This video was great! I can't work until my 70's paying 12% corporate tax on top of 55% income tax on top of 13% purchase tax, combined with home heating tax (in Canada), combined with gas tax, I'm left with nothing in Canada. Too many taxes.
This video had potential but was impossible to track this equals this could be good, might work yes or no.. "Where is the best place to form an Offshore Company??" Truly appreciate your content.
Just discovered you.just found out any trading done through my corporation is taxed st 50%. Definitely interested in options outside Canada. Sad that those who take incentive to work away due to high taxation will loose those individuals who create wealth to competitive jurisdictions.
Oh yeah they really go after investing income within corporations hard in Canada. Solutions aren't very easy though because that same income can often be considered FAPI among others when placed in a foreign company so you end up needing to build fairly complex structures to avoid it, which increases maintenance costs, etc.
@@MichaelRosmer I’m going to schedule a call. Canada is on the cusp of going full on communist. Christi Freeland finance minister wants to unlock Canadian savings accounts which is a concerning statement. I pay taxes and will continue but have seen family have a million dollar inheritance pay 50% (500,000$) of it to the government. That money was already taxed from the family member who built that business and passed on.
Very good video , pls make one for Turkey and if any Tax benefits there . how to minimise tax if we open trading business in Turkey and sell our imported products in Turkey or export to Europe .
Great Video. I have been watching another channel for this and it talks much about the secondary passport but this seems better and its great to get a Canadian perspective for Canadians. What is the income stream or the net worth that this becomes viable for an individual? The repatriatism was the thing that I wonder about?
Second passports don't have any bearing on taxes for Canadians, sadly there's lots of bad info out there from people who don't understand how international tax works. Usually you should go based on tax levels usually around 50k - 100k/yr in tax lots of things make sense.
@@OffshoreCitizen I want to operate an investment fund from Cayman as I've been told that the banking / financial sector there is professional. This seems to be common for US and Canadian companies to do.
but is UAE is great choice for a canadian who does NOT live in canada -- AND does zero business in canada -- IE none of their suppliers nor buyers are in canada. Then is UAE a great choice for a canadian? Because UAE seem to cover the most bases right for making a new LLC, in that you get the resident visa, personal and corporate bank account, there's zero personal and zero corporate tax.... Let me know thanks.
I’m planning to move from Canada to a tax free country (Bahamas) and live off crypto staking rewards. My concern is how to keep my crypto accounts active when I move there. Access to crypto accounts seems to be based on your county of residence. When I move, will I be limited to crypto companies available to residents of Bahamas?
What the hell are you talking about? Sounds like you don't hold your own private keys which means you don't actually own any crypto. Withdraw it to your own address and you can take it wherever you want without issue.
Yes, that might work for you. However, in order to be able to give you a specific advice, it would probably be best to get on a call. You could share some more details, and I'd be able to assist you with the best solution. If interested, you can book a call here calendly.com/michael-rosmer
Such great info Michael! When you are saying it is most useful for the M&C to be outside of Canada, do you mean it is better to be located in the other country where the corp was formed or are you including a 3rd country? If a 3rd country, would you not be triggering the CFC rules of the 3rd country if it considers a foreign company to be local tax resident if the M&C is there? Can you be tax resident of one country but spend say 4 months in another country and claim that you have your board meetings in those 4 months in the other country?
M&C could be either in that country or a third country. You need to be aware of corporate residency rules in that country. As for CFC rules no you're confusing them with other rules
What about Isle of Man, Jersey and Guernsey for canadians ? The holding company managed in the island by an appointed director and invests in Ireland and UK but the owner lives in Canada. Do the canadian taxes apply to that company ?
