Quotations by David M. Voth

Changing investments from interest earning investments to dividend earning investments gives us the greatest planning opportunities. And it is also the easiest. How can you do it? By buying preferred shares, or by investing in an investment fund that holds preferred shares. People, who have always been comfortable depositing money with banks in exchange for interest, may now consider purchasing bank shares instead. This way you can earn a piece of the billion dollar profits earned each year by Canadian banks. [2007] - David M. Voth

Tax planning tips: 1) Deduct all business and invest losses. 2) Write off your fines, tickets, levies, and penalties. 3) Deduct fees paid for advice. You are entitled to deduct fees paid for investment and tax planning advice. And if you pay someone to prepare your tax returns that is deductible too. [2007] - David M. Voth

Once the exclusive domain of the super-rich - it used to cost a fortune just in legal fees - offshore investing in our global economy is now available to people with as little as $10,000 or more to invest. If the assets are in an account owned by an international business company (IBC), they are not your personal assets. Your creditors can sue you but they can't get the assets because legally they don't belong to you, they belong to the offshore company. [2007] - David M. Voth

Offshore financial centers such as Bahamas, Belize, Grand Cayman and the Channel Islands have NO INCOME TAX whatsoever. There are approximately 45 countries that do not have an income tax, capital gains tax, or estate tax! Other offshore financial centers, such as Panama and Costa Rica that do have an income tax, have either written legislation making their international business companies exempt from tax or they allow these companies to earn income TAX-FREE if it is earned outside of their country. [2007] - David M. Voth

If you feel that Revenue Canada would still consider you to be a resident, don't worry, now you know what they're looking for and you can change your current situation to become a non-resident. For example, you could place property in a trust to get it out of your name. [2007] - David M. Voth

An Insurance Tax Shelter is a plan issued by a life insurance company that allows you to deposit any amount of money and shelter all of the growth of the investment from income tax. Each insurance company gives their plan its own unique name. The plans are flexible, allowing you to vary the amount of your deposits and choose the type of investments, from GICs to investment fund indexes, with no restriction on foreign content. You can make direct withdrawals, TAX-FREE from the tax-sheltered account, up to the adjusted cost base (ACB) of the plan without incurring any tax. Simply put, the ACB is equal to your deposit less the cost of insurance. Under a special arrangement, you can leverage your account with a bank. This is the real benefit of an Insurance Tax Shelter! The leveraging of your account is what allows the plan to outperform other investment vehicles, because a loan is never taxable! [2007] - David M. Voth