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(CBC)   Have you ever wished to stash away money in your own off-shore account to avoid taxes? Now you can with this interactive explanation of how it all works   (cbc.ca) divider line 11
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7793 clicks; posted to Main » on 04 Apr 2013 at 11:33 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-04 12:50:10 PM
3 votes:
People at the top are dickwagons. That is all.
2013-04-04 12:22:45 PM
2 votes:
The 1% of entitled free loaders.
2013-04-04 10:40:12 AM
2 votes:
Knowing how isn't very helpful without one little detail.

Having enough money to make it worth hiding.
2013-04-04 10:09:30 AM
2 votes:
Why should we care about this when some lazy do-nothing is cheating the welfare system so they can buy pot and booze?!
2013-04-04 01:23:43 PM
1 votes:
Why should we care about this when some lazy do-nothing is cheating the welfare system so they can buy pot and booze?!

Oh, decisions decisions! Clearly we can only address one of these problems. It is simply beyond the capacity of government to try to deal with tax AND welfare cheats.


Clearly it is beyond the capacity of the US government to deal with *either* as anything more than a political platform. Because solving the problem means the problem goes away and you don't have a political platform to roust people to be your standard bearers anymore.
2013-04-04 12:29:19 PM
1 votes:

hugram: Since I don't have tons and tons of money, I don't need an off-shore account and I don't understand the benefit of putting it off-shore. They already made the money, so they already got taxed on it (either by capital gains or income tax).

Are they trying to avoid paying taxes on interest gains?


Yes, that's exactly it. And the interactive in TFA (which was quite good) actually says that near the end.
2013-04-04 12:18:51 PM
1 votes:

hugram: Since I don't have tons and tons of money, I don't need an off-shore account and I don't understand the benefit of putting it off-shore. They already made the money, so they already got taxed on it (either by capital gains or income tax).

Are they trying to avoid paying taxes on interest gains?


IRS:  "You reported you made 1$ this year but your bank accounts show deposits in the millions"

It's all about tax evasion, from the grey corporate type to the outright illegal income type.  Businesses don't get a W2 with the taxes taken out, they file quarterly taxes and are required to have accounting to back up their claims.  At an individual level it's usually income from outright criminal enterprise.
2013-04-04 11:53:17 AM
1 votes:

hugram: Since I don't have tons and tons of money, I don't need an off-shore account and I don't understand the benefit of putting it off-shore. They already made the money, so they already got taxed on it (either by capital gains or income tax).

Are they trying to avoid paying taxes on interest gains?


I don't have "tons" of money but I have an off-shore account. It really handy to have a bank account in my wife's homeland. Works great for when we are visiting and it allows her to move money with bank fees.

Western Union takes like 10%!


See there are more then one reason to have an off-shore account
2013-04-04 11:52:05 AM
1 votes:

hugram: Since I don't have tons and tons of money, I don't need an off-shore account and I don't understand the benefit of putting it off-shore. They already made the money, so they already got taxed on it (either by capital gains or income tax).

Are they trying to avoid paying taxes on interest gains?


You are also assuming that the money was above board and that they paid taxes on it.  Think AL Capone.
2013-04-04 11:47:42 AM
1 votes:

hugram: Since I don't have tons and tons of money, I don't need an off-shore account and I don't understand the benefit of putting it off-shore. They already made the money, so they already got taxed on it (either by capital gains or income tax).

Are they trying to avoid paying taxes on interest gains?


Yes. Most start after they make a big deal on the market and then get nailed on tax. They take that legitimate money and put it in an haven and then re-invest it down there. It's also useful when you get a huge bonus you want to work with but don't want to pay tax on the gains.

Normal people in Canada can use their tax free savings account to get around taxes. No tax there, even when you take the money out.
2013-04-04 11:37:59 AM
1 votes:

UberDave: Why should we care about this when some lazy do-nothing is cheating the welfare system so they can buy pot and booze?!


Disability compensation is where the real money resides.
 
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