8 Nov 2011, 10:20am
Income Tax
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Extreme Tax Saving Strategy by Hollywood Actor Johnny Depp

Income Tax Saving Move

Johnny Depp and French Tax

Hollywood movie star of the movie Pirates of the , Johnny Depp has decided to move out of his long time foreign country of residence of France and move back to America in a tax saving strategy.

Dual citizens or people living in two tax treaty country should take note.

Johnny Depp and his French singer/actress partner Vanessa Paradis had moved to France in the 1990s to live away from the Hollywood spotlight with their two children.

According to the French immigration rule, if he lived in France for more than 183 days, in a calendar year, he will become a permanent resident of the country and will have to pay income tax on his worldwide income to French Government. But as a US citizen he must also report and pay taxes to USA Federal government.
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4 Nov 2011, 10:55pm
Income Tax:
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How Would You Like To Pay Tax Like A USA Corporation

Pay No Income Tax

USA Corporation Tax Dodgers

A major study of USA corporations published today, proved again that even though USA has a high 35% corporate income tax rate, none of the biggest corporations in the world, operating in USA pay taxes at that rate.

These are companies listed on the top of Fortune 500 rankings and admired by professionals, investors and consumers all over the world. Their net profits are in billions of dollars, huge cash stashed in offshore accounts, and they are being subsidized by tax rebates from the USA Federal government.

The study of 280 fortune 500 companies identified,

• They have received about $223 billion in tax subsidies.
• Financial service companies (Banks) received the largest share of subsidy (17% or $37bn).
• Over the last three years 2008-2010, 50% of the tax subsidy was awarded to financial services, utilities, telecoms and oil, gas pipelines. more »

1 Nov 2011, 10:37pm
BC Province Income Tax
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BC Minimum Wage Is Going Up From Today

These wage increases usually happen on new year, but this year under the new BC Premier Christy Clark, the BC minimum wage is going upto $9.50/hr, against protest from Hospitality Business Owners.

Premier Christy Clark announced her intention earlier this year to introduce incremental increases to the provincial minimum hourly wage, which stood at $8 — the lowest in Canada — for nearly a decade.

The first increase took effect on May 1 of this year, when the minimum hourly wage rose to $8.75. It’s expected to reach $10.25 by May 2012.
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