Great video I own a Canadian company that needs to go this route very soon. I'm wondering is all your work backed up and signed off on as 100% legal and effective by a credible Canadian tax lawyer and Canadian tax accountant as I take it you are the tax advisor and the set up guy but I just want to be 100% sure it's confirmed by the other two professionals I mentioned above. I'm sure you are very good but I just want to dot my i's and cross my t's. Very insightful information and exactly the information I was looking for. Thank you.
Great video! Would you please make a video, if you didn't already, about the regular guy/girl (9-5) and how can they legally reduce their taxes with creative and new ways?
Hello Michael, thanks for these informative videos. Came across your channel while looking for info on Labuan, and have been hooked ever since! Just curious, but is there ever a chance you could do a video on investment options for Canadian expats abroad? Investing back in Canada, say in a TFSA or RRSP, inevitably invokes the wrath of the CRA. Aside from CI Direct Investments, I don't know of many options for Canucks abroad looking to avoid getting hit by CRA penalties. If you could, it would be very much appreciated! - Canuck professor in Tokyo
@@OffshoreCitizen Ah, that stands to reason. My issue is that I never declared as an official non-resident, as I wanted to keep my residential ties to Canada since I intend to return one day. I suppose that limits my choices considerably, as I live in Tokyo, but would be considered a "factual resident" of Canada. Would you happen to have any suggestions, even if it's just pointing me in the direction of where I should look for investing options under these circumstances? A long time ago I got hit by the CRA for (foolishly) adding to my TFSA while living abroad, so I'm just wary, and don't really know where to begin due to the tax implications. Any help would be very much appreciated! PS - Love your content. It's become my favourite channel on YT. Keep up the great work.
Great video, very detailed. First question, As a canadian: Say for example you made a large amount of money overseas, could you repatriate that money back home to canada through a Labuan or Singappre company structure, though you have not been resident for 182 days? Last question, What are your thoughts about the British Columbia LLP structure for business set up? Is it the best structure for a canadian resident who lives abroad and wants to send money or dividends home without paying tax? Just wanted your thoughts as a fellow Canuk!
@@yusufissa2296 if you made it as a non resident you're fine. The key is were you actually a legal mom resident or were you simply out of the country for an extended period of time?
@@MichaelRosmer I am based in Istanbul, Turkey at the moment, we run a factory that currently exports to Pakistan and India. We have been here for 2 years now and doing well. I just wanted to know generally what the best arrangement would be.
@OffshoreCitizen Great presentation, Michael. Does UAE / DUBAI based company qualify for the structure you mentioned in regards to tax reduction? I'm in the process of forming an ecommerce business which will sell to US and Canada. I may have to sell in Canada through a separate company so this part of income is taxed based on Canada system while the US part is treated differently with lower tax rates. What do you think?
Wow this is amazing! So would this work for example in the US or UAE whereby you have an operating company in either or and structure yourself the way you mentioned in the video. Also having the dividends flow tax free into the holding company in Canada and then paying yourself dividends from that holding company?
So, it's worth noting to begin with that substance matters. UAE isn't good for Canada, I mentioned that in another video. The US can work in some cases but the substance and structure need to be right. It's always case by case and needs to be wrapped around your unique circumstances. Feel free to book a call and we can discuss how it applies to you if you like: calendly.com/michael-rosmer/offshore-citizen-30-min?back=1&month=2020-11
@OffshoreCitizen Great presentation, Michael. Does UAE / DUBAI based company qualify for the structure you mentioned in regards to tax reduction? I'm in the process of forming an ecommerce business which will sell to US and Canada. I may have to sell in Canada through a separate company so this part of income is taxed based on Canada system while the US part is treated differently with lower tax rates. What do you think?
Hello. I have an Amazon FBA Business that I just started with my brother 1.5 years ago and we get our product manufactured in china but we sell on Amazon Europe, Canada and mainly 90% of our sales are in the USA. We are dual citizens. We hold Egyptian and Canadian citizenship (currently residing in Alberta) and we are thinking of becoming non-residents of Canada and returning to Egypt to live there for the next 5-7 years as we want a change and we also want to save on taxes. We already have a Canadian corporation that we operate our business from and we make about $3k in profit monthly from our Amazon business. Question: Are we able to build our online business tax-free if we were to become non-residents of Canada (we do not have any operations in Canada. We only sell in Canada)? Also if I want to return to Canada in 5-7 years, would I be able to return the money made from my business back to Canada without paying any taxes? Thanks and would love to hear what you have to say :)
Great question. The answer is what you're asking to do is possible but the nuances matter it's not so simple as say just leaving and there's lots of possible land mines especially if you eventually intend to return. The best option is to book a call and we can go over your specific situation and guide you on the best solution for you calendly.com/michael-rosmer/
Hello Michael, enjoyed your video! I’d appreciate it if you could create a video comparing the advantages of establishing an International Business Company (IBC) in Barbados versus the Cayman Islands. Thanks!
