Offshore Banking--Have We Heard It's Final Death Knell?
Offshore Banking seems to be headed for certain extinction. With new regulations and demands by governments for disclosure. Can it remain viable for much longer?
Just before the health care bill was passed another bill went quietly through the legislature; implementing new regulations requiring ALL American citizens to report not just their income but all of their assets regardless of whether they live in the United States or not.
The fabled confidentiality of offshore banking is no more. All US citizens must declare all to the US government. The IRS is aggressively following up on this--NOW that it's the LAW!
Will Canada's government follow suit? Governments around the world spend more than they take in and are desperate for ways to get even more money.
Offshore banking is in the crosshairs of governments all over the world. In the name of security and borne of desperation governments are negating individual privacy to gain access to more cash.
Opposition politicians do nothing to help -- spurring on this reckless spending with claims of "Vote me in -- I'll lower taxes, reduce the deficits and increase military spending to protect you". NONSENSE! Taxes are only going to go up and that is that.
They are good at making promises, but the math is really poor!!
What they will target is what so many ill-informed people call 'entitlements' that is programs you and I have paid for through taxation all of our working lives to which we are 'Entitled' to -- hence the moniker 'entitlements'.
These are programs we have paid for--whether we wanted to or not--by contributing our hard earned money. Now that we are approaching the age where we will need this assistance . We are told by ill-informed politicians that we must reduce the amount of entitlements people get!
Most politicians have no clue that any decision involving spending programs will eventually be taken from their hands and passed on to a nebulous group -- the IMF (International Monetary Fund). Whose control of a country's finances is in many cases is total.
Obviously the hope of offshore banking was to give you a way to extricate yourself from this mess and legally bypass the income tax stream. Fortunately there are still things you can do to bypass this stuff.
Canadians still have an opportunity called 'Insured Retirement'. Using insured retirement can give you all the benefits of offshore banking with none of the drawbacks and at the same time is completely legal and above board when it comes the CRA (Canada Revenue Agency).
Now that you know there is a legitimate way to eliminate your income tax in retirement and protect your entitlements -- isn't time you found out how you do that?