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Tokyo housewife hid 1.7 million pounds in forex gains
Posted: 24 August 2007 08:27 AM   [ Ignore ]
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http://news.yahoo.com/s/nm/20070824/od_uk_nm/oukoe_uk_japan_forex

Tokyo housewife hid 1.7 million pounds in forex gains

Fri Aug 24, 1:22 AM ET

TOKYO (Reuters) - A financially savvy Tokyo housewife who made 400 million yen (1.7 million pounds) trading in foreign exchange markets was fined on Friday for evading tax, a court official said.

Yukiko Ikebe, 60, got a suspended jail sentence and was fined 34 million yen, after she used relatives’ names to make her gains look smaller and avoid paying tax, NHK said.

“She felt it was unfair to have to pay tax on her gains, when she made losses some years,” NHK quoted the judge as saying. “She spent the money on kimonos and jewellery.”

Forex trading has become more popular in recent years in Japan, where low interest rates have led retail investors to seek new sources of profit.

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Posted: 24 August 2007 09:49 AM   [ Ignore ]   [ # 1 ]
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I have to agree with her on the tax loss thing. Isnt there a way you can claim credit for it?

Also, is it true Lotto winnings in Canada arent taxed, but in the US they are?

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Posted: 24 August 2007 11:22 AM   [ Ignore ]   [ # 2 ]
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AussieBruce - 24 August 2007 01:49 PM

I have to agree with her on the tax loss thing. Isnt there a way you can claim credit for it?

Also, is it true Lotto winnings in Canada arent taxed, but in the US they are?

I know they are in the US. I would be SHOCKED if they weren’t in Canada, since everything else is heavily taxed, but I honestly don’t know.

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Posted: 24 August 2007 12:06 PM   [ Ignore ]   [ # 3 ]
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Source

Is it true that Canadian citizens don’t pay taxes on lottery wins?

If a Canadian wins the Canadian lottery, the funds are given to the winner in cash, with no tax liabilities ever.All lottery payments are in cash, with no deductions. These winnings are not taxable in Canada if you win on this lottery. There is no further liability for any amount, and you actually get 100% of the prize amount that is forecast.

This probably isn’t the most reliable source, but I know this to be true. Lottery winnings in Canada are tax free. Which reminds me I have a ticket from Wednesday I didn’t check and now it is at home…

As for high taxes, my flatmate is from Ohio here on a Visa. He says his income taxes aren’t all that much higher than they were in the US (maybe 2%). We do have the GST/PST, but you get part of that refunded in your return most of the time. Plus there’s the whole universal health care thing that we get out of that…. My flatmate says his total extra taxes paid out are far less than his insurance deductables were had he gotten sick back home (not that he is sick, but if…).

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Posted: 24 August 2007 01:08 PM   [ Ignore ]   [ # 4 ]
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AussieBruce - 24 August 2007 01:49 PM

I have to agree with her on the tax loss thing. Isnt there a way you can claim credit for it?

Also, is it true Lotto winnings in Canada arent taxed, but in the US they are?

Yes, I can definitely confirm that lottery winnings in Canada are totally tax free.  There have been attempts by previous governments to institute a lottery tax but the uproar has been so great each time that the plan was canned.  But at the same time it is also the reason why our lotteries never reach the lofty heights of a couple of hundred million dollars like the powerball.

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Posted: 24 August 2007 02:29 PM   [ Ignore ]   [ # 5 ]
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Whoa, I’m shocked! LOL

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