Means that you can now, you, you can now, uh, have a way of thinking about the tradeoff between the, the cost of tax planning and administration versus the benefit and the net benefit to the entire, um, strategy and, uh, investment.

Hi, uh, Greg. Uh, Greg, uh, do you have a question? Um, yeah, actually I do. I have, um, cause you, you deal with taxes in the States and Canada, right? Correct. Yes, please. Yes, please. Yes. Okay. How do you deal with, I have some, um, Oil and gas working interests in the states. And how do I, it’s owned by a Canadian company cause it’s just an Alberta company where I’m at.

What do I do in regards to income? How do I declare it in states or just in Canada? Um, what about expenses like depreciation? In any other expenses. Okay. Oh, Greg, that’s a great question. The first question I wanna clarify is how did you make the investment? Did you make it as an individual or did you, uh, uh, use the vehicle to make the.

I did it through a company. I have an Alberta company, so a Canadian company, so I did it through that. Cause I just, I didn’t wanna own it personally. Okay. Okay. So you, you, you, you have, uh, opportunities to, to,

sorry. There’s, okay. Back. There’s something. Can you hear me? Started boats teaching each other. Apparently background noise. Cause sometimes, what is it coming from you? Long and prop. No, I think it’s coming from Chamara. It happened all the time with sharks. Ok. Camara, could you please, uh, mute, uh, yourself?

Fuck up. Okay. Thank you. Thank you, Camara. Thank you. So, uh, Greg. So it’s, um, what, what you first, you are set up as a corporation, so that’s a good thing. Now, um, Canadian, uh, uh, tax law require you to declare any asset you have outside of Canada that is greater than, uh, $100,000. So, uh, this is your 1 0 42.

It’s your, your basically all your assets. So once you declare that, that has to come anyway, because as a Canadian, um, you, you are tax, well, as a resident, you’re tax on your global income, right? And they want to track your assets. Now you can set up a leg, but if you now go and set up another corporation in the US to.

Could keep the investment within that corporation. Now you have to do a sale. You have to, you cannot just do it. Right? So because the Canadian Revenue Agency will deem that investment, dispose as you’ve sold it. So the valuation, whether there’s capital gain, uh, and all that, you have to deal with that in order to properly transfer the.

The investment, if you think that is the way to go, and there are circumstances where that, that should be the way to go. If you don’t want to rerate the income now because you don’t need it and you want to reinvest it. Um, secondly, you can, because you set it up, you because you made investment through a corporation, that corporation.

Getting in the revenue, whether as a dividend or as um, uh, income, whatever revenue that is coming through the corporation can now write off is own expenses. Um, before the Canadian corporation now declares dividend or however. To you before it comes to your hand. Now, depending on the corporation, uh, deals with that income, that dividend, it is, it is also allowed to do reinvestment.

Now, you, and there are circumstances where you can do that very well, where the corporation, if the corporation is set up, for instance, as an investment corporation in Canada, Then it is already known as operating as an investment company. So money coming in, um, as dividend through its in its own investments are not seen as financing activities or non activities.

They are actually seen from operating activities, so you can potentially reinvest them. To expand the business without declaring them as dividend by the Canadian corporation. So it, it’s, it, it, it, it has quite a bit of potential to, to optimize the taxes, um, without triggering, uh, tax events just because it’s receiving dividend from the US corporation.

Did, did I a, did I answer your question? Okay. Yeah, no, I think so here, just, um, and then for the expenses, that’s just a normal expense. Like I can claim expenses, uh, costs in against that income here. Yeah, yeah, yeah. As, because as it remember, it is not coming to you as an individual. It is coming into your corporation.

Yeah. So the corporation has its own expenses, and if you are set up as managing the corporation, then there are a lot of things you can do, uh, uh, as a manager of the corporation that will be seen as operating expenses of the corporation simply because. Its primary purpose is to do investment, so any activity you carry out, either to look for, investment to, to, uh, to carry out transactions or due diligence, um, or do research, there are quite a bit of things that, uh, are allowable within the operating, uh, expenses of an investment company.

