C type company in Nevada

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  ----- Original Message -----=20
  From
  To: [email protected]=20
  Sent: Saturday, July 20, 2002 1:28 AM
  Subject: C type co.
  I was told in a Russ Whitney Real Estate seminar that Real Estate =
investors in Canada should start a C type company in Nevada and then =
open a local office here in B.C., Canada to avoid paying some taxes. The =
reason is that in Nevada there is no State tax, no Corporate Income Tax =
and no Personal Income Tax and Stock holders/directors are not required =
to live there. If I take their advice, what taxes will I have to pay and =
how many properties should I have before it even makes sense to do such =
a thing.
  =20
David Ingram's REPLY
I have not heard of Russ Whitney since Nov 27, 1991. At that time he was =
living in=20
Cape Coral, Florida in a house on a lot I had sold back in 1966.
It was a small world.
If you, the owner, are a Canadian resident and have a Nevada =
Corporation, the corporation is subject to every Canadian tax that =
applies to a BC or Saskatchewan corporation.
The highest Federal US tax is paid by non-resident owners of a "C" =
corporation who are are deemed to be the owners of a FPHC (foreign =
personal holding company). =20
Doing what he suggested will not save you any income tax if you make =
money.  It will increase your bookkeeping headaches and increase the =
bank accounts of the lawyers and accountants who assist you.
We can do it for you if you wish to line our pockets.
Russ's information about Canadian taxes was wrong in 1991 and sounds =
like it is still incorrect or incomplete.
david ingram
PS:  I agree that it could "seem" to save tax if you do not do all the =
reporting.  However, if you get caught by the CCRA, the taxes and =
penalties will do you in and the US taxes will be at their highest =
level.
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