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Many tax havens are actually quite stable and have very reliable banking systems. Canada encourages "snow washing" with Limited Partnerships. Canada's banks are

by lemmox 7y ago

Many tax havens are actually quite stable and have very reliable banking systems. Canada encourages "snow washing" with Limited Partnerships. Canada's banks are quite good and the corporate legislation allows a degree of anonymity. This structure has no obligation to file taxes in Canada. The partners in the structure have to pay taxes however if the partner is not a Canadian entity that obligation is in some other jurisdiction. https://projects.thestar.com/panama-papers/canada-is-the-worlds-newest-tax-haven/ https://projects.thestar.com/panama-papers/canada-is-the-wor...

poxrud 7y ago
But Canada shares banking data with the IRS. https://www.cbc.ca/news/politics/fatca-tax-us-canada-1.5353942 https://www.cbc.ca/news/politics/fatca-tax-us-canada-1.53539...
- corodra 7y ago
  Uh-huh, and no one lies on their taxes either. While, I know it's funny to joke that Canadians say sorry and are super nice. I think that's a racist stereotype. Canadians are typically dicks. Especially the Quebecois. So to pretend that they magically share all information with foreign governments... sure. And Deustche Bank is innocent of banking fraud too.
- unreal37 7y ago
  Only for Americans.
- lemmox 7y ago
  Yes, Canadian tax residents have serious obligations, as do US citizens (no matter where they live)! LPs on the other hand, do not _if_ there is no economic activity in Canada and there's a tax treaty at play with the founding partner jurisdiction. Canada doesn't have the authority to tax foreign owned businesses unless they participate in the Canadian economy. Eg: Your international entities can route money through a Canadian LP that is owned by your Barbados corporation. In this scenario there's no Canadian tax obligation and the money trail becomes harder to follow due to Canada's privacy laws (your company name might not be on your LP documentation). Your company does, of course, have to settle up the tax obligation with Barbados.
steven_is_false 7y ago
Hah No surprise from a Canadian. Canada is a tourist trap: a terrible place that just happens to have good marketing.

by lemmox 7y ago

poxrud 7y ago

But Canada shares banking data with the IRS. https://www.cbc.ca/news/politics/fatca-tax-us-canada-1.5353942 https://www.cbc.ca/news/politics/fatca-tax-us-canada-1.53539...

corodra 7y ago
Uh-huh, and no one lies on their taxes either. While, I know it's funny to joke that Canadians say sorry and are super nice. I think that's a racist stereotype. Canadians are typically dicks. Especially the Quebecois. So to pretend that they magically share all information with foreign governments... sure. And Deustche Bank is innocent of banking fraud too.
unreal37 7y ago
Only for Americans.
lemmox 7y ago
Yes, Canadian tax residents have serious obligations, as do US citizens (no matter where they live)! LPs on the other hand, do not _if_ there is no economic activity in Canada and there's a tax treaty at play with the founding partner jurisdiction. Canada doesn't have the authority to tax foreign owned businesses unless they participate in the Canadian economy. Eg: Your international entities can route money through a Canadian LP that is owned by your Barbados corporation. In this scenario there's no Canadian tax obligation and the money trail becomes harder to follow due to Canada's privacy laws (your company name might not be on your LP documentation). Your company does, of course, have to settle up the tax obligation with Barbados.

steven_is_false 7y ago

Hah No surprise from a Canadian. Canada is a tourist trap: a terrible place that just happens to have good marketing.