Which. Yeah, which will be different. For instance, if you add, uh, a company with primary object, uh, purpose of say, uh, transportation company, and you are using, you use part of the profit to, to invest in that US company, then that is not an operating activity. It’s an investment activity of a, of a corporation, which business is transportation.

It’s less flexible, right? Yeah. Okay. I think I understand. Mm-hmm. Yep. Um, again, Kimara is, uh, off. Is there any other question? Any questions, any clarifications, anyone?

Is, um, is he still coming? Uh, um, I can’t, I I, I can send him a Okay. I’ve actually sent him a direct message to find out, um, a virtual assistant. I can raise a ticket after the call. So, So that he can reach you. Is that okay? Um, but it’s only gonna be through email. I need to, I need to like, talk to him like Okay.

I will, I’ll let him know that. So I will, he will reach you and, uh, try to fix, uh, a meeting. Okay.

So can, did, uh, did we exhaust, uh, your questions?

Hi, Joshua. Yeah, I, I have another question, but it’s more related to like, when I get everything set up and. Well, um, that would be structure, right? Mm-hmm. So until it kinda happened, I dunno, but I wanted to ask you what, other than tax stuff, what else you help versus the clients with? Is it only tax? What else you No, I, I, we do quite, uh, a bit, uh, Um, so we do economics, uh, we do restructuring, structuring, um, we do, um, settlement, uh, and escrow, uh, especially in partnerships.

Um, we do the full blown capital support. And then for organizations, we do economic risk and finance, uh, consulting. So,

So you also, um, in terms of, uh, structure and protection, do you do that for your client? Like to put, uh, their assets in trust, stuff like that? Yeah, we do that. We, we, we all, we do, um, offshore too. If, uh, that becomes, uh, Um, the way to go. We, for instance, some, uh, some investment vehicles looking to attract, um, high net world or to a high net world individuals or institutional investors, generally, those investors, they.

They know what they want when it comes to tax efficiency. They have quite a bit of their, uh, asset investment targeting assets offshore. So if you try to. Set up our experiences that if you try to set up a vehicle in North America that will, that will require them to bring their money from offshore to put in the investment, they’re usually reluctant because they don’t want to bring out a, uh, tax sheltered asset out, expose it and try to, uh, get it back.

They usually will not. They’re reluctant to do that, so then we help. Clients, um, capital or hedge funds trying to set up funds and looking to attract such people to set up offshore in jurisdictions that, uh, would make it. More palatable or palatable, uh, for the kind of investors they, they want to attract.

So it is both for the tax efficiency of, uh, the gp, the general partner like you, and also the, the tax efficiency of, uh, the limited partners who are experiencing such certain tax, uh, exper uh, circumstances Also. So we do, we help with offshoring to make sure that there is, uh, there’s attraction for, for funds that are looking to attract such people.

And do you have offshoring, like closest to North America is you have in current? Um, We, we, it, it’s, it’s the circumstances dependent, right? From Cayman to, uh, other Virgin Island or, or even, uh, within the US shoring in Delaware. Um, and increasingly some other states that are coming up requirement, but generally, um, Mauritius.

Uh, LNBA is getting less and less attractive. Uh, Cayman, the usual ones are the ones that are coming that, uh, in Asia that people don’t know about yet. Um, yeah. Okay. Thanks. Mm-hmm.

Can you give an example, Joshua, like working with you, getting, uh, assets where client, uh, structured properly so that, uh, they’re paying us tax then they were previous. Where they were previously and what we did for them. Yeah, yeah. Okay. For instance, um, I mean, we will not, uh, we’ll just describe the circumstances rather than make, uh, a specific one that will be revealing.

