Fight Aids Save Taxes ...... Legit or not...Facts only

[ALBERTALEXUS]

Hello everyone, I have been lurking for awhile now and decided I couldn`t wait any longer!

I have a few questions about the Fight Aids Save Taxes tax shelter from the Fast Track Group. I personally know someone that has got involved with this and I am a very skeptical person but they have recieved a huge tax return and it has peaked my interest. I have done a fair bit of research on the internet trying to find any information on someone who has been scammed or audited or anything negative after investing their money and I have not found one person. I have however found many skeptics saying to avoid it, its a scam, you will be audited and have to pay back rediculous amounts of money.

So I guess what I am looking for is hard facts, anyone who has won or lost with this Tax Shelter or professionals with factual information and not just hear say. Thanks.


Alex

 

[JamesB]

Canada Revenue Agency will use GAAR (General Anti Avoidance Rules) to attack ANY deal where they feel people have "abused" the system to avoid paying taxes. When someone makes a $100 donation and gets a $1000 tax credit, (for example) it makes Revenue Canada upset. They have no problem with you getting a $100 receipt for a $100 donation. You can do that all day long.

Their auditing systems are so advanced now that if just one persons "Charitable Donation" gets audited and denied, they are able to create a list of EVERYONE that has done the same deal and go after them. The net result is that you are out your donation, the fines they assess you (and they will). And then you will have to pay the tax, and return you refund. I know people that have gone through this. They got away with it for 3 years and then got re-assessed may years taxes, plus penalties.

Take the high/smart road. If its too good to be true, it likely is!



QUOTE (ALBERTALEXUS @ Apr 10 2010, 03:44 AM) Hello everyone, I have been lurking for awhile now and decided I couldn`t wait any longer!

I have a few questions about the Fight Aids Save Taxes tax shelter from the Fast Track Group. I personally know someone that has got involved with this and I am a very skeptical person but they have recieved a huge tax return and it has peaked my interest. I have done a fair bit of research on the internet trying to find any information on someone who has been scammed or audited or anything negative after investing their money and I have not found one person. I have however found many skeptics saying to avoid it, its a scam, you will be audited and have to pay back rediculous amounts of money.

So I guess what I am looking for is hard facts, anyone who has won or lost with this Tax Shelter or professionals with factual information and not just hear say. Thanks.


Alex

 

[ChrisDavies]

I think it was Barry or Navaz who mentioned this at a previous meeting, and that they knew individuals who had used this shelter, only to be audited by the aggressive tax planning division of CRA, a group previously unknown.

 

[Sherilynn]

Greetings.

Here is a link to a previous thread on this topic: Fight Aids, Save Taxes

Regards,
Sherilynn

 

[Savard]

These scams only appeal to your greed. Think about it.
You are making money off the CRA. This is a large faceless organization that created a business unit called something like Aggressive Tax strategies. You should know that a business unit has to make money in order to survive, so this unit will justify its investigations in order to survive. Why would you engage in a business venture that targets profit from the CRA.

Secondly, all these money raising ventures, syndications have operating costs and marketing costs. The Heart and Stroke Foundation or the Red Cross for an example, will pay its people to raise money and a percentage of what is left goes into where the initial donation was targeted. Obviously. Now how what percentage will "fight aids, save taxes" or "Global Learning" or the "buy art scam" give? I`d bet they will keep 90-95%% of the donation and give the charity only crumbs. We will never know. They do not have to disclose. The CRA documents makes reference to this from its audits.

Do your self a favour Run away.
Or if you are still greedy go to the casino. At least you may get a free drink with your donation and than you can brag to your friend about your gambling prowess.

Mark this decision on your calender and follow up with your friend in a few years. I`d bet they would have given all the money back to the CRA and wish they asked advice before giving money to a slick sales presentation.

You are a greedy person. Like the rest of us Good on you to ask about an investing decision before giving in to your greed. I encourage you to call Barry and Navaz.

 

[Savard]

I have done a fair bit of research on the internet trying to find any information on someone who has been scammed or audited or anything negative after investing their money and I have not found one person. I have however found many skeptics saying to avoid it, its a scam, you will be audited and have to pay back rediculous amounts of money.

People who were duped into giving money don`t typicall pay alot of money to market their pain. It is this lack of orginized victims that allow more greedy people to have their money taken. RIEN`s value to you is telling stories from the trenches that won`t make internet site for you to find with a "fair bit of research".
Every person who donates will be investigated. It is low hanging fruit for the CRA and there is all ready justification for the CRA to put hours into the investigation.

 

[Savard]

Hi Alex,
Please close the loop and share your decision to buy or not. Have you spoke to anyone else, Barry or Navaz? Found any informaiton on the internet?

 

[2ndstory]

QUOTE (ALBERTALEXUS @ Apr 10 2010, 02:44 AM) Hello everyone, I have been lurking for awhile now and decided I couldn`t wait any longer!

I have a few questions about the Fight Aids Save Taxes tax shelter from the Fast Track Group. I personally know someone that has got involved with this and I am a very skeptical person but they have recieved a huge tax return and it has peaked my interest. I have done a fair bit of research on the internet trying to find any information on someone who has been scammed or audited or anything negative after investing their money and I have not found one person. I have however found many skeptics saying to avoid it, its a scam, you will be audited and have to pay back rediculous amounts of money.

So I guess what I am looking for is hard facts, anyone who has won or lost with this Tax Shelter or professionals with factual information and not just hear say. Thanks.


Alex

If you are prepared to fight CRA in the future, than go for it. If you don`t want to deal with CRA, don`t do it. You will have about 3 years before they come and ask for the money back. You could invest it during that time and buy some real estate.

As for the comment about greed, that`s a pretty judgemental attitude. I don`t see a whole lot of difference between someting like this and leveraging using opm.

Nik

 

[Savard]

QUOTE (2ndstory @ Apr 19 2010, 09:03 AM) If you are prepared to fight CRA in the future, than go for it. If you don`t want to deal with CRA, don`t do it. You will have about 3 years before they come and ask for the money back. You could invest it during that time and buy some real estate.

As for the comment about greed, that`s a pretty judgemental attitude. I don`t see a whole lot of difference between someting like this and leveraging using opm.

Nik

Really? We may have a different definition of greed. My Buddhist friend says having a job is greedy. My union worker friend says buying a second house is greedy.

Gordon Gekko said.“Greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind"
I think all of us that invest in real estate or other investments are greedy. Don Campbell has a great chart that helps define our investing decisions which are based on Fear and Greed.

Think about it.

 

[2ndstory]

QUOTE (Savard @ Apr 19 2010, 02:04 PM) Really? We may have a different definition of greed. My Buddhist friend says having a job is greedy. My union worker friend says buying a second house is greedy.

Gordon Gecko said "Greed is good".

I think all of us that invest in real estate or other investments are greedy. Don Campbell has a great chart that helps define our investing decisions which are based on Fear and Greed.

Think about it.


Ok, when I think of greed, I think of it in negative terms; different from your unemployed Buddhist friend or your union worker friend. I see it as acquiring wealth without regard to the welfare of others and for only personal gain. Someone may be looking to use their tax return to pay for their daughter`s tuition or to pay a debt. I don`t see that as motivated by greed.

Nik

 

[Cargren]

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