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:
“The North is full of tangled things and texts and aching eyes
And dead is all the innocence of anger and surprise,
And Christian killeth Christian in a narrow dusty room,
And Christian dreadeth Christ that hath a newer face of doom,
And Christian hateth Mary that God kissed in Galilee,”
—Gilbert Keith Chesterton (1874–1936)
“The German intellect wants the French sprightliness, the fine practical understanding of the English, and the American adventure; but it has a certain probity, which never rests in a superficial performance, but asks steadily, To what end? A German public asks for a controlling sincerity.”
—Ralph Waldo Emerson (1803–1882)
“... whilst you are proclaiming peace and good will to men, Emancipating all Nations, you insist upon retaining absolute power over wives. But you must remember that Arbitrary power is like most other things which are very hard, very liable to be broken—and notwithstanding all your wise Laws and Maxims we have it in our power not only to free ourselves but to subdue our Masters, and without violence throw both your natural and legal authority at our feet ...”
—Abigail Adams (1744–1818)
“The “universal moments” of child rearing are in fact nothing less than a confrontation with the most basic problems of living in society: a facing through one’s children of all the conflicts inherent in human relationships, a clarification of issues that were unresolved in one’s own growing up. The experience of child rearing not only can strengthen one as an individual but also presents the opportunity to shape human relationships of the future.”
—Elaine Heffner (20th century)