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Tax Shelters


 

 

There are a number of vehicles that can be set up to use as tax shelters. Acceptable tax shelters can be TFSAs (Tax Free Savings Accounts) or insurance products (both whole life and universal life). It is very important to know that to benefit fully from these options your tax shelter instrument should be set up by a professional.

Tax Havens are NOT tax shelters. The ease of hiding money in tax havens is becoming less and less possible as countries agree to share banking information. It is legal to have an offshore account. What is illegal is using it to evade taxes.

Tax “avoidance” strategies should increase the money in your pocket than in the government’s coffers. However, there is a dangerous fine line between that and tax “evasion”, the best idea is to have an expert such as those at ATS set up appropriate and legally accepted tax shelters for you.

Never confuse Tax Havens and Tax Evasion with Tax Shelters. Tax shelters provide you with a legitimate way to reduce your taxes. The other two can result in heavy fines or even land you in jail.

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