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Anonymous
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Anonymous said 6 days ago

Offshore tax scheme left Olympian Donovan Bailey owing nearly $2.3 million in unpaid taxes

That not good https://www.thestar.com/news/investigations/2018/06/11/inside-the-offshore-tax-scheme-that-left-iconic-olympian-donovan-bailey-owing-nearly-23-million-in-unpaid-taxes.html

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  • powerboy User since:
    Dec 11th, 2014
    Posts: 228
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    powerboy said 6 days ago

    This is an ugly story. I am not a tax lawyer, but any competent lawyer should know that that you cannot move money around through charities or holding companies and have it end up back in your hands tax free. Donovan was mostly a victim in this, but also deserves some blame for looking to avoid all taxes.

    Our tax system is reasonably fair, and there are lots of legitimate ways to lessen taxes without going offshore.

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  • anonymous Anonymous
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    Anonymous said 6 days ago

    I can understand wanting their money, but the CRA shouldn't be going after Bailey and Lindsay criminally, they should be hitting Bollefer - hard.

    This guy should be in jail.

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  • runningman User since:
    Feb 23rd, 2018
    Posts: 124
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    Runningman said 6 days ago

    Come on man common sense here people. You give money to a charity, let alone an off-shore charity and expect to receive money back in the future? That doesn't pass the smell test right from the start.

    Donovan is a smart guy he should have realized something seems odd about this scheme.

    Toss the lawyer in jail.

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  • buddy User since:
    Jun 8th, 2015
    Posts: 1096
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    Buddy said 6 days ago

    That moment when Ben ends up with more money in the bank than Donovan

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  • meizner User since:
    Oct 8th, 2013
    Posts: 788
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    Meizner said 6 days ago

    Quoting: Runningman
    "Come on man common sense here people. You give money to a charity, let alone an off-shore charity and expect to receive money back in the future? That doesn't pass the smell test right from the start.

    Donovan is a smart guy he should have realized something seems odd about this scheme.

    Toss the lawyer in jail."


    Anyone presented with this scheme with half a brain has to know there is something super sketchy and high risk going on. Read the description of the offshore money changing of hands. If you add up all the 'skimming' off the top it's hard to imagine they saved a ton of tax-- especially given the inherent risk of signing over your money to an offshore entity.

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  • meizner User since:
    Oct 8th, 2013
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    Meizner said 6 days ago

    Quoting: Meizner
    "Anyone presented with this scheme with half a brain has to know there is something super sketchy and high risk going on. Read the description of the offshore money changing of hands. If you add up all the 'skimming' off the top it's hard to imagine they saved a ton of tax-- especially given the inherent risk of signing over your money to an offshore entity."



    Would love to hear MJD's take on this....

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  • mjd User since:
    Oct 11th, 2013
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    MJD said 6 days ago

    Several thoughts on this. I have seen people fall for this sort of thing several times. If I am given the opportunity to advise on it before money is committed, I have always made my views clear in no uncertain terms to the client, the promoter and the advisers, much less politely to the latter two. Everyone who has fallen for this sort of idiocy deserves their fate, whatever that may be. This is classic Darwinism at work.

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  • mjd User since:
    Oct 11th, 2013
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    MJD said 6 days ago

    Quoting: Meizner
    "Would love to hear MJD's take on this...."


    Funny. Was typing it out as you wrote that. Took a while because I edited out some less than flattering comments about DB who has enough problems.

    This post was edited by MJD 6 days ago . 
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  • anonymous Anonymous
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    Ricky Bobby said 6 days ago

    Have never heard anything really positive about Bailey. Heard he was always a jerk as an athlete. Wasn't much liked. Between this and the drunk driving, not sure how Runningman can come to the conclusion of Bailey being a smart guy....

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  • runningman User since:
    Feb 23rd, 2018
    Posts: 124
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    Runningman said 4 days ago

    Quoting: Ricky Bobby
    "Have never heard anything really positive about Bailey. Heard he was always a jerk as an athlete. Wasn't much liked. Between this and the drunk driving, not sure how Runningman can come to the conclusion of Bailey being a smart guy...."


    Ever spoken to him? I have and have heard him at corporate functions he's a smart guy at least at par with most of us. (Okay...bad example)

    How does being a jerk make him unintelligent? Lots of very successful business people are royal jerks.

    Drunk driving again lots of successful, smart people make momentary bad decisions.

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  • buddy User since:
    Jun 8th, 2015
    Posts: 1096
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    Buddy said 4 days ago

    You ever see a really humble (Canadian) man make the Oly 100m final?

    This post was edited by Buddy 4 days ago . 
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  • anonymous Anonymous
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    Anonymous said 4 days ago

    Quoting: Buddy
    "You ever see a really humble man make the Oly 100m final?"


    Frankie Fredericks?

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  • anonymous Anonymous
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    Anonymous said 4 days ago

    Quoting: Anonymous
    "Frankie Fredericks?"


    Calvin Smith

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  • anonymous Anonymous
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    Ricky Bobby said 4 days ago

    "Drunk driving again lots of successful, smart people make momentary bad decisions."

    You think this would have been a one time 'accident'? LOL. It was a one time accident that he got caught.
    And speaking at corporate functions makes you smart now? Oh gawd...

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  • new-post-last-visitanonymous Anonymous
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    Anonymous said 3 days ago

    Quoting: MJD
    "Several thoughts on this. I have seen people fall for this sort of thing several times. If I am given the opportunity to advise on it before money is committed, I have always made my views clear in no uncertain terms to the client, the promoter and the advisers, much less politely to the latter two. Everyone who has fallen for this sort of idiocy deserves their fate, whatever that may be. This is classic Darwinism at work."


    Agree with you 100%.. How could anyone with any brains think this was legitimate?

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