you were to pay today for a 2002 taxable assessment of $50,000 that hasn't been filed yet - it would mean $8,500 in late filing penalty and approximatively $16,380 in interest for a total of $74,880.
The interest rate changes every quarter, and they start compounding on the date that your return is due (generally May or June of the following tax year for self-employment income).
The only thing you can do at this point is to minimize your taxable income by claiming admissible expenses. Preferably, you'll need to have your expenses documented (receipts, invoices, emails, contracts, etc). An accountant can help you find admissible expenses and other deductions to reduce your taxable income.
Depending of the circumstances and how good your tax attorney is, you can negotiate with the CRA to reduce the interest and/or the late filing penalty.
If you find the experience of paying taxes to be pleasant and wish to continue doing so for subsequent years, you should look into forming a company (or several ones). But remember that the company itself has to pay taxes on its taxable income (~20%) and then you will be taxed on any dividend distribution you receive after ~$35,000 (considering that you are eligible for the small business dividend tax credit and that's your only income).
If moving out of the country is an option for you, then you could legally eliminate your tax burden:
- Obtain residence in a country that does not levy taxes on worldwide income and have your company managed and controlled from a country that does not levy taxes whatsoever.
- Obtain residence in a country that does not levy taxes whatsoever (Bahamas comes to mind)
- Grey area Move to another country of your choice and fly under the radar of the tax authorities with the help of offshore corporations and nominee services.
Good luckComment
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make a run for Columbia bro.....leave cannadia ASAPSPASPAPASComment
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Just an FYI, Revenue Canada reads GFY, good move posting this.Free agentComment
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Nope - not that simple and it will not let you off the hook.
If you wish to move out of the country "legally", you must make this known to Revenue Canada and you will not have tax forms while you are resident elsewhere.
But... you must be a resident of whatever other country and if you still maintain a home or assets in Canada - it is possible these may be the subject of any future action by Revenue Canada.
You can also change citizenship, but this needs a clean slate and will involve Canada. If you are a Canadian citizen resident elsewhere and you do have outstanding taxation - there comes a time for passport renewal problems.
x582 is correct in that interest will be accuring on overdue taxes and the sooner that is dealt with, the better.Comment
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You should see an accountant, hopefully you didn't spend all your cash.Comment
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Yes, as long as you still carry a Canadian passport you are liable for any taxation due on your income in Canada.
Your Canadian taxes are whatever an accountant establishes are due, plus any interest and penalties negotiated with Revenue Canada by a taxation lawyer.
If your lawyer has a hard time with Revenue Canada - you may be left with $250K, but the name of the game is to be left with more. Get a lawyer now!
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I would bet you any money that's GROSS TOTAL he's talking about. He has no accountant so hasn't even figured the NET. So net could be 10,000 he wouldn't even know. TAXES on 10k/year ain't that high so dude mook, just get an accountant and figure it all out
49% doesn't start until someone exceeds 250k/year in NET income.Comment
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You cannot get out of the back taxes, those are owing to the CCRA no matter what you do starting from today. Getting a corp, moving it offshore, doesn't matter, up until today you owe that money to CCRA. Unless you plan on running the rest of your life, seriously get a tax attorney and stop listening to GFY people for advise. You're in real trouble and need a lawyer and fast.
WGI play with Google.Comment
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I know that Asspimple is stoopid ... As he says, it is a FACT !
But I can't figure out how he can breathe or type , at the same time ....Comment
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If the income hasn't been earned in Canada, it is not taxable in Canada. If a Canadian citizens leaves the country, his worldwide income isn't subject to Canadian taxation if he obtains his "non-residency" by filing a form with the CRA and meeting certain requirements such as not having ties to Canada (a spouse, a natural place of abode, kids, certain assets, etc).
For the Americans it's different, they are subject to taxation on their worldwide income wherever they reside. Although, they is a foreign tax credit of ~85k and double taxation treaties that could play into it as well.Comment
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I just want to say it again as the OP seems to be confused. In his case, the money that he earned so far is fully taxable in Canada. If he obtains his non-residency, all his income afterwards won't be subject to Canadian taxation.
Anyways, if the OP isn't trolling - you should focus on filing your taxes and talking to a tax attorney. But you should also focus on what you'll do with those checks that you'll receive next week, you seriously need to plan right now.Comment
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