Bringing foreign funds into the Country - how to pay less taxes on it

pray tell, if there is such a way, why is everyone not doing it?

As I said..I am not looking into avoiding taxes but to lower the amount of taxes paid. There are ways and accountants know these ways. I am not an accountant and that's why I am asking the pros here.

FayeC

I think you mentioned "Canada". Yours is not an accounting question, you might consider posting at news:can.taxes.

There is no tax to "bring money into the country". If you are resident in Canada for tax purposes you are liable for tax when income is earned - whether it is earned in Canada or elsewhere, whether it is brought into Canada or left elsewhere. Tax rates depend on your total taxable income, your province of residence, and (perhaps) on the type of income. Depending on the type of income you may be able to claim some expenses to reduce the amount of taxable income, and/or you may be eligible for certain tax credits - though the latter is unlikely with foreign-source income. You may be able to claim credit towards your Canadian income tax for some or all income tax paid in other countries.

The above is a simplified summary, the issue can be quite complicated and you have not provided sufficient information for a meaningful answer.

Also - you take a lot for granted in assuming that answers here (or in news:can.taxes) come from "pros". If there may be more than a few hundred dollars of tax involved you should seriously consider consulting a competent tax professional in person - so you can verify his credentials and discuss your situation in detail.

ways.