A few things to note 1. Isle of man is one of 5 jurisdictions CRA pays special attention to after some tax evasion scheme promoted by KPMG so although nothing inherently wrong about it I'd not usually make it a first choice 2. The foreign registration with directorship allows you to avoid corporate residency rules but then you need to look at others. The main issue I'd be worried about are the CFA FAPI rules, whether they'll apply would require a closer look at the details Best is to send us a message through www.offshorecitizen.net to discuss specifics
It is very circumstances dependent there's no one size fits all. The best is to book a call to discuss your individual situation www.clarity.fm/michaelrosmer
Hello, I have dual citizenship Canadian and Ukrainian and I would like to apply for e-residency in Estonia fo start an LLC for my social media agency with my Ukrainian passport, cause majority of my clients are abroad. I have lived abroad for years and now I wanna come back to Toronto. Should I open an Estonian company with my Canadian Passport or with Ukrainian? And is there any option for me to pay zero or minimum taxes to be able to leave in Canada, not abroad? Or should I open a company in Canada? Or not? Thanks indeed
@@ahmedahm1 I've done a couple videos on this topic. In general it's worth noting that at least as it is right now this only applies to large multi-national enterprises so fortunately for now it doesn't affect you or I. This being said over time is there a likelihood more of this is used to reduce tax havens? Of course, that's their goal, I'm not sure how far they'll succeed because of course people are innovative and always want to find a way out and you've got an elite class that doesn't want to pay so we'll see how it plays out. I imagine things will change a lot in the next 20 years and yet not change so much.
All of this talk about companies is moot...as long as you're a Canadian Tax Resident..you have to pay income tax in Canada. Even if you live outside Canada.
On your personal income yes but at the corporate level absolutely untrue. Also, even at the personal level you can earn income at the qualified dividend rate rather than regular rate it can save you around 20% if you're in the top tax bracket.
Hey Michael! Thanks for this great video. For a day trader who happens to be a Canadian, wouldnt it be better to have an offshore account (bank and brokerage accounts) and then keep the money in that country? That way, you can declare it as worldwide income but I think you can avoid getting taxed on it as long as that money stays abroad. Just dont bring that money into Canada. Thoughts?
You cannot optimize with a foreign account. You are obliged to report all the foreign accounts you have. Hence doing something like this wouldn't be legal
I know that canadian corporations can write off charitable donations & offset their taxable income,are any other countries allowed to legally make charitable donations to offset their taxable income ?!@offshore citizen
This video was great! I can't work until my 70's paying 12% corporate tax on top of 55% income tax on top of 13% purchase tax, combined with home heating tax (in Canada), combined with gas tax, I'm left with nothing in Canada. Too many taxes.
Rewatching your old videos. Think I'm addicted 😂😂😂
This video had potential but was impossible to track this equals this could be good, might work yes or no.. "Where is the best place to form an Offshore Company??" Truly appreciate your content.
Thanks!
Terrific informative video! 🙏👍
It was so nice I will watch it twice!
Thanks!
Thanks for sharing, good info for a Canadian
Thanks!
Thank you Michael！The part about different tax treaties is extremely helpful
Glad it was helpful!
I like how people say smash the like button, but everytime I throw my phone on the ground it breaks 😂
Canada and Panama do have a Tax Information Exchange Agreement
Good video. Could you do the Australian version?
Definitely, will do
@@MichaelRosmer you end up doing this? I am in Aust & setting up a blockchain gaming company with my Canadian co-founder
@@leewizza yes we have a video for Australians
Looking forward for the same video about Russia. And Turkey ;-)
Will do! I almost need some sort of translation for the Russian market.
Just discovered you.just found out any trading done through my corporation is taxed st 50%. Definitely interested in options outside Canada. Sad that those who take incentive to work away due to high taxation will loose those individuals who create wealth to competitive jurisdictions.
Oh yeah they really go after investing income within corporations hard in Canada. Solutions aren't very easy though because that same income can often be considered FAPI among others when placed in a foreign company so you end up needing to build fairly complex structures to avoid it, which increases maintenance costs, etc.
@@MichaelRosmer I’m going to schedule a call. Canada is on the cusp of going full on communist. Christi Freeland finance minister wants to unlock Canadian savings accounts which is a concerning statement. I pay taxes and will continue but have seen family have a million dollar inheritance pay 50% (500,000$) of it to the government. That money was already taxed from the family member who built that business and passed on.