Right, right. So, um, maybe. I’ve had the client, but just the last one was a client trying to, uh, take, take over control insure in a Canadian company. But, uh, the client is globally exposed, uh, is in Nigeria, but globally exposed and, uh, wanted to come straight. Uh, we went unstructured. Robust vehicles vehicle in, uh, Mauritius first, um, to pass the investment rather than bringing it straight from Nigeria.

So we passed through Mauritius and the Mauritius, uh, entities set up the Mauritius entity that eventually invested in the Canadian entity.

Okay.

Your clients are global. So your client was in Nigeria. Hello? Yeah, I’m here. Yeah. Sorry I didn’t, I didn’t hear that. No, I said So you deal with the clients that are global. Yeah. And everywhere. Uh, uh, that’s the initial of, uh, uh, business. Right? You have to be, uh, available to always meet your client’s needs.

Okay.

I also had question for not to come on. Um, I’ll ask again, but let me try to reach him if he’s going to come. Okay.

I think it, it’s, uh, not is coming. Is coming. Yeah. Ernest. Oh, he is here. Ernest. Sorry about that everybody. I was just talking with the Ontario Securities Commission and, uh, Was this going through the questioning process? So it is, it is never easy, but, uh mm-hmm. Thank you for the patience. Um, so, so yeah, just to formally introduce, um, because we just have a few people here, but, uh, so, so Tanya and Ernest, this is, uh, Joshua.

He’s, um, tax and financial expert. I’m more on the, um, you know, the consulting side. So happy to answer any questions as usual.

Okay. Yeah. I have a, I have a question. Yep, absolutely. Yep. Yeah, I managed to, um, I didn’t speak to Jella, but I spoke to her assistant, uh, about getting the, uh, virtual assistant set up. And, uh, so they’re, they’re you, they’re fa you are, they’re very familiar, like, you know, with raises and what they need to do when the SOPs.

Mm-hmm.

Yeah. They, they are. So, I mean, that’s the question. The, the answer is yes because, um, the idea is, We bring them on, they follow the instructions at raises.com/instructions. And then the instructions really just tell them to come back to support. Uh, anyway, so the quick answer is, is, is yes, but uh, you know, they still need to be, they just need to follow our instructions.

Uh, if that answers the question, uh, yeah, cuz they require like 40 hours a week. I don’t know if I get them 40 hours a week to keep me busy, but I have other stuff that my business needs is this. Or is this the other one? I didn’t speak to Jella, I spoke to the assistant cuz she, she wasn’t available. Oh, okay.

Yeah. I, I recommend Jella because Jella you can get people for like, uh, like five, five hours a week, one hour a week, a hundred hours, uh, or 40 hours a week, whatever you want. So that, it’s way better in my opinion. Uh, so yeah, so I don’t know if you got the introduction, but they’re way better. Um, I, I think she works for Jello.

I don’t have the, I don’t have the name, uh, but it was the same companies. I was told that she couldn’t make the call, so her assistant came on. But you’re saying that I don’t have to pay, uh, I don’t have to keep on like 40 hours a week? No, no, no. At all. Oh. And that’s totally okay. I need to, I need to speak to her then, because that, I was told that that’s, that’s a minimum.

Like, I mean, I have other stuff for them to do, like. I want to market my business to, um, you know, to do the business buying and um, do the finance and stuff like that, but to keep them busy. Oh, okay. So, all right. So yeah, cuz they wanted me to sign up like Friday. No, I wanna speak to not too for and then get back.

And so now that’s why I’m glad I spoke to you to clear it up. So I’m have to schedule you another appointment with her. Yeah, no, exactly. Yeah, just, I’ll just push for directly. And then that’s it. And then ask her to, uh, send her, send the application videos for people to send application videos. Uh, yeah, that’s the most productive way.

Okay. So she was trying to get me hooked online, like every weekly and stuff, even though it’s much cheaper than, uh, the other company. But, all right, I’ll do that. Thank you. So good. All right. Anything else? No, I just, um, I just, you have another probe and I wanted to push too, plus the, um, the high level stuff, so I’m gonna add that in too.

