I want to takes things a step further regarding tax reduction, I have a Canadian passport and I'm interested in a way to open a business that will reduce my taxation.
Tax reduction/banking options for a forex trader
- Thread starter Marriott
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Citizenship is usually not related to taxation since taxes are calculated under the rules applied by your tax residency (not citizenship) country (except for US citizens). But if you permanently live in Canada it is not so easy to change tax residency. Even if you cannot change tax residency you can work with different “intermediate” structures which might save some taxes for you. Nevertheless, nowadays all such “structures” should have an economic substance so it might be a bit expensive to set up one.
Except United States, Eritrea and Hungary 😉
Is your business bound to a specific location?
Do you want/have to be the director of the business?
If the answer to both these questions is yes, you end here.
If the answer is no, do some research and look into some low-tax or zero-tax business-friendly countries. And remember some structures won't help you at all, it depends on things such as turnover, business partners etc.
Is your business bound to a specific location?
Do you want/have to be the director of the business?
If the answer to both these questions is yes, you end here.
If the answer is no, do some research and look into some low-tax or zero-tax business-friendly countries. And remember some structures won't help you at all, it depends on things such as turnover, business partners etc.
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