Offshore accounts

March 17, 2017

Fair Share of Income Tax – Did Trump Pay It?

Summary Donald Trump’s 2005 tax return shows him paying a 25% income tax rate. Some say he is not paying his fair share. But what percentage is fair? In 1941, Roosevelt raised the top marginal US income tax rate to 100%. Is that enough for being a fair share? And […]
February 11, 2017

Deem – How Canada’s Laws Presume You Guilty

Summary Deem is a powerful word in law. TV and movies deem people innocent until proven guilty. That applies mainly to criminal matters. In civil (non-criminal) matters, Canadian law can deem you guilty until you prove otherwise [ref] The legal term is “reverse onus”.[/ref]. An example could be not reporting […]
August 28, 2016

Offshore Income – Why Canadians Must Report This

Introduction Canadians must report all income whether earned offshore or onshore. This is because the law is deeming income as Canada’s public money. Since such income is not yours, you have a fiduciary duty to report all of it, and on time. Where you are while earning public money for Canada is irrelevant. […]
August 21, 2016

Offshore Accounts – Why No CRA Crackdown?

Background The Mossack Fonseca affair, aka the “Panama Papers”, has exposed Canadians holding offshore accounts. This is not new. Other leaks have exposed other Canadian offshore accounts. But CRA has convicted a fraction of these accounts. The reason? CRA does not wish to