Comments on: A scheme to save 100 percent of income tax? No thanks

By: How To Reduce Your Income Tax

How To Reduce Your Income Tax — Wed, 25 Aug 2010 09:02:28 +0000

[...] because of other bloggers like Canadian Capitalist taking offence to the strategy in a post called A Scheme to save 100% of Income Tax – No Thanks. Larry Macdonald of Canadian Business Online also had a word in his post Tax Schemes and Financial [...]

By: Interview With A Marked Man | WhereDoesAllMyMoneyGo.com

Interview With A Marked Man | WhereDoesAllMyMoneyGo.com — Mon, 16 Aug 2010 00:48:37 +0000

[...] Canadian Capitalist: A scheme to 100% of income taxes? No Thanks. [...]

By: Oren Gutman

Oren Gutman — Tue, 03 Aug 2010 13:42:38 +0000

@Canadian Capitalist: yes, that is the same Martin. Funny enough, that is a badge that he proudly wears and gladly shares information about. Again, we will discuss all these issues with Preet in the podcast and then you can all come to your final verdict at that time.

By: Canadian Capitalist

Canadian Capitalist — Tue, 03 Aug 2010 01:37:36 +0000

@Oren: I didn’t get a response from Martin on the Canadian Business website. Is your business partner Martin Horvath, the same person who has been subjected to disciplinary action by the MFDA?

http://search.mfda.ca/search/?sp_q=martin+horvath&sp_a=sp10038bec&sp_p=all&sp_f=iso-8859-1

By: Oren Gutman

Oren Gutman — Fri, 30 Jul 2010 22:03:52 +0000

Thank you for all the comments and mentioning our original interview with Larry. Preet from Where Does All My Money Go was actually kind enough to suggest we have a phone interview/podcast to discuss all these issues, so you can all look forward to that next week for all your concerns to be answered.

All the best,
Oren

By: Canadian Capitalist

Canadian Capitalist — Fri, 30 Jul 2010 21:04:47 +0000

@AKA: True. A better idea would be to earn enough to put taxable income just under the first tax bracket. The tax is fairly low and the standard of living would be much better. As a bonus, those with children will receive hefty CCTB transfer payments.

By: AKA

AKA — Fri, 30 Jul 2010 18:36:23 +0000

I was expecting something along the lines of only making enough money to cover one’s personal exemptions plus any applicable deductions. Simple and legitimate, but leaves much to be desired from a standard of living perspective.

By: Canadian Personal Finance Blog » Blog Archive » Random Thoughts: Long Weekend Ahead

Fri, 30 Jul 2010 08:41:33 +0000

[...] Capitalist commented on A Scheme to Save 100% of income Tax? which he pans, and rightfully so, but he is really commenting on the original article by Larry [...]

By: larry macdonald

larry macdonald — Thu, 29 Jul 2010 18:46:03 +0000

CC
I thought CRA would have indicated to callers that they were rolling the dice — like the promoter did in the post. Oh well, live and learn.

By: Canadian Capitalist

Canadian Capitalist — Thu, 29 Jul 2010 17:14:02 +0000

@Larry: Unfortunately, the CRA may not provide a straightforward answer to questions about a tax avoidance scheme’s validity. If the scheme here involves questions of legality, the CRA is likely to deny the deduction in its reassessment and take up the matter in tax court. At least, that’s the strategy the CRA follows in tax shelter gifting arrangements.

@Mike: I can’t make up my mind on whether you did the right thing. Yes, they get a link back from your site but the comments from skeptics in that post might give some food for thought for anyone wondering about the motives of the author.