4 ms·
> The only other option is not to give them loans at all even if they put up a high down payment. That's an excellent position to take. Canada also has a prob
by dleslie 8y ago
> The only other option is not to give them loans at all even if they put up a high down payment.
That's an excellent position to take.
Canada also has a problem with undeclared foreign income.
- seanmcdirmid 8y agoWhen I was working in China, the USA had no idea where my income was coming from either. I just declared my foreign bank accounts and filled in certain lines on my tax return, but that’s it. How could they know?
- trhway 8y agoManafort thought the same. And those UBS clients too.
- selectodude 8y agoManafort got dinged because he didn't report the foreign income to the IRS at all. They didn't much care where it came from either.
- seanmcdirmid 8y agoThere is huge difference between not reporting income (illegal) and not declaring where the income is from (completely legal, they don’t even ask).
- patio11 8y agoThey probably don’t much care for you or for me, but at least some people will get audited every year, at which point they have the usual remedies: information sharing agreements with foreign governments and financial institutions plus “OK, show us your paperwork.”
- seanmcdirmid 8y agoI'm not really sure how an audit of an overseas taxpayer would work. Uhm...e.g. does the IRS pay for translation from Chinese or does the taxpayer? Paper work isn't even standardized, you aren't getting a W2, it will just be random stuff you collect to prove your income. And even then, the IRS still doesn't care where your money actually came from, just that it is all reported.