There has certainly been a lot of news media about tax evasion when it comes to Canada tax in the media this year. Then for awhile it all seemed to die down. You would think now that the whistle has been blown on so many large tax scams that this would be a good lesson learned for anyone that would even think about avoiding their taxes.
The tax scamming does go on though, and it is not likely that it will ever totally cease. An interesting CBC article shows just how sophisticated these scams can be.
“Tax evasion: sophisticated scam revealed by CBC hidden camera
A CBC News hidden camera investigation into the world of offshore banking revealed bankers, lawyers and accountants providing advice on hiding money from Canadian tax authorities.
More than half of the offshore service providers tested with hidden cameras by the CBC in Canada and Barbados provided advice that wouldn’t stand up to scrutiny, according to CBC experts.
One of the schemes involved a Canadian-Swiss banker and his plan for hiding undeclared cash in Switzerland using a method that, a panel of experts consulted by CBC News, said is virtually “untraceable.” “ con’t reading
Summary:
What this article shows is that there will always be the temptation to avoid tax paying. In this case it once again deals with the potential of using offshore accounts to accomplish this. Many Canada tax payers don’t find themselves with enough excess money to even think about a tax evasion scheme this elaborate. However, there is always the temptation to avoid paying a few dollars of tax that is owed on a much lesser scale.
The outcome is the same when it comes to avoiding tax. It doesn’t matter whether you are avoiding paying tax on $5m. dollars or $5,000. In the eyes of the tax department it is tax avoidance and there are penalties in place for those that do resort to this.
There are much better ways to reduce your tax obligations and it’s legal. It is by taking advantage of all the tax credits that may be available to you. All too often individuals miss out on these because they don’t understand the tax system or how to do their taxes properly.
Try contacting us here at torontoaccountant.ca and let’s look at your tax situation and see where you can avoid paying tax the right way.
