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I read your comment, and the feedback you’re replying to. I notice that you have not mentioned the word “lawyer”. Instead you said accountant and professional.
by graeme 9y ago
I read your comment, and the feedback you’re replying to.
I notice that you have not mentioned the word “lawyer”. Instead you said accountant and professional. I’m going to write the rest of this on the assumption you have not spoken to a tax lawyer.
You’ve set up a structure for years, and are likely investing tens or hundreds of thousands in equity.
A consultation with a good tax lawyer can be had for $100-$200 in most cases, or even free sometimes.
Your situation might be 100% correct! In which case, you have spent very little.
But if your situation is wrong? You risk the total destruction of your business, tens of thousands in penalties and legal fees, and possibly jail.
Speak to a lawyer, if you haven’t.
Incidentally, I had the same idea as you: Canadian business, international clients. Could I incorporate abroad and save? My tax’s lawyer’s answer was no, the local revenue authorities would not see it that way.
You’re in another jurisdicion, so the plan may work. But, you will spare yourself the possibility of ruin by checking with a tax lawyer in the jurisdiction you live in.
- charlesdm 9y agoYou're not wrong. I have a friend who used to work at PwC essentially handling tax avoidance tactics for clients, and she recently switched to a reputable accounting office due to unhealthy work pressure. She's knowledgeable and is clearly aware that the advice being given by her current accounting office is much worse (and often incorrect) in comparison to the advice given by people at her previous job. They're excellent at handling accounting, but not good at structuring (non local) things and avoiding tax.