Should Canadian citizens be allowed to save or invest their money in offshore bank accounts?
An offshore (or foreign) bank account is a bank account you have outside of your country of residence. The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. In April 2016, Wikileaks released 11.5 million confidential documents, known as the Panama Papers, which provided detailed information on 214,000 offshore companies serviced by the Panamanian Law Firm, Mossack Fonesca. The document exposed how world leaders and wealthy individuals hide money in secret offshore tax shelters. The…
Read more@9K6M4542mos2MO
Only for the lower class people, rich people depend but some should be good as long as they're not over millionaries or billionaries and as such.
@9K58RGL2mos2MO
Yes, long as the income is reported and taxes are paid accordingly. Corporations and businesses should not be able to do so to evade taxes or audits of their financial dealings.
@9FQ2ZJY7mos7MO
Yes, as long as it is properly reported and taxed and only when existing loopholes are effectively closed
@9FM9QN97mos7MO
Yes, only if the intention/cause is acceptable.
@9F2VYKP7mos7MO
i don't have an opinion on this.
@9C63S7311mos11MO
Their money, not my problem.
@9BJY9J412mos12MO
Yes, but for only low income familles
@98WXKGQ1yr1Y
Yes, but only citizens under a certain income threshold in order to prevent wealthy elites from abusing tax loopholes or taking advantage of tax shelters.
@98PQTLX1yr1Y
Yes, as long as the offshore bank income is reported then it should be fine
if you move to the bank
@94DW2ZY2yrs2Y
Yes, but a wealth tax should be put in place to account for using loopholes
@942M3262yrs2Y
No, criminalize this practice and neither should corporations or business organizations.
@93TM7X62yrs2Y
No, make this illegal and establish a watchdog ageny to ensure compliance, all offshore income will be frozen and sent back to Canada for taxing.
@92MWQCF2yrs2Y
Yes, but only foreign money
@9F5KMPV7mos7MO
No, scummy rich people do it to evade taxes.
@98S47971yr1Y
Yes, as long as there are precautions in place to stop people from abusing loopholes in offshore banking laws to evade taxes
@937LMWD2yrs2Y
yes, why does it matter to Canada where money is located, as long as when it was earned taxes were payed on it.
@8ZSJL5B2yrs2Y
No, neither should corporations and business organizations and too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes.
@8XDRVQT2yrs2Y
Yes, but should be decentivized from doing so
@8VVWQC73yrs3Y
If the original income is taxed what difference does it make
@8TN4GLW3yrs3Y
Yes, and saving and investing money in offshore bank accounts should be made easier as doing so wouldn’t be necessary if taxes were decreased significantly.
@8VHLQFB3yrs3Y
Doesn't really matter unless it's in a bank where they can hide their money either because of criminal activity or to avoid paying taxes. It would only matter if we had a public bank.
@8VGW5K43yrs3Y
Yes, to a limited amount
@8VFM77J3yrs3Y
They should be able to as far as they disclose all the income earned from that money.
@8VFD2CZ3yrs3Y
Yes but make sure it’s not corrupt
Yes, for private citizens as long as we close loopholes that assist in tax evasion. No for corporations
@8V95QN23yrs3Y
No, we should ban this practice for corporations, business organizations and people and too many wealthy people are abusing loopholes in offshore bank accounts to evade taxes
@8V4C6JN3yrs3Y
My stance is no, but I’d be worried about wealth leaving the country with such restrictions which would be damaging.
@8TWZJFZ3yrs3Y
Yes for citizen as long as offshore income is reported and considered, so that they can't qualify for benefits if they don't actually need them and corporations and business organizations should NOT be able to save or invest their money in offshore bank accounts.
@8RJTBVG3yrs3Y
Yes, but only in safe countries such as the US and UK, and monitor it so that it is not abused by the wealthy.
@oscitare3yrs3Y
Yes, as long as offshore income is reported, but don’t allow corporations and business organizations
@8PYXCGL3yrs3Y
Depends on what their net worth is, if not a millionaire or billionaire, yes, but if you are making more than $1,000,000, absolutely not.
@8PK8YRR3yrs3Y
Yes, if they have dual citizenship in that country
@8NZWYH63yrs3Y
No too many rich people are abusing loopholes in offshore banking laws to evade taxes. Laws should be implemented for those that abuse these loopholes to charge them with tax evasion and fine them accordingly, we may not like to pay taxes but it’s a civic responsibility.
@8NWJ3SPLibertarian3yrs3Y
Yes, as long as offshore income is reported, however corporations and business organizations should not.
@8L67S2V3yrs3Y
It doesnt really matter to me
@8CCZXDP4yrs4Y
Money that is earned offshore can be in offshore accounts. After tax is paid on Canadian earned money it can be moved offshore. There needs to be valid reports done on this to ensure no tax evasion is present.
@8VH4ZRZ3yrs3Y
Yes, but only if you have dual citizenship
@8VH2TZWConservative3yrs3Y
Yes, but it has to be properly reported and enforced. Penalties for improper use or declaration should be extremely heavy. Something like forfeiture of 50% of the value of the off shore account, 25% to be donated to the provincial healthcare system of their choice and the remaining 25% can be released.
@8VH22SV3yrs3Y
No neither should government officials or corporations or businesses
@8R9YBHV3yrs3Y
Yes but there should be bonuses to moving the money back into Canada for investments and higher taxes when the money is removed from investments without being put into canadian investment
@8QTX67R3yrs3Y
Yes, as long as there are regulations so this is not abused
@8D4X4PW4yrs4Y
Yes, and report it and increase taxes on those that do to 75%
@8P54FKL3yrs3Y
Taxation in any form is theft
@kuyugomodiLiberal4yrs4Y
Yes the government should be all up in our money like they are
@ISIDEWITH1yr1Y
@92YHQCV2yrs2Y
No, and neither should corporations and business organizations because too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes
@8YJ6ZGY2yrs2Y
Yes if they are a citizen of that country
Deleted2yrs2Y
Yes, but close all loopholes for both citizens and corporations associated with offshore accounts, and mandate the reporting of offshore income to prevent abuse and tax evasion.
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