My situation
-I have started a business and we are making 20K/month. The income will start next month.
-The business is conducted solely through the internet and is a service business. A sales service.
-I'm Canadian but left 1.5 years ago and filled out paperwork so that I've left Canada for tax purposes
The problem:
I will figure out the corporate structuring soon but need an intermediate step to accept payments before I have incorporated and have my corporate account. I will have the structuring and accounts in 1 to 2 months. My business partner (the salesman) for our company was receiving payments through PayPal last year when he was selling for himself ( not our company). He made around 70k in 3 months and accepted all of his payments into his Paypal account. The Canadian government only charged him 3K in taxes so I assume they didn't have knowledge of his PayPal account (he is different than me in that he didn't leave Canada for tax purposes, but he has been traveling for 3 years).
We are looking for a solution similar to PayPal but where we don't lose as much of a percent for the transfer fees. Basically, I want to accept between 10K and 40K with low fees and so it's hidden from the Canadian government. I have left for tax purposes for a while, but I don't want the Canadian government to see I'm making money and try to drag me back into the tax system.
-I have started a business and we are making 20K/month. The income will start next month.
-The business is conducted solely through the internet and is a service business. A sales service.
-I'm Canadian but left 1.5 years ago and filled out paperwork so that I've left Canada for tax purposes
The problem:
I will figure out the corporate structuring soon but need an intermediate step to accept payments before I have incorporated and have my corporate account. I will have the structuring and accounts in 1 to 2 months. My business partner (the salesman) for our company was receiving payments through PayPal last year when he was selling for himself ( not our company). He made around 70k in 3 months and accepted all of his payments into his Paypal account. The Canadian government only charged him 3K in taxes so I assume they didn't have knowledge of his PayPal account (he is different than me in that he didn't leave Canada for tax purposes, but he has been traveling for 3 years).
We are looking for a solution similar to PayPal but where we don't lose as much of a percent for the transfer fees. Basically, I want to accept between 10K and 40K with low fees and so it's hidden from the Canadian government. I have left for tax purposes for a while, but I don't want the Canadian government to see I'm making money and try to drag me back into the tax system.