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

Tax Shelters

Tax shelters enable you to reduce the amount of tax you pay. There are two major categories of tax shelters: Legal Tax Shelters; and Illegal Tax Shelters.

Numerous examples of illegal tax shelters are described here basically so that the tax payer will have an idea of what to expect out there and be able to identify it when they see it. But really there is an easy way to tell if a tax shelter is illegal and this is it. If you are not a registered corporation or it is not one of the four legal tax shelters that are listed here, it is definitely illegal. Plain and simple.

If it's an illegal tax shelter, no matter how fool proof it may sound, eventually CRA will catch on and you will suffer the burden of paying back all the tax you illegally avoided, pay a very large fine for attempting it, and usually suffer jail time. In all cases the penalty will cost many times more than any gains enjoyed buy the use of such illegal activities.

Therefore, it is highly advised that you never, ever, ever attempt the use of any illegal tax shelter.

Legal Tax Shelters

The following is a list of the legal tax shelters.

Illegal Tax Shelters

This is broken down into tax shelters with I.D. numbers and tax shelters without I.D. numbers

Illegal Tax Shelters With I.D. Numbers

Over Appraised Gifting Arrangements

Illegal Tax Shelters Without I.D. Numbers

Deeming oneself exempt from taxation (Free man on the land; Natural Person; Sovereign Person)

Falsified Tax Information Slips

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