So that’s all I got for questions. Oh, okay. Good. And, and Tanya, how’s it going?

Yeah, not to be, I’m good. Um, I want to know if, uh, if there were other. Rest your interest this week? Cause I said to uh, hold off until next week cuz I’m sick. I got sick since Monday. Oh, okay. Yeah. So I been just, uh, I had a fever, but I’m getting better. It’s just gonna take me a few days. Oh, okay. No worries.

So we will, we will hold it off until next week and uh Okay. Yeah, we can do that for you for sure. Okay. Okay. Thank you. No worries, but, but how’s any, anything else? Or, or how’s Uh, um, no, I think, uh, I think that was it. But I, um, I wanted to tell you, I, I talked to Gola. I was, I, I dunno if it was, uh, it was, somebody had contact me from the grind level and they gave me 30 days to try it.

And also du that’s the other one that, uh, they told me the main thing I see. I think that they do everything. Like if you, you won’t have to get, uh, bookkeeping, uh, outside of their, outside of them, or you’d have to pay another fee. They say they do it all and they’re gonna do like two weeks. Um, But it’s similar crm.

It’s just, it’s like different platform. Okay. Who is this? Sorry? Who is this? Udo Udo. Okay. Well, well, listen, I’m not familiar with them, but, um, I mean, it’s a personal decision. I’m just, uh, familiar with the direct source of it and, um, you know, yeah, I’m more familiar with the direct source of it, but, uh, but, but I mean, I can do some research receiver or suitable company, but I’m not really aware of them.

Okay. Okay. Yeah, no problem. The prices a lot cheaper. Then I cancel my, uh, key, what, what are they called? O o o o, sorry. Yeah. O d o o o d o O. Yeah. O, o. Oh, okay. Okay. So crm. So, I mean, hey, they, they may be good. Uh, I just don’t, don’t, I’m not really aware of them and, uh, because we’re recommending go eye level, but, but yeah, I mean, if you like them, feel free to use them.

Just that we’re not, uh, we, we don’t, we don’t know what we don’t know. That’s all. So. Yeah. Yeah, exactly. Right on. Yeah, I was trying to compare. It is pretty cheap. Yeah.

That’s, Yeah. Doesn’t,

sorry, what’s that? Tomorrow I have a one-on-one with you. Yep. Should we delay it because you said you’re sick or, yeah. Can we? Yeah, happily so we can do the same time next week, the week after. Okay. All right. I’ll do that. I’ll send the request to reschedule it. So, sorry, you need to speak a bit closer to the mic.

I can’t hear you. Oh, sorry. No, I said I can send you a request to reschedule. Yes, exactly. Okay, thank you. No, no worries. So, so listen, so, um, uh, I’m, I’m just going to jump offline with, uh, with Joshua. But, but, but thank you for hanging in there and then, um, and then Tanya, we’ll we’ll talk next week. And then I’m getting soon.

Right. Okay. So Tanya, uh, before you go, let me just, uh, uh, recap what, uh, we, what I just said, right? Yes. So for your specific question of whether you go As or c. Um, remember that the difference between them is, uh, where the income is taxed, right? Okay. So if you are looking to significantly, uh, earn your income from the business, say maybe at the initial stage of the business, the business is not going to make enough money.

So you, you will find yourself, uh, taking all their income. Uh, from the business as personal income because you will need it. Uh, then you want an escorp. An escorp, because for the esco the difference is that the, all the income of the business is flowing through the, the, the business owner. It’s not taxed at the corporate level.

Um, Now this is, might be advantageous if the, your personal income is not high. But if it’s high and that happens, uh, you enter a very high tax bracket, then it’s a big loss. There’s no way of accumulating, um, income of the business within the business to keep it right. Mm-hmm. The, the C corporation, um, there are two levels of taxation.

