• Jul

    How to Protect Your Money From the CRA (Canada Revenue Agency)


    In earlier articles I’d written about the CRA and audits. One thing you must do to protect your funds is to bank outside of Canada. If you’re being audited and the audit turns into an investigation, the CRA won’t be able to seize your funds.

    One simple way to carry out this task is to have a US bank account in the United States, but for some of you, that might not be secure enough, so another option is to use a tax haven. (Full details are in The Tax Collectors Bible.)

    In the past I had an account with the Bank of America but the rules changed in recent years and this type of account is no longer available if you’re from Canada. A simpler, better option is Wells Fargo, which was recommended to me by a friend.

    Wells Fargo doesn’t offer some of the flexibility I enjoyed with the Bank of America (sister banks in Canada and Mexico), but it’s simple for a Canadian to open. All you need is your driver’s license and passport. Like the Bank of America, Wells Fargo gives you access to web banking and it’s simple to use. If you want a simple option for US funds, I recommend this approach.

    © Nathan Segal 2013.

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