The first thing anyone who wants to cash out should do is make sure your personal tax return is ready. Then you’ve got to get a company tax refund.
The third thing you can do is join a pension fund, especially one with a fixed life term. This could cost up to a year’s pay. If you want a tax refund you’ll need to come clean about your tax affairs — you’ll never have to return and can keep your money until the end of your life, making it easier for you to live a fulfilling life and retire.
There are several options out there, but I advise against using a pension unless you have personal tax issues.
The final option is that you can also cash out through your employer.
So who is this tax dodger I spoke about?
Yes, you’ve read correctly — Stephen Harper.
Mr. Harper is a billionaire. It turns out he was a beneficiary of tax-deferred retirement savings accounts, which are known as RRSPs.
He is also a beneficiary of Canadian Life Annuity Pension plans. I should add — Mr. Harper doesn’t appear to be registered to vote — which raises legal issues as to whether he should get money for his pension.
He should have an account set up that he can withdraw money from.
Is this a good thing?
It can be. RRSPs give you a free retirement. That’s all they are.
If you have a large enough RRSP and are financially stable you won’t have any hard questions asked about what you’re doing with your money. You’ll have everything you need to live a fulfilling life all your own.
It’s not perfect. In fact it is more like a free gift than a tax refund.
But you get a better job later with bigger benefits. And it will also save a fortune.
And there’s something else. You get a tax refund.
You don’t pay taxes on your money. You just pay the interest on it.
I’ve been a tax expert for 30 years and I’ve seen it all. And for many years I was a tax dodger. If it was in your best interest to go rogue I’ve never told anyone that’s how it works.
What’s the point?
If you don’t pay your taxes you can’t enjoy your money. But you can also use your money to fund some of the best of your life
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