@@braveheartelectricinc1606 yeah it's horrible
Please make a video for spaniards, ZEC is only for some activities, not for cryptotrading
What would be the best place for a Canadian day trader ?
@MichaelRosmer Would love a youtube video, or blog post, on this!
Very good video , pls make one for Turkey and if any Tax benefits there . how to minimise tax if we open trading business in Turkey and sell our imported products in Turkey or export to Europe .
Thanks will do!
Great Video. I have been watching another channel for this and it talks much about the secondary passport but this seems better and its great to get a Canadian perspective for Canadians. What is the income stream or the net worth that this becomes viable for an individual? The repatriatism was the thing that I wonder about?
Second passports don't have any bearing on taxes for Canadians, sadly there's lots of bad info out there from people who don't understand how international tax works.
Usually you should go based on tax levels usually around 50k - 100k/yr in tax lots of things make sense.
Great video for Canadians. Does Canada and Cayman Islands have a tax treaty?
There's a tax information exchange agreement but no double tax treaty
@@OffshoreCitizen I want to operate an investment fund from Cayman as I've been told that the banking / financial sector there is professional. This seems to be common for US and Canadian companies to do.
@offshorecitizen could you do a video and compare Cayman and Barbados from a Canadian’s perspective if one wants to setup a mutual fund there. Thanks!
can we apply from india as a diver ???
How about the Dominican Republic? Does the tax treaty between Canada and DR meets that exception where the company is a DR company.
Hello ,wich company are employing to canada offshore
but is UAE is great choice for a canadian who does NOT live in canada -- AND does zero business in canada -- IE none of their suppliers nor buyers are in canada.
Then is UAE a great choice for a canadian?
Because UAE seem to cover the most bases right for making a new LLC, in that you get the resident visa, personal and corporate bank account, there's zero personal and zero corporate tax.... Let me know thanks.
How about Cayman islands?!
I’m planning to move from Canada to a tax free country (Bahamas) and live off crypto staking rewards. My concern is how to keep my crypto accounts active when I move there. Access to crypto accounts seems to be based on your county of residence. When I move, will I be limited to crypto companies available to residents of Bahamas?
What the hell are you talking about? Sounds like you don't hold your own private keys which means you don't actually own any crypto. Withdraw it to your own address and you can take it wherever you want without issue.
Interest to hear your current status. Did you move to Bahamas and living off the crypto staking?
How about Hong Kong and Singapore? Do they have tax treaty with Canada?
Yes
Does Canada have a treaty with Belize? Would Belize be a good option?
As a Canadian married to a bajan, who is now a citizen. If i myself wanted dual citizenship, can i apply while living in Canada?
Could you do a U.K version pls?
Will do
Does it make sense for a Canadian selling online courses or coaching to form a US LLC?
Yes, that might work for you.
However, in order to be able to give you a specific advice, it would probably be best to get on a call. You could share some more details, and I'd be able to assist you with the best solution.
If interested, you can book a call here calendly.com/michael-rosmer
So what's wrong with the UAE? if you are non resident?
Such great info Michael! When you are saying it is most useful for the M&C to be outside of Canada, do you mean it is better to be located in the other country where the corp was formed or are you including a 3rd country? If a 3rd country, would you not be triggering the CFC rules of the 3rd country if it considers a foreign company to be local tax resident if the M&C is there?
Can you be tax resident of one country but spend say 4 months in another country and claim that you have your board meetings in those 4 months in the other country?
M&C could be either in that country or a third country. You need to be aware of corporate residency rules in that country.
As for CFC rules no you're confusing them with other rules
saying a whole lot of nothing there, 11m in and only place you talked about is barbados
Offshore company for dropshipping if I live in Canada and want to sell in europe(scandinave countries).and have the good payment processor
Please book a call or send a message through www.offshorecitizen.net to discuss your specific situation
What about Isle of Man, Jersey and Guernsey for canadians ? The holding company managed in the island by an appointed director and invests in Ireland and UK but the owner lives in Canada. Do the canadian taxes apply to that company ?
