Starting an offshore company from Canada

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  • sysk
    Confirmed User
    • Aug 2007
    • 1005
    #1

    Starting an offshore company from Canada

    Any Canadians here that have ever incorporated an offshore company?

    What are the laws like in Canada for that kind of stuff?

    Let's say you incorporate your company in country X which has low taxation... Do you have to pay taxes to Canada? If you take out your money from country X and bring it to Canada, what taxes do you have to pay? Does it make a difference whether you live in Canada or not? etc.

    PS: As you noticed, I am totally noob at this kind of stuff...
    icq: 612510168 / email: [email protected] / php ninja 4 hire
    Tags: None
    • _Richard_
      Too lazy to set a custom title
      • Oct 2006
      • 30989
      #2
      i'd get a lawyer

        Comment

        • d-null
          . . .
          • Apr 2007
          • 13724
          #3
          Canadian residents are required to pay income tax on all income whether it was earned inside Canada or outside of Canada.

          Exchange rates on foreign currency depending on tax year is available on the CCRA websites.

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            Comment

            • d-null
              . . .
              • Apr 2007
              • 13724
              #4
              I would also echo Richard's comment about getting a lawyer, because there is alot that can be interpreted, but I have read that for tax purposes you are still possibly considered a Canadian resident unless you live abroad for more than 2 years.

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                • CybermedAndy
                  Confirmed User
                  • Jul 2004
                  • 4170
                  #5
                  I used these guys before http://www.csr-corporation.com/en/index.html

                    Comment

                    • _Richard_
                      Too lazy to set a custom title
                      • Oct 2006
                      • 30989
                      #6
                      Originally posted by d-null
                      Canadian residents are required to pay income tax on all income whether it was earned inside Canada or outside of Canada.

                      Exchange rates on foreign currency depending on tax year is available on the CCRA websites.
                      this is correct from my conversations with my parents

                      they told me to get a lawyer tho haha

                        Comment

                        • d-null
                          . . .
                          • Apr 2007
                          • 13724
                          #7
                          here is an interesting article:

                          http://www.incometaxcanada.net/news/...-clarified.htm

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                            • sysk
                              Confirmed User
                              • Aug 2007
                              • 1005
                              #8
                              I expected the "get a lawyer" answer and that's what I am going to do... but I was looking for some information before I do so... Thx for the reference CybermedAndy and everyone who replied.

                              Also, is it possible to lose your citizenship if you leave Canada for a certain amount of time? .... and is it possible to resign your citizenship in order to not have to pay taxes ?

                              PS: No more get a lawyer replies ;) I won't take your advice cash
                              icq: 612510168 / email: [email protected] / php ninja 4 hire

                                Comment

                                • polish_aristocrat
                                  Too lazy to set a custom title
                                  • Jul 2002
                                  • 40377
                                  #9
                                  not sure if you got Ocra in Canada but they are the world's biggest offshore incorporation company as far as I know

                                  obviously if you go to them, they want to sell you what they offer, at the same time when you go to the standard lawyer or tax advisor, he might not have much experience in that field...

                                  but yeah, certainly look for better sources of information than GFY

                                  good luck
                                  I don't use ICQ anymore.

                                    Comment

                                    • Jai
                                      Confirmed User
                                      • May 2005
                                      • 6915
                                      #10
                                      problem with offshore companies is if u have offshore bank accounts, which are damn expensive

                                        Comment

                                        • jakethedog
                                          Confirmed User
                                          • Jun 2004
                                          • 2497
                                          #11
                                          I am Canadian .. your missing the point of setting up an "offshore" account . it is used as a way to deal with tax laws in your own country .. you draw a salary from your offshore company and pay the taxes on the "salary" you draw from your "offshore" tax shelter company .. hell then you charge your self a processing fee to move the money around from company to company to wages to fucking napkins to wipe your ass with on your flight down to check up on your money .. but that's just what I hear ;)
                                          No sig .. just me

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