Do you have a strategy for someone who owns an income producing property under a Canadian Corp that pays 50% passive income tax? Let me know if so I can set up a call for you.
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? Thanks indeed
@offshore citizen Simple question for you; I haven’t had any luck elsewhere. Assume I qualify for CPP of $1000/mth. I marry in the Philippines and leave Canada to retire. I pass on in 20 years; does my non-Canadian Filipina wife get survivor benefits? Thanks in advance...
I have a wealthy friend who is fatigued by making wealth off the backs of actual productive, working people. The guilt they are experiencing is both real and morally correct. Could you please do a video that shows how wealthy people can pay their fair share of taxes after they have used all these offshore tactics to hide their money?
Nice! I’m personally shocked how it works (or doesn’t work) for Canadians when they relocate to UAE, or some other zaro tax countries. Seems very unfair and ridiculous in my opinion.
To get personalized advice book a call with Michael:
calendly.com/michael-rosmer?month=2021-03
This is extremely helpful
You're welcome
Nice work! Thanks for sharing this. I have been helping people around the world to Incorporate in Georgia 🇬🇪 sincr 2017! Here you pay just 1% of tax
Great video I own a Canadian company that needs to go this route very soon. I'm wondering is all your work backed up and signed off on as 100% legal and effective by a credible Canadian tax lawyer and Canadian tax accountant as I take it you are the tax advisor and the set up guy but I just want to be 100% sure it's confirmed by the other two professionals I mentioned above. I'm sure you are very good but I just want to dot my i's and cross my t's. Very insightful information and exactly the information I was looking for. Thank you.
Great video! Would you please make a video, if you didn't already, about the regular guy/girl (9-5) and how can they legally reduce their taxes with creative and new ways?
Right ,always employees are omitted ,perhaps because the huge number who aren't business owners .
This definitely applies to me, thank you!!!
Would this work with a Romanian company? (1 or 3% tax on revenue there for up to 1 million euros revenue)
It can but that's not usually the best option
Wow 50% tax discount is huuugeeeeee
Hello Michael, thanks for these informative videos. Came across your channel while looking for info on Labuan, and have been hooked ever since!
Just curious, but is there ever a chance you could do a video on investment options for Canadian expats abroad? Investing back in Canada, say in a TFSA or RRSP, inevitably invokes the wrath of the CRA. Aside from CI Direct Investments, I don't know of many options for Canucks abroad looking to avoid getting hit by CRA penalties.
If you could, it would be very much appreciated!
- Canuck professor in Tokyo
Well for Canadians it's about where you are resident not your citizenship so planning around that residency is the first most important piece.
@@OffshoreCitizen Ah, that stands to reason. My issue is that I never declared as an official non-resident, as I wanted to keep my residential ties to Canada since I intend to return one day. I suppose that limits my choices considerably, as I live in Tokyo, but would be considered a "factual resident" of Canada.
Would you happen to have any suggestions, even if it's just pointing me in the direction of where I should look for investing options under these circumstances? A long time ago I got hit by the CRA for (foolishly) adding to my TFSA while living abroad, so I'm just wary, and don't really know where to begin due to the tax implications. Any help would be very much appreciated!
PS - Love your content. It's become my favourite channel on YT. Keep up the great work.
What about Canadian digital nomads living abroad but working for a Canadian company?
Great video, very detailed.
First question,
As a canadian:
Say for example you made a large amount of money overseas, could you repatriate that money back home to canada through a Labuan or Singappre company structure, though you have not been resident for 182 days?
Last question,
What are your thoughts about the British Columbia LLP structure for business set up? Is it the best structure for a canadian resident who lives abroad and wants to send money or dividends home without paying tax?
Just wanted your thoughts as a fellow Canuk!
If you're not Canadian tax resident you don't need to worry about Canadian tax. Though the question is where are you resident?
@@OffshoreCitizen what if you want to bring back the money you made? What would be the smartest way to go about doing that?
@@yusufissa2296 if you made it as a non resident you're fine. The key is were you actually a legal mom resident or were you simply out of the country for an extended period of time?
