Heidi understands that the CRA ( Canadian Revenue Agency ) has been allocated special funds to catch Canadians with off shore holding who are not paying the tax on these holdings . Sounds like a good deal , pay your share sort of thing , better for everyone . There is even a tell on your boss line .
This all sounds good except it appears the people with the deep pockets are not the target it is the snow bird that gets a couple of months’ rent from their Florida condo to help pay down the loan or help with the fees that have been the target. Now when you have one of the income tax companies do your tax they must ask if you have any property outside Canada . If you do and it is in the United States that information somehow gets turned over to that countries tax department . Double hit from the tax people.
If those are the rules those are the rules and things like a title on a condo and advertisements’ to rent out the condo are hard to hide so there is no advantage in not paying upfront because you will get caught.
Heidi’s concern is about the over a billion dollars sent off shore by new or second generation Canadians to help the folks back home . This untraceable money it just leaves the country never to be seen again ,money that could be spent in Canada to help Canadian’s have a better life.
Heidi is not against helping the parents or grandparents through their last years back home let us be clear about that. Heidi however is concerned about the money that is funneled through the cousin or brother that is being used as an investment. How much of this money is being used to purchase rental property or open a store or by a fishing boat which will be leased out. Seems no one has thought about this . If the CRA is at all serious about collecting unpaid tax then they should have a system of checks and balances to trace the actual use of this billion dollars .
Problem is the people sending this money off shore are a large voting block and the current Federal Government would not want to disturb them .
This is what Heidi thinks , what about you .
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