First, the corporation is tax. For the profit. And then if it declares dividend, the corporation, the, the owners will receive the, uh, the dividend are also tax. Now, if the business is owned, owned by one person, as a Canadian with income in the us most of the bus, the, the business income will be deemed dividend profit, right?

Because they believe that. You, it is Canadian controlled, and, uh, c r a wants their money. They don’t want you to keep the money in the business, in the corporation. Uh, when you are the decision maker, they will force you to deit dividends so that you will bring it unless you, you can show that the business is going on trying to reinvest that money as a business set of for investment.

And that can keep the expansion part. So just to, just to, uh, conclude. Otherwise, you’ll find yourself in a double taxation. If the, if the income of the business is low and use a C corporation, then the double taxation will make it not worth the while because the corporate tax. Then the D dividend will bring the dividend out, so your tax on the double side, and you have to now make sure that your tax planning is robust.

Otherwise you will end up paying higher tax than than S-corp. So it depends on the income level, your personal income circumstances, and uh, your ongoing, uh, investment expansion management activities for, for it to work for you.

Yeah, cause I, I, I wanted to know which one is a better option if, I know l L C needs to double taxation in Canada, so I know I didn’t really wanna use that. So ING is better than a C, so I’m gonna, I actually was the, um, Delaware. Business registration not two recommends. I’m, I, I still have to send them, uh, and complete it.

So if I’m gonna set it up, I’ll do the, uh, the S corporation. Yeah, so everything, so everything we flow to you. So, um, if you are going to do that, then I will suggest that you set up, um, a Canadian corporation. Right? Mm-hmm. That would get the money. So the business is a flow through. It’s not taxed in the us it comes all the way to Canada, but when it comes to Canada, it enters a corporation, not your personal bank account.

So then you are able to, while in Canada also carry out, um, the right of certain expenses and all that, and keep the money for, for more, uh, robust tax planning. Oh, so. I should open a Canadian business, uh, corporation in Canada. What is it? There’s only two. Is it limited liability corporation? Yeah. Yeah. You want to keep it plain vanilla.

Don’t, don’t make it, uh, very exotic. Just go with the, uh, limited, uh, liability, whether the l t d or the cop. It doesn’t matter. Okay. All right.

That as well. Okay, nice. Thank you. Yeah, no, no worries. Yeah, Joshua, um, he, he’s, he’s at a premium, so I’m happy that, uh, you’re, you’re making the most out of, of him being here today, uh, as a guest on the, uh, on the Wednesday call. Yes. Thank you. I, I have a personal question for Joshua. I don’t know if I should try to get on.

You can ask. I mean, if it’s, I mean, if, uh, not to double mind hearing personal, I don’t, I don’t have, uh, any you can ask. Sure. Yeah, yeah. Well, I’ll just, I’ll make a scenario. So what if a person has offset, but it’s not, or they’re getting income from the government and they don’t, they know like, um, In terms of when you have the business, you have to stop that income coming from the government.

Like, yeah, but more very likely because, uh, there’s mean testing with, uh, uh, government, uh, money, right? Yeah. So the mean, the the mean testing and you have to be careful because, uh, sometimes you can really get into refund type of thing. And when the mean test and, uh, they determine that you need refund, it could, it could quickly unravel things if, uh, the money is not ready there, you know?

So, uh, if, if you have those concerns, I think we can talk about them in a, in a more specific way, outside. Uh, so I, I can understand the, the, the specific circumstances and the type of mean test that they do, and they, and how aggressive they are. And, and they are less aggressive in certain areas, in certain, uh, uh, government support areas than owners, right?

Mm-hmm. Yeah, that problem. Thanks for sharing. Mm-hmm. That message on WhatsApp. Okay. Okay, good. Thank you. Thank you. All right. Alright, thank you. And, uh, and chat soon. Right? And then, uh, I’ll just chat offline, uh, for a few moments with, uh, Joshua. So nice too. Alls.

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