Canadian Tax Planning

[Whitewolf]

Hi everyone,

I am a Canadian resident and would like some advice on how to minimize the taxes I pay on foreign income.

I am a freelance digital designer/developer by trade, with a team of full time staff located in Canada. I earn primarily USD from clients in the US. But I pay my staff in Canadian dollars. So liquidity is a factor for me, but so is anonymity.

I have been suggested to open a Corp in Belize and remit via Mister Tango. But I am wondering if there may be a second opinion from the community?

Being in Canada, there is a wide variety of Asian banks to choose from (Chinese, Hongkong, Korean, Taiwanese, etc.) when making withdraws. But the Corp account should be off shore that’s for sure.

Thanks in advance for all your help.

 

[OffCap]

You can't minimize taxes in Canada unless you've got some subtance outside of Canada.

You'd need foreign management and control plus the income would need to be foreign sourced (as in the work is taking place outside of Canada).