Hello everyone
I live in Canada and here we have something that's called a Tax-Free Savings Account (TFSA). For those who aren't familiar, it's a registered account you can use for trading that's supposed to be tax free, however, the revenue agency decided in the last years that an account that they deemed grew too big too fast and traded too often would be liable to not even capital gain tax, but full-on income tax at the marginal rate. And you are especially vulnerable if you have a finance background, which I do. Can you deduct your losses from your income if you trade often? Of course not... So I've been thinking to myself screw that, I'm going to make my own TFSA where I can trade my hard-earned after-tax revenue and not have to worry about making too much money. Yes it's tax evasion, so I'm hoping this forum isn't too nervous about this, but let me know if it's out of bounds.
I've been looking a bit, and figured that it might be a good idea to open a brokerage account at Galt & Taggart, which seems like a reputable Georgian bank. I'm wondering if, considering the fact that Georgia isn't part of CRA, I would have to worry about opening it under my own name or if I'd be better off opening an account under an offshore company's name. If so, I'd be really interested in hearing some suggestions of countries for that purpose (so far I've seen Seychelles mentioned a lot). Or let me know if I'd be better off using another strategy.
Thank you very much
I live in Canada and here we have something that's called a Tax-Free Savings Account (TFSA). For those who aren't familiar, it's a registered account you can use for trading that's supposed to be tax free, however, the revenue agency decided in the last years that an account that they deemed grew too big too fast and traded too often would be liable to not even capital gain tax, but full-on income tax at the marginal rate. And you are especially vulnerable if you have a finance background, which I do. Can you deduct your losses from your income if you trade often? Of course not... So I've been thinking to myself screw that, I'm going to make my own TFSA where I can trade my hard-earned after-tax revenue and not have to worry about making too much money. Yes it's tax evasion, so I'm hoping this forum isn't too nervous about this, but let me know if it's out of bounds.
I've been looking a bit, and figured that it might be a good idea to open a brokerage account at Galt & Taggart, which seems like a reputable Georgian bank. I'm wondering if, considering the fact that Georgia isn't part of CRA, I would have to worry about opening it under my own name or if I'd be better off opening an account under an offshore company's name. If so, I'd be really interested in hearing some suggestions of countries for that purpose (so far I've seen Seychelles mentioned a lot). Or let me know if I'd be better off using another strategy.
Thank you very much
