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This strategy requires significant planning, as we become may be opportunities over and above Canada for to invest, do business with perhaps retire to, that give you significant tax saving benefits. Please be aware that CRA is concentrating on changing the laws to off shore investments. If you add a C-Corporation into the business structure you can decrease your taxable income and therefore be qualified for kontol any type of those deductions for which your current income is too high.
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A bankruptcy may relieve you of personal liability on the tax debt, but in many circumstances will not discharge an effectively filed tax lien.