North American Legal Issues
United States tax law (since the 1980s) has made these offshore corporate havens very unattractive to individual citizens. US citizens are statutorily taxed by the U.S. government on their worldwide income, unlike the citizens of many other nations.
- Tax deductions and tax credits are allowed to individual citizens in certain instances for income from foreign sources to avoid double taxation.
The Canada Revenue Agency loses billions each year to the Tax Haven phenomena.
- The US, for many Canadians is used as a tax haven.
- Canada has no taxes on Lottery winnings or any Estate Transfer taxes. These would typically be taxed in most European Tax Havens.
Read more about this topic: Corporate Haven
Famous quotes containing the words north, american, legal and/or issues:
“By the North Gate, the wind blows full of sand,
Lonely from the beginning of time until now!
Trees fall, the grass goes yellow with autumn.”
—Li Po (701–762)
“What a prodigious growth this English race, especially the American branch of it, is having! How soon will it subdue and occupy all the wild parts of this continent and of the islands adjacent. No prophecy, however seemingly extravagant, as to future achievements in this way [is] likely to equal the reality.”
—Rutherford Birchard Hayes (1822–1893)
“In ‘70 he married again, and I having, voluntarily, assumed the legal guilt of breaking my marriage contract, do cheerfully accept the legal penalty—a life of celibacy—bringing no charge against him who was my husband, save that he was not much better than the average man.”
—Jane Grey Swisshelm (1815–1884)
“The current flows fast and furious. It issues in a spate of words from the loudspeakers and the politicians. Every day they tell us that we are a free people fighting to defend freedom. That is the current that has whirled the young airman up into the sky and keeps him circulating there among the clouds. Down here, with a roof to cover us and a gasmask handy, it is our business to puncture gasbags and discover the seeds of truth.”
—Virginia Woolf (1882–1941)