...because you don't owe any tax to the Canadian government.
You're a wise man and I see the OP has picked up on this.
...because you don't owe any tax to the Canadian government.
Our Spanish-Canadian is being sarcastic huh? I picked up on the fact that he actually did it. We're all talking theory here, but he has some practical info.
If he cut off all residential ties with Canada, it is possible.
Why would you suggest that? You have to pay the standard living expenses (ie. rent, electric, food, etc.) whether you're living in your home country or abroad. Granted, you spend more due to flights, checking out the country, you eat out more instead of at home (actually, in many countries it's cheaper to eat at a decent restaurant than it is to cook something in Canada), and so on.
I was traveling the world for years, and only making around say $8000/month on an average month. I generally stayed in a country anywhere from 2 weeks to 6 months, and it was great. No regrets. It doesn't matter if I'm in Canada, Malta, Indonesia, Mexico, or Czech Republic... I'm still going to have to pay for shelter, food, etc. I can either sit in Canada and do it, or tour the world while doing it.
As for taxes, I don't pay any tax to the Canadian government, and have never paid in any of the foreign countries, because I'm never technically employed in them. During the last several years of my dad's career, my parents were on several international assignments. They loved it, because not only do you get to experience another country, you also get a large raise because you don't owe any tax to the Canadian government.
You can avoid them because you are hiding the money. But it is not legal unless you do it correctly.I think the main problem is your business' bank account location. If you're a PT and you move your biz bank account to a financial haven like Panama or Belize, you should be able to avoid US taxes. Amirite?
F'ing unbelievable they demand taxes when I rarely step foot in the country.
Gotta keep the money flowing to bomb brown people.![]()
Here is an issue that you may confront. Lets say you are a US citizen and you really have no plans to take up residency in Thailand/Panama/costa rica etc, and you are banking it with IM. Your panama bank grows and you have a pile of coin. You get married and you want to buy the white picket fenced dream home (it is actually your wife's dream but you go along with it because you like fucking her) You can buy that beauty for CASH, but how do you justify the cash? Where did it come from? International wire for 400K, that will maybe raise a red flag....OK just borrow it, wait you do not qualify because you reported a poverty level income. Get the mortgage in the wife's name and you pay the loan, this may work, and when you get divorced, because you know you will, she is stuck with the loanBut because you loved her you told her about the Panama account and during the divorce she threatens the IRS, and you end up giving her 70% of your panama money so you will not go to jail.
land of the free.Man, the US gov't is rapacious. If you have $10k in a foreign account and don't report it, they can pretty much take all of it after a few years. I believe the $10k threshold has been around since the Bank Secrecy Act of 1970. Now just think what you could have bought in 1970 with $10k versus what you can buy with $10k now.
Also, I've heard there are IRS agents at embassies around the world.
... would the IRS really come find you anywhere in the world if they know you're hiding big monies in Panama and not paying US tax on it?
tiz, what are you doing for health insurance? Since you're in Thailand you know that you can walk into a private hospital and get excellent care for pocket change in most cases. But for castrophic insurance, have you found anything good? I've looked at plans from local insurers and they suck, high premiums for poor coverage.