Swiss bank acocunts?

[Gorilla]

Whats the big deal with swiss bank accounts?

[89coupe]

Tax Haven

[Artega]

search in wikipedia or how stuff works

Swiss bankers are sworn by law to not disclose any information regarding the person w/ the account or how much is in there.

[Doozer]

No taxes on the money, and no questions asked ... anonymity is the big deal. But you pay for itwith exorbitant fees and high minimum balances.

Because they require a lot of cash up front, usually the benefits that make them appeal to some people make them very bad ideas for other people.

[Canmorite]

They don't do nearly as much anonymity as they used to. Laws were passed a few years ago against such practices, is what I heard from a friend when we were in Geneve.

[Xamim]

So let me get this straight. If I deposit my pay checks into a Swiss bank, the Canadian government cant get me for taxes?

[Doozer]

http://swiss-bank-accounts.com/e/index.html

[BrknFngrs]

Originally posted by Xamim
So let me get this straight. If I deposit my pay checks into a Swiss bank, the Canadian government cant get me for taxes?

No.

Your a Canadian resident and your income is from a Canadian company so your going to get a T4 and have to pay taxes. Making use of a swiss account is far more complex than that.

[lilmira]

Originally posted by Xamim
So let me get this straight. If I deposit my pay checks into a Swiss bank, the Canadian government cant get me for taxes?

That would probably not work, but if your employer pays you cash under the table, then you can deposit the money into a swiss account and the government can't find out.

[Xamim]

But if I was getting paid cash how would they know anyway?

[Maddog55]

Very easy if all of a sudden they "take a peek" at you. Not hard for CCRA to figure out how much your total expenses are....and what you're "claimed income" is.

If they see you need, say, 36K after-tax dollars to pay for your expenses then they're gonna want to see that your claiming at least 40 or 45K a year before taxes..otherwise the "figures dont add up".

A guy in Calgary just got jail time for doing just that (last weeks paper-11 months in jail and $145,000 in fines). This was no oil tycoon...he was just an average Joe-bloe painting contractor. Sooner or later they'll catch up to you..and if its the "later"...then it'll be that much more serious!

[aklalani]

what you have to do is somehow get your "extra" money down there without any traces of it being moved. most people that do this, do it with untaxed money or dirty money, which has not been circulated into the banking system yet. take the cash down and ur gold

[lilmira]

Originally posted by Xamim
But if I was getting paid cash how would they know anyway?

If it is a small amount, the government probably won't notice. Try depositing a few hundred thousands.

[lilmira]

" By order of the judge, the bank can freeze holdings and convey information about the account. The bank is under obligation to declare all property held for the account of the bankrupt debtor."

Wonder if they will also lift the secrecy when the holder is accused of criminal charge?

I'll just use my mattress for now.

[JAYMEZ]

Good luck getting a swiss account... You need alot of $$$ to start with hahah. Might as well just put your money in the bahamas like alot of canadians do.

[robpark]

If I remember correctly, you have to go to Switzerland every 6 years to confirm in person that you are alive and well and that the account should still be valid. If you don't, the money becomes property of the Swiss government.

[l/l/rX]

privacy act, no questions asked. unlike banks here in canada, if you were to deposit 10g's cash into a friends account or something, that for sure id be writing up an unusual transaction report, then you'll have ppl tracking your shit.

swiss bank accounts attract these sorts of people, that are bringing in large amounts of money illegally.

[JGerke]

Pretty sure the swiss have gone downhill a bit for this stuff and other countries have been picking up their slack. Basicallly if the gov't can prove you've made the money, you still owe taxes on it even if they can't access it. Just think, if you made $200,000 and blew it all and couldn't afford the taxes, your still gonna get screwed. Its the same deal. If your not a columbian drug lord, you don't need one!

[2EFNFAST]

Originally posted by Canmorite
They don't do nearly as much anonymity as they used to. Laws were passed a few years ago against such practices, is what I heard from a friend when we were in Geneve.

Correct, it's not a big mysterious black hole anymore.


Also, I don't know if this is true anymore or not, but it used to be that over there tax evasion, if caught, was a minor crime at best (treated almost the same as jaywalking)...again though, don't know if things have changed.

[AhabTheArab]

Fuck I'd get a swiss account so that my greedy wife doesn't try to pull this whole divorce and fuck you over deal.