ONYX Tax Maxter's
Maxing out your assets in taxing times

Non-acceptable RRSP tax shelters

These schemes cover arrangements which attempt to withdraw or access the funds in a taxpayer’s RRSP without the negative tax consequences of withdraw.

In each and every case, the money gets transferred to some offshore third party enterprise and then disappears forever.

Now CRA comes along and assesses that there has been a deemed withdraw of funds, and therefore the taxpayer is liable for the tax on withdraw. The CRA could care less if the taxpayer lost the money. As far as they are concerned, the money was withdrawn and they want the taxes, period.

The taxpayer cannot report to the police that their money is gone, or they will be reporting that they have committed a criminal act.

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