Make use of deductions to reduce the total taxable income.
@EricBrittonSilvado2 ай бұрын
It also conforms to the provisions under taxation laws, thereby minimizing any litigation.
@durhammiller88172 ай бұрын
Timothy Eric Meek made it clear to me that proper tax planning contributes to the economic stability of the individual as well as the country.
@rosannaconstil5712 ай бұрын
How can i be able to reach him
@christianrode83162 ай бұрын
A normal online name search will be helpful.
@princeholgate93252 ай бұрын
Investing tax money generates white money to flow through the economy, aiding in the country's economic development.
@makasher100 Жыл бұрын
Can you do a long-form video on this and explain the correct way to structure this
@ilamalihilustan22 Жыл бұрын
Good idea
@LtDan-yt7lb Жыл бұрын
You need to rent office space in Barbados and hire an employee to run the "international sales division" down there.
@SGRyuma5 ай бұрын
Just speak to an accountant
@SGRyuma5 ай бұрын
@@LtDan-yt7lbthey don’t have to run it just has to look legit it can even be a PO Box.
@thenoodlebuddy3 ай бұрын
Definitely needs to have substance. Basically just think to yourself when the tax authorities eventually take me to court can I reasonably explain why I did what I did and the reason not be to avoid paying tax
@st-sj1cf Жыл бұрын
No. First mistake in your calculation is that you must be owner of all 3 companies involved. Only then you can fully exploit Barbados company. Your manufacturing value of goods in Canada is 100$, you sell that for 120$, so Canada will tax 20$, Barbados company is selling your goods to US company for 200$. US company is selling that on US market for 220$. US tax 20$ of profit, Barbados company is taxable for 80$ at 2.5%, that's 2$, so you have 78$ tax free. Better is to exclude Canada and use China with which Barbados have DTA in force. Canadian authorities can see only contracts between Canadian and Barbados, but not between Barbados and US, so they can't know for which price goods are sold and where. Also Canadian jurisdiction ends at its borders, they can't have insight in company register of other countries.
@evergreen7676 Жыл бұрын
…. Until Pillar 2 is enacted with that global corporate tax!
@al9709Ай бұрын
What's pillar 2 @@evergreen7676
@alcalvis66508 ай бұрын
your handwriting is beautiful.
@thomassparks52052 ай бұрын
They closed this loophole up in Australia years ago. Good to see that Canada can still do it
@Bluecouchtherapy8820 күн бұрын
You have very nice handwriting Would love to hear longer talks on this topic
@TheBunnyDeveloper8 ай бұрын
Barbados company needed some economic substance
@cadburybubblegum26 күн бұрын
An office space with two employees would do the job😅
@TadhgerLily Жыл бұрын
So it's better to sell it from the Barbados company 100% instead of splitting
@connormacpherson877410 ай бұрын
Not necessarily, because unless your effective management is set up in Barbados, you will still have to pay Canadian tax, even though the company is registered in Barbados. There are many other things to take into consideration when setting up your corporate tax structure for your company, effective management is one that plays a key role.
@JVJ_2000 Жыл бұрын
Seems kinda unfair. What gives the Canadian govt any right over one man’s private property and the way they sell it ? The way I see it , he’s not harming anyone that way. Just saving on taxes. Using his private corporations which is “NOT” listed on the Canadian stock exchange. Also , in a totally different jurisdiction.
@bilal4734 Жыл бұрын
Kinda unfair, it's totally unfair they all treated us like a slave
@JVJ_2000 Жыл бұрын
@@bilal4734 exactly, time for a new revolution. Idc if you’re white , black , Christian or Muslim etc. we all need to unite against these corrupt govts.
@therealb888 Жыл бұрын
It's the same with every govt. At least the Canadian govt does much better with the collected taxes than the corrupt govts in developing countries. I would actually feel proud to pay taxes in Canada lol😂
@bilal4734 Жыл бұрын
@@therealb888 I agree, my favorite country is Canada but their health care sucks
@ariihauu_mrs8 ай бұрын
taxation is theft
@bibu33249 ай бұрын
Absolutely clear and onesided pristine case of Transfer pricing gone wrong. No one well informed within the TP community right now will be doing these type of insane manauvers. Dempe functions are being scrutinized deeply. Pillar 1 amount B streamlined process is not being applied yet, but if does it will cut off all these type of simple distribution structures.
@Rod-bp8ow9 ай бұрын
Incorporation of companies/corporation are to be REGISTERED as Domestic or International companies and corporation, as Licensees, Franchisors-Owners and Franchisees where PATENTS, TRADEMARKS, COPYRIGHTS and ALL TAXES Classifications and REGISTRATIONS are Implemented amongst countries, where the businesses locations amongst countries are DECLARED addresses as SMES in businesses are Worldwide, SMALL, MEDIUM, ENTERPRISE, NON-REVERSE or FLIP, since it is also DECLARED with respective LGU units for requirements and permits, in all classifications for businesses are to APPLY, Reflected and applied in the books of the CORPORATION, respective Incorporators and its Articles.
@mariacicarelli62387 ай бұрын
love your hypothetical example bring them all
@EdwardVarner2 ай бұрын
So the people stealing the money said they don't think not being able to steal it is bad for them. Go figure.
@letmelick Жыл бұрын
SOooo 🤔 what's the right way to do it?? Obviously just asking for a friend🙄
@rickswineberg3 ай бұрын
Expect the IRS at your door.
@botsareeverywhere8 ай бұрын
So you hire a few employees in Barbados at low wages and they’re in the clear?
@suliwa670 Жыл бұрын
I've been doing this for ages 😅😅😅
@harrynelson9203 Жыл бұрын
The profit is 100% reasonable, let the company make their money
@oliver_9584 ай бұрын
Please do something similar for self-employment
@pole69ers Жыл бұрын
No way I was thinking about this the other day cheers bro
@user-op1qt3ku5h16 күн бұрын
well, then the canadian government can burn to the fucking ground if they consider this unreasonable
@timebrouaАй бұрын
Just leave Canada or US in favor other country where tax isn’t theft.
@EdwardCheung12 ай бұрын
So if the Barbados company has employees, assets and IP (maybe), this plan will fly?
@PatHaskellАй бұрын
You should be a hand model.
@Melisse88810 ай бұрын
This is such a useful channel - do you give tax advising as well? I need you brains as an entrepreneur in EU.
@highgatehandyman64798 ай бұрын
Great chanel. Please go more onto depth
@idealess71811 ай бұрын
bro ur handwriting is so tidy lol my handwriting is barely readable