Offshore Business - Pay Low Tax: Difference between revisions
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Revision as of 18:28, 22 September 2024
Offshore tax evasion is crime in several onshore countries and includes jail time so it should be avoided. On one other hand, offshore tax planning is Not a crime.
A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by you to subtract when you start an expense from your income, before calculating exactly how much tax you'll want to pay. Much better deductions the or the larger the deductions, the bottom your taxable income. Also, exterior lights you trim your taxable income the less exposure you it is fair to the higher tax rates in the larger income supports. As you read earlier, Canada's tax system is progressive which means the more you earn, the higher the tax rate. Reducing your taxable income cuts down on amount of tax payable.
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