Thread: "Taxes", Anything Related To It In Here

Originally Posted by Cdn Scrooge

In Canada gains from currency speculation are capital gains for tax purposes just as any other commodity. If you do the procedure of cashing it in in small amounts over a period of time and do not report it on your tax return then you are guilty of tax evasion and, if caught, could be subject to fines, and imprisonment (unlikely, but possible). There is a separate thread in here somewhere for Canadian Taxes and if you read through it, you will see a discussion and quotes from relevant CRA bulletins. Depending on individual circumstances, there are ways of reducing the tax burden legally. Personally, I will report the entire amount, pay the relevant taxes, and enjoy the rest of my life without having to look over my shoulder for the tax authorities.
In any event I would recommend you discuss this with a qualified tax accountant (and I mean a CA or CGA or CMA and NOT a simple tax preparation service such as H&R Block) Good luck.

I believe SHE the manager was saying in a round about way how can THEY say it was speculation for the purpose of making money. How would I know that Iraqi money would jump 1000% (thats my story and I am sticking to it LOL)

Revenue Canada isnt the IRS, it is totally an honor system (just have to fly under the radar

Originally Posted by jer6925

Revenue Canada isnt the IRS, it is totally an honor system (just have to fly under the radar

I am a Canadian accountant and have been for 45 odd years. I have had many meetings and conversations with CRA on behalf of many clients over the years. I am also familiar with the rules and regulations and I can assure you it is more than just an "honour system". The CRA has investigative powers and procedures that most people are not aware of. No, it is not the IRS but it is not a "see nothing, do nothing" department either.

It is up to you as an individual as to how you want to deal with this situation, but your suggested approach in the last few posts is extremely naive.

I hope there is someone who can help clear up some recent questions that I have regarding those of us in the US regarding Code 988-E and IRS Ruling 74-7..thought I understood this but am confused again. this week someone was inquiring a NV. company about Corporations was told that he (the NV Corp rep) was on a conferance call that said regardless of the short of long term time frames we might not be able to benefit from our "currency" profit falling into Capital gains catagory? I understand the year and a day qualification for long term vs short term.. but is there anything that clearly rules we can or cannot claim it in Capital gains? I think it was their understanding that it would then be interest income at a higher rate.. sorry to be bringing this up again but
trying to get the ducks lined up.. and now can't identify the ducks?? thanks ez:)

Opps .. also regarding: Presidential Order 13303
I thought I had read somewhere that they might be considering a tax credit or something to benefit those who did invest in Iraq in anyway..? Maybe that was wishful thinking but was thinking we are barely a blip on the radar screen compared to the big players who you would think get the benefit to
encourage them.. anyway I have tried to find something on this and can't.. if anyone has something I really would appreciate if you could bring it back here..
thanks again ez :)

If I remember right earlier in this thread the long term capital gains for 2007

is 5% and 0 for 2008. Does anyone know if this is correct?

Thanks, Mrvgs.

Originally Posted by mrvgs

If I remember right earlier in this thread the long term capital gains for 2007

is 5% and 0 for 2008. Does anyone know if this is correct?

Thanks, Mrvgs.

It is 5% for the lower tax brackets. If you cash in anything significant you will be paying the 15$ ltcg (after a year of holding)

Originally Posted by ezcash

Opps .. also regarding: Presidential Order 13303
I thought I had read somewhere that they might be considering a tax credit or something to benefit those who did invest in Iraq in anyway..? Maybe that was wishful thinking but was thinking we are barely a blip on the radar screen compared to the big players who you would think get the benefit to
encourage them.. anyway I have tried to find something on this and can't.. if anyone has something I really would appreciate if you could bring it back here..
thanks again ez :)

Presidential Oder 13303 gave U.S. citizens the ability to purchase NID. No tax credit - there is a Foreign Income Credit, but that applies if you have income (working for) from another country, you get a credit here in the U.S.

Originally Posted by DinarDarling

Presidential Oder 13303 gave U.S. citizens the ability to purchase NID. No tax credit - there is a Foreign Income Credit, but that applies if you have income (working for) from another country, you get a credit here in the U.S.

Thank you DD :)... I have also been investigating how to put funds into a pension fund thru a enity... so much to do...so many questions... so little time left... (i hope) ez

With all that is going on I have read about setting up corporations. Has anyone been involved or have information on the following:
Laural Langmeir, Drew Miles or Garret Sutton? The first two have mentoring programs. Something I personally could use. Mr Sutton has worked with Robert Kiosaki.
Any info greatly appreciated.............papa02