canada

[donald bathe]

if someone who lives in paraguay has offshore bank accounts and their country/government doesnt care that they have a lot of money in those accounts but lets say that they wanted to immigrate later on to canada, will the canadian government want to know about this before giving them permanent residency or not? can someone please tell me. thank you.

 

[thegazelle]

If you become a taxpayer in Canada, the Canadian government legally requires you to report worldwide assets of $100,000 Cdn. or more, at any point in the year. Meaning if you have $95,000 Cdn. in your accounts but one day in the year it goes to $101,000, only to drop back to $90,000 the next day, you are legally obligated to file that you have $100,000 Cdn. assets on your income tax return.

 

[donald bathe]

thegazelle said:
If you become a taxpayer in Canada, the Canadian government legally requires you to report worldwide assets of $100,000 Cdn. or more, at any point in the year. Meaning if you have $95,000 Cdn. in your accounts but one day in the year it goes to $101,000, only to drop back to $90,000 the next day, you are legally obligated to file that you have $100,000 Cdn. assets on your income tax return.
Click to expand...

would canada, australia, and new zealand all be pretty similar to the united states when it comes to forcing its legal permanent residents declare offshore bank accounts or that each individual government would investigate everyone who is living there legally?????????? rsvp

 

[thegazelle]

Canada differs from the US specifically in the fact that Canada taxes its residents, whereas the US taxes its citizens. So you can live outside the US for 20+ years but still owe US taxes, as long as you are a US citizen. FATCA also applies in this case to US citizens living anywhere in the world - governments are obligated to report US citizens financial holdings to the IRS.

 

[donald bathe]

if a legal resident of canada not being a canadian citizen, how would the government find out if they have secret offshore bank accounts then? how? rsvp

 

[thegazelle]

Through AEOI and TIEA. Most of the countries in the world are signed up for AEOI. Personally I think secrecy is not what it once was.

 

[donald bathe]

thegazelle said:
Through AEOI and TIEA. Most of the countries in the world are signed up for AEOI. Personally I think secrecy is not what it once was.[/QUOTE
then how do hackers steal money and place it into offshore bank accounts assuming that they even do such a thing then? rsvp
Click to expand...

 

[donald bathe]

thegazelle said:
Through AEOI and TIEA. Most of the countries in the world are signed up for AEOI. Personally I think secrecy is not what it once was.
Click to expand...

then how do hackers steal money and place it into offshore bank accounts assuming that they even do such a thing then? rsvp

 

[thegazelle]

Not sure, but one thing I do know is that things are not as easy as television and media make them seem. I mean, how many movies have we seen where someone wires 100 million into a foreign account and the other bad guy checks it 10 minutes later and it's all there and they start spending it. No way that happens in real life. My experience with international wires of even small amounts if that it takes a couple of days if all goes well. Plus there is all this paperwork to fill with a SWIFT transfer. There are many controls on how money can be moved. Many banks issue physical security tokens which must have a challenge/response from the physical device in addition to the account security in order to even authorize a transfer. Anyone with nefarious intentions will likely get caught. There are many well trained forensic accounts out there who are very good at uncovering hidden accounts.

 

[donald bathe]

thegazelle said:
Not sure, but one thing I do know is that things are not as easy as television and media make them seem. I mean, how many movies have we seen where someone wires 100 million into a foreign account and the other bad guy checks it 10 minutes later and it's all there and they start spending it. No way that happens in real life. My experience with international wires of even small amounts if that it takes a couple of days if all goes well. Plus there is all this paperwork to fill with a SWIFT transfer. There are many controls on how money can be moved. Many banks issue physical security tokens which must have a challenge/response from the physical device in addition to the account security in order to even authorize a transfer. Anyone with nefarious intentions will likely get caught. There are many well trained forensic accounts out there who are very good at uncovering hidden accounts.
Click to expand...

well isnt it true that offshore banks have to cooperate with law enforcement but only when a criminal complaint occurs????? other than that no. rsvp

 

[donald bathe]

thegazelle said:
Not sure, but one thing I do know is that things are not as easy as television and media make them seem. I mean, how many movies have we seen where someone wires 100 million into a foreign account and the other bad guy checks it 10 minutes later and it's all there and they start spending it. No way that happens in real life. My experience with international wires of even small amounts if that it takes a couple of days if all goes well. Plus there is all this paperwork to fill with a SWIFT transfer. There are many controls on how money can be moved. Many banks issue physical security tokens which must have a challenge/response from the physical device in addition to the account security in order to even authorize a transfer. Anyone with nefarious intentions will likely get caught. There are many well trained forensic accounts out there who are very good at uncovering hidden accounts.
Click to expand...

then how do you think that the algerian hacker might have stored his money then? this guy, Hacker Hamza Bendelladj sentenced to 15 years rsvp