@@MichaelRosmer I am based in Istanbul, Turkey at the moment, we run a factory that currently exports to Pakistan and India. We have been here for 2 years now and doing well. I just wanted to know generally what the best arrangement would be.
@OffshoreCitizen
Great presentation, Michael.
Does UAE / DUBAI based company qualify for the structure you mentioned in regards to tax reduction?
I'm in the process of forming an ecommerce business which will sell to US and Canada. I may have to sell in Canada through a separate company so this part of income is taxed based on Canada system while the US part is treated differently with lower tax rates.
What do you think?
Wow this is amazing! So would this work for example in the US or UAE whereby you have an operating company in either or and structure yourself the way you mentioned in the video. Also having the dividends flow tax free into the holding company in Canada and then paying yourself dividends from that holding company?
So, it's worth noting to begin with that substance matters. UAE isn't good for Canada, I mentioned that in another video. The US can work in some cases but the substance and structure need to be right.
It's always case by case and needs to be wrapped around your unique circumstances.
Feel free to book a call and we can discuss how it applies to you if you like:
calendly.com/michael-rosmer/offshore-citizen-30-min?back=1&month=2020-11
@OffshoreCitizen
Great presentation, Michael.
Does UAE / DUBAI based company qualify for the structure you mentioned in regards to tax reduction?
I'm in the process of forming an ecommerce business which will sell to US and Canada. I may have to sell in Canada through a separate company so this part of income is taxed based on Canada system while the US part is treated differently with lower tax rates.
What do you think?
Lots to cover here, not ideal for a YT comment. Probably best to reach out and we'll be happy to assist
Hello. I have an Amazon FBA Business that I just started with my brother 1.5 years ago and we get our product manufactured in china but we sell on Amazon Europe, Canada and mainly 90% of our sales are in the USA. We are dual citizens. We hold Egyptian and Canadian citizenship (currently residing in Alberta) and we are thinking of becoming non-residents of Canada and returning to Egypt to live there for the next 5-7 years as we want a change and we also want to save on taxes. We already have a Canadian corporation that we operate our business from and we make about $3k in profit monthly from our Amazon business.
Question: Are we able to build our online business tax-free if we were to become non-residents of Canada (we do not have any operations in Canada. We only sell in Canada)? Also if I want to return to Canada in 5-7 years, would I be able to return the money made from my business back to Canada without paying any taxes? Thanks and would love to hear what you have to say :)
Great question.
The answer is what you're asking to do is possible but the nuances matter it's not so simple as say just leaving and there's lots of possible land mines especially if you eventually intend to return.
The best option is to book a call and we can go over your specific situation and guide you on the best solution for you
calendly.com/michael-rosmer/
Is it possible to claim management and control of the overseas corp while remaining tax resident in Canada as an individual?
Yes but this requires genuine foreign management or a tax treaty that has a favorable tie breaker
Feel free to book a call to discuss how it applies to you www.clarity.fm/michaelrosmer
Hello Michael, enjoyed your video! I’d appreciate it if you could create a video comparing the advantages of establishing an International Business Company (IBC) in Barbados versus the Cayman Islands. Thanks!
Do you have a strategy for someone who owns an income producing property under a Canadian Corp that pays 50% passive income tax? Let me know if so I can set up a call for you.
Are u a cpa or tax lawyer?
I can work anywhere from Canada so which province should I live in to optimize for tax ?
Usually Alberta but better is to leave Canada altogether
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? Thanks indeed
@offshore citizen
Simple question for you; I haven’t had any luck elsewhere.
Assume I qualify for CPP of $1000/mth.
I marry in the Philippines and leave Canada to retire.
I pass on in 20 years; does my non-Canadian Filipina wife get survivor benefits?
Thanks in advance...
Good question I'm not an expert on CPP so I couldn't say
@@MichaelRosmer
Ok, thanks anyway.
Just thought I’d ask...
I have a wealthy friend who is fatigued by making wealth off the backs of actual productive, working people. The guilt they are experiencing is both real and morally correct.
Could you please do a video that shows how wealthy people can pay their fair share of taxes after they have used all these offshore tactics to hide their money?
Nice! I’m personally shocked how it works (or doesn’t work) for Canadians when they relocate to UAE, or some other zaro tax countries. Seems very unfair and ridiculous in my opinion.
Yeah it's a weird treaty
Canadians are friendly but taken advantage of by others.
I have 60000 USD is it enough to start a business
If the susidiary company is bought, do you pay capital gains tax in canada?
It depends but generally yes