Tax reduction/banking options for a forex trader

[Marriott]

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.

 

[Gediminas]

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.

 

[Marriott]

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.

Thanks, I see that it's the kind of area you do business with. Depending on the cost it is something that I have interest with, would definitely like more informations on that

 

[Gediminas]

Thanks, I see that it's the kind of area you do business with. Depending on the cost it is something that I have interest with, would definitely like more informations on that

Thanks, PM'd you.

 

[KJK]

(except for US citizens)

Except United States, Eritrea and Hungary

open a business that will reduce my taxation.

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.

 

[Marriott]

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?

The business could be located anywhere that is not a problem, Ideally I have to be the director yeah.