Re:China’s 1 Percent Flock to Canada
by myth_drannon on Tuesday April 12, 2016 @08:46AM
(#11478997)
That's the whole point of anger towards them. Thats dirty money. That's money laundering. They don't pay income/corporate tax in Canada.
[ Parent
| on HN ]
It seems incredible racist to assume that all Chinese money is dirty money and/or money laundering. Sure, some of it is, but China is also the world's factory - we pay them to manufacture stuff, that provides them with money legitimately. It might not be evenly distributed among the population, but that isn't the case in the US either.
Re:China’s 1 Percent Flock to Canada
by imtringued on Tuesday April 12, 2016 @09:22AM
(#11479277)
>money legitimately
You're completly ignoring the massive subsidies and currency devaluation to keep this scheme going. If we didn't have import tariffs all our local industries would get destroyed because nobody can compete with someone who sells their goods below manufacturing costs for decades.
They're not earning their money in Canada, so what's that got to do with the Canadian tax system? Whether or not they pay tax in China is China's problem, just the same as with any other money transferred from abroad.
If I retire and moved to Canada with $10m (I wish), how much tax would I have to pay at the border? Would it matter which country I'm moving from?
As a resident Canadian citizen (or permanent resident, or someone with a work permit) you are, generally speaking, supposed to pay Canadian taxes on earnings made abroad. IANATL, but I guess if your income comes from parents who live abroad you can get around most income taxes?