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…
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@9QZCYDN9mos9MO
Yes, but it must be a trusted offshore bank and all income must be reported in order to avoid loopholes by corporations and the wealthy
@9K6M4541yr1Y
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.
@8ZSJL5B3yrs3Y
No, neither should corporations and business organizations and too many wealthy citizens are abusing loopholes in offshore banking laws to evade taxes.
@8VVWQC74yrs4Y
If the original income is taxed what difference does it make
@8VH4ZRZ4yrs4Y
Yes, but only if you have dual citizenship
Yes, for private citizens as long as we close loopholes that assist in tax evasion. No for corporations
@8V95QN24yrs4Y
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
@8TWZJFZ4yrs4Y
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.
@8RJTBVG4yrs4Y
Yes, but only in safe countries such as the US and UK, and monitor it so that it is not abused by the wealthy.
@oscitare4yrs4Y
Yes, as long as offshore income is reported, but don’t allow corporations and business organizations
@8PYXCGL4yrs4Y
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.
@8PK8YRR4yrs4Y
Yes, if they have dual citizenship in that country
@8L67S2V4yrs4Y
It doesnt really matter to me
@8D4X4PW5yrs5Y
Yes, and report it and increase taxes on those that do to 75%
@9BJY9J42yrs2Y
Yes, but for only low income familles
@98WXKGQ2yrs2Y
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.
@98PQTLX2yrs2Y
Yes, as long as the offshore bank income is reported then it should be fine
@94DW2ZY3yrs3Y
Yes, but a wealth tax should be put in place to account for using loopholes
@98S47972yrs2Y
Yes, as long as there are precautions in place to stop people from abusing loopholes in offshore banking laws to evade taxes
@kuyugomodiLiberal5yrs5Y
Yes the government should be all up in our money like they are
@B4PPBZN3 days3D
The state should have less control over and less information about what an induvidual citizen does with their money.
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