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Originally Posted by blankall
Pretty simple to avoid taxes. Set up a personal corporation. You pay 11-13% tax on the money you keep in the corporation. This rate is lowered with write offs. You can also invest this money into passive investments while in corporate solution, and the profits from these investments are also sheltered.
Structure your finances in a way that any money you take out is minimal, and use write offs for things like home officers, employment use vehicles, business dinners, etc... To keep that tax minimal.
The more you make, the higher proportion of money that stays in corporate solution, and the lower the effective tax rate.
Things like capital gains exemptions, a lack of inheritance tax, trusts, etc. ensure the rich stay rich.
The only real thing the government has done to impede this is getting rid of income splitting.
Edit: disclaimer... Do not do this before talking to a tax lawyer or accountant.
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I ask every firm I work at if I can do this. They won’t let me (need to be a partner) - I don’t see why legal associates can’t take advantage of it the same way “income” partners or associate counsels can