A few things to note
1. Isle of man is one of 5 jurisdictions CRA pays special attention to after some tax evasion scheme promoted by KPMG so although nothing inherently wrong about it I'd not usually make it a first choice
2. The foreign registration with directorship allows you to avoid corporate residency rules but then you need to look at others. The main issue I'd be worried about are the CFA FAPI rules, whether they'll apply would require a closer look at the details
Best is to send us a message through www.offshorecitizen.net to discuss specifics
@@OffshoreCitizen Thanks for the reply, Its just a general question.
I think the new owners of Asda are indeed based /their holding company is in IOM/ channel Islands
What’s about Panama to open a off shore company ?
Depends on your business, there is no one size fits all. In some cases it can be good in others quite poor.
Where can I find more information on this subject, you said it depends. It is ...? @@OffshoreCitizen
What about a Cayman Islands corporation with a caymanian partner
Hi my man, what is the best offshore country and international blockage for stock trader? Thanks
It is very circumstances dependent there's no one size fits all. The best is to book a call to discuss your individual situation www.clarity.fm/michaelrosmer
Hey 👋 I'd be happy to bump a few ideas specific to investors if you're still meditating about this topic
Hi iwould like to know if i have workpermit canadien iwill be able to apply for permently résident ? Whats the procédure plz?
We don't help people with work permits sorry
Hello, I have dual citizenship Canadian and Ukrainian and I would like to apply for e-residency in Estonia fo start an LLC for my social media agency with my Ukrainian passport, cause majority of my clients are abroad. I have lived abroad for years and now I wanna come back to Toronto. Should I open an Estonian company with my Canadian Passport or with Ukrainian? And is there any option for me to pay zero or minimum taxes to be able to leave in Canada, not abroad? Or should I open a company in Canada? Or not? Thanks indeed
Probably best to reach out through our website or book a call directly with Michael
Notes to myself: 10:05 USA.
13:35
17:10
offshore company for dropshipping
Depends on substance, currencies, where clients are located...
@@OffshoreCitizen Thank you.
Does a company have to announce that it has an affiliate (branch) in Barbados ? Would there be a list of companies in Barbados ?
You have to report controlled foreign affiliates
Do you think the proposed 15% minimum proposed by G7 (2021) would end tax havens ? Or reduce them ?
@@ahmedahm1 I've done a couple videos on this topic. In general it's worth noting that at least as it is right now this only applies to large multi-national enterprises so fortunately for now it doesn't affect you or I.
This being said over time is there a likelihood more of this is used to reduce tax havens? Of course, that's their goal, I'm not sure how far they'll succeed because of course people are innovative and always want to find a way out and you've got an elite class that doesn't want to pay so we'll see how it plays out. I imagine things will change a lot in the next 20 years and yet not change so much.
What about Americans?
All of this talk about companies is moot...as long as you're a Canadian Tax Resident..you have to pay income tax in Canada. Even if you live outside Canada.
On your personal income yes but at the corporate level absolutely untrue.
Also, even at the personal level you can earn income at the qualified dividend rate rather than regular rate it can save you around 20% if you're in the top tax bracket.
For Canadians, just IMMIGRATE to America. Very simple.
Sounds like a terrible idea if your objective is to optimize tax
@@MichaelRosmer lol
Hey Michael! Thanks for this great video. For a day trader who happens to be a Canadian, wouldnt it be better to have an offshore account (bank and brokerage accounts) and then keep the money in that country? That way, you can declare it as worldwide income but I think you can avoid getting taxed on it as long as that money stays abroad. Just dont bring that money into Canada. Thoughts?
You cannot optimize with a foreign account. You are obliged to report all the foreign accounts you have. Hence doing something like this wouldn't be legal
@@OffshoreCitizen got it, thanks!
I know that canadian corporations can write off charitable donations & offset their taxable income,are any other countries allowed to legally make charitable donations to offset their taxable income ?!@offshore citizen