Offshore Tax Evader Advisors get Government Protection if they have friends in high places

The Offshore Onion is getting peeled and our politicians who try to fluff off the truth, thinking that Canadians are dumb, are in themselves being pretty dumb. When you are caught admit it, then move on.

One layer of privacy at a time, those who were offshore tax avoiders and tax evaders are getting nailed and those who advised and helped them, get exposed.

It would make sense that the politicians who just may have been in the offshore tax evasion stew pot, need to protect those who advised them, in order to protect themselves from being exposed to having gotten into the pot. Now comes the kettle… and the fire… things will get hot now.

It was cool in  the good old glory days of offshore banking, prior to 911 to have an offshore bank account. A rainy day nest egg. In those days  Offshore was an option for people who had reasons to keep their money private, regardless of being associated with taxes or not, they could have privacy.

That fateful day of the planes crashing, made me realize that the gig was up and that having money offshore even for legal non tax reasons, would no longer be private. If your offshore bank account is not private, that means anyone who really wants to, can find out about it.

Those who did not immediately take precautions against being caught doing hanky panky,  have opened themselves up to being looked at sooner or later. The question is not “if”… the question is “when.”

When it comes to offshore, I have seen it all, been there done that. I moved on… Money offshore is not safe from the prying eyes of the governments. If you need to  have offshore money, be well advised to report it on your tax returns because normally CRA does not make that knowledge public. You still get the advantage of offshore privacy laws to protect you from prying eyes and offshore business, you just better not think you can use it to avoid paying taxes on your world wide income.

CBC… our investigative reporters exposed Andrew Saxton, a former banker and now an MP for North Vancouver is now looked at. While politicians are supposed to eat their own, sometimes Metaphorically speaking, (and.. I am not calling or suggesting Andrew a pig) a stuck pig squeals. So naturally the politicians will want to protect Andrew. The only reason I can think of for Baird to try protecting Saxton, is because Saxton knows too much about too many people, who do not need Saxton to squeal on them.

Pierre Poilievre, parliamentary secretary to the prime minister, said Saxton “has done his work with integrity; he has spoken out about tax evasion.” Hmmmm… so if a bank robber goes public and says that bank robbing is wrong, that would mean that  the robber stole the money with integrity? Give me a break! Please! The likelihood – reality is that Saxton learned after the fact, that offshore tax evasion is a really bad idea.

I noted in the following article “comments” that Paul Martin was mentioned. What is important to note is… Yes… Paul Martin was offshore. However it is important to note that he was running a legitimate business and paying tax on his world wide income. It makes complete sense to have your corporation offshore rather than in Canada, “IF” it is a legitimate International business.

Hiding your income and Moving your money offshore to avoid taxes, because you think privacy will protect you from paying tax on your world wide income,  is called “Offshore Tax Evasion 101.”

The whole onion of offshore banking is highly complex and how to do tax evasion is not something taught in university. It is only something learned from those who do it. In today’s world, those who advise and those who do –  will get caught. Sooner or later.

The problem now is…. what you did in the past can catch up to you as in the case of Andrew Saxton.

Read on and also check out our web site at www.taxauditsolutions.ca

Tories defend MP named in offshore tax probe

Last Updated: Friday, November 5, 2010

CBC News

Andrew Saxton, a former banker who is the Conservative MP for North Vancouver, is entangled in a political controversy over a tax-evasion investigation. (Courtesy andrewsaxton.ca)

The Conservative government is rejecting opposition demands for the removal of a Tory MP whose name appears in an offshore tax probe.

During question period Friday, NDP finance critic Thomas Mulcair said MP Andrew Saxton “simply cannot continue in his role” as parliamentary secretary to the president of the treasury board during the investigation and “has to step aside.”

Government House leader John Baird dismissed Mulcair’s demand, calling it “a drive-by smear” and adding: “I regret that the member would come to this place and ask that kind of question.”

Saxton, during his previous career as a banker, approved a transfer of funds on behalf of a Canadian taxpayer to an account in Switzerland that the taxpayer set up to help evade taxes, CBC News and the Globe and Mail learned.

The investigation uncovered court documents that show Saxton, now the Conservative MP from North Vancouver, instructing the transfer of $199,975 into a Swiss bank account in 1994 on behalf of a Canadian client of RBC Dominion Securities in Victoria.

Saxton was the head of private banking for the Vancouver branch of Credit Suisse Canada from 1992 until 1994, when he left for a series of HSBC banking posts across Asia. He has been the Treasury Board parliamentary secretary since he was elected to Parliament in 2008.

Later in question period, Bloc Québécois MP Serge Cardin demanded that Prime Minister Stephen Harper fire Saxton, in view of the “very serious” information uncovered in the joint investigation by CBC News and the Globe and Mail.

Pierre Poilievre, parliamentary secretary to the prime minister, said Saxton “has done his work with integrity; he has spoken out about tax evasion.”

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