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Offshore corporations may be useful in some circumstances but must be formed and maintained with care. Remember Revenue Canada (CRA) requires Canadian residents to file reports in the following circumstances:
1. ownership of more than $100,000 of foreign investment property;
2. ownership of an interest in a foreign affiliate of a Canadian Corporation;
3. transfer to a foreign trust or receipt of a distribution from a foreign trust.
Fintrac
The Financial Transactions & Report Analysis Centre of Canada
The Government of Canada requires that lawyers, accountants and financial institutions (among others) keep records and report on suspicious and proscribed transactions (e.g.. the transfer of $10,000 or more). The reporting entity is prohibited from revealing to the client that a report is being or has been filed.
For more information access the Fintrac website: Fintrac e-mail us at kwolfson@corporations.ca
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