Starting an offshore company from Canada - GoFuckYourself.com

sysk · 02-05-2009, 03:12 PM

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...

_Richard_ · 02-05-2009, 03:17 PM

i'd get a lawyer

d-null · 02-05-2009, 03:20 PM

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.

d-null · 02-05-2009, 03:24 PM

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.

CybermedAndy · 02-05-2009, 03:31 PM

I used these guys before http://www.csr-corporation.com/en/index.html

_Richard_ · 02-05-2009, 03:33 PM

Quote:

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

d-null · 02-05-2009, 03:38 PM

here is an interesting article:

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

sysk · 02-05-2009, 04:13 PM

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

polish_aristocrat · 02-05-2009, 04:17 PM

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

Jai · 02-05-2009, 07:06 PM

problem with offshore companies is if u have offshore bank accounts, which are damn expensive

jakethedog · 02-05-2009, 07:57 PM

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 ;)

02-05-2009, 03:12 PM	#1
sysk Confirmed User Industry Role: Join Date: Aug 2007 Location: Montreal Posts: 1,005	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

02-05-2009, 03:20 PM	#3
d-null . . . Industry Role: Join Date: Apr 2007 Location: NY Posts: 13,724	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. __________________ __________________ Looking for a custom TUBE SCRIPT that supports massive traffic, load balancing, billing support, and h264 encoding? Hit up Konrad! Looking for designs for your websites or custom tubesite design? Hit up Zuzana Designs Check out the #1 WordPress SEO Plugin: CyberSEO Suite

02-05-2009, 03:24 PM	#4
d-null . . . Industry Role: Join Date: Apr 2007 Location: NY Posts: 13,724	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. __________________ __________________ Looking for a custom TUBE SCRIPT that supports massive traffic, load balancing, billing support, and h264 encoding? Hit up Konrad! Looking for designs for your websites or custom tubesite design? Hit up Zuzana Designs Check out the #1 WordPress SEO Plugin: CyberSEO Suite

02-05-2009, 03:38 PM	#7
d-null . . . Industry Role: Join Date: Apr 2007 Location: NY Posts: 13,724	here is an interesting article: http://www.incometaxcanada.net/news/...-clarified.htm __________________ __________________ Looking for a custom TUBE SCRIPT that supports massive traffic, load balancing, billing support, and h264 encoding? Hit up Konrad! Looking for designs for your websites or custom tubesite design? Hit up Zuzana Designs Check out the #1 WordPress SEO Plugin: CyberSEO Suite

02-05-2009, 04:13 PM	#8
sysk Confirmed User Industry Role: Join Date: Aug 2007 Location: Montreal Posts: 1,005	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

02-05-2009, 03:17 PM	#2
_Richard_ Too lazy to set a custom title Industry Role: Join Date: Oct 2006 Location: Earth Posts: 30,989	i'd get a lawyer

02-05-2009, 03:31 PM	#5
CybermedAndy Confirmed User Join Date: Jul 2004 Location: Vancouver Posts: 4,170	I used these guys before http://www.csr-corporation.com/en/index.html

02-05-2009, 04:17 PM	#9
polish_aristocrat Too lazy to set a custom title Join Date: Jul 2002 Posts: 40,377	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.

02-05-2009, 07:06 PM	#10
Jai Confirmed User Join Date: May 2005 Location: http://www.fitnesspornbabes.com Posts: 6,915	problem with offshore companies is if u have offshore bank accounts, which are damn expensive

02-05-2009, 07:57 PM	#11
jakethedog Confirmed User Join Date: Jun 2004 Location: Vancouver B.C. Posts: 2,497	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