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Well, it doesn't really matter. Because assuming that you aren't spamming this board, you're never going to see any money. Any investment like this is a scam, and you probably have lost all of your money.Originally Posted by cyryz
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Feb 19th, 2008 04:52 PM #1Newbie
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t5 slip
Hello Everyone,
I found an investment company that has been paying 17.5% interest per month for the past 8 months. I have never cashed in and just kept the money rolling over every month. They said that they will be issuing T5 slips soon. What does this mean? Does this mean that i have to pay taxes on money that i have not actually received? I am unable to pull any money out of this company for the next 6 months. The total amount of interest that i have made is HUGE and i will not be able to afford to pay taxes on this amount. I thought that you dont pay taxes unless you actually receive money... is this wrong or am i literally screwed?
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Feb 19th, 2008 05:02 PM #2Deal Addict
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Feb 19th, 2008 05:11 PM #3Newbie
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well... i am not spamming and will never divulge the name of the company invested in and im confident that i will get my money as friends of mine have all got their money. but your answer doesnt answer my questions!!
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Feb 19th, 2008 05:14 PM #4Deal Fanatic
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You will have to pay taxes on the interest earned. Originally Posted by cyryz
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Feb 19th, 2008 05:58 PM #5Deal Addict
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If you've earned interest that was "rolled into" further investment in your mystery vehicle, you'll have to pay tax on it. Just because you don't have the cash in hand that doesn't mean that you're free from tax, there's no 'deemed disposition' type action like there are for capital gains. Interest is also taxed as straight income, not at a discount like dividends or capital gains. In essence, you're screwed, time to go beg for a loan from the bank or from your local organized crime syndicate.
Anyways, shouldn't all of your friends who have been involved in this investment be able to help you out on this one? Reply With Quote
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Feb 19th, 2008 06:20 PM #6Newbie
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Hey everyone, thanx for your replies... i guess its time to knock on friends doors!!!
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Feb 19th, 2008 08:17 PM #7Deal Addict
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Originally Posted by cyryz
Might want to bring a 2x4 when you knock on his door
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Feb 19th, 2008 08:44 PM #8Deal Guru
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That is common with these scams. They pay off a few people with the money that a lot of people contribute. This is how they convince more people to sign up. It is a pyramid scheme. Originally Posted by cyryz
Good luck trying to get your money out. They won't let you. Chances are high that you will lose it._______________- Casual Gastronomist | Does It Blog? -
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Feb 19th, 2008 08:50 PM #9Deal Addict
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Get your money out now or you'll lose it.
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Feb 20th, 2008 12:32 AM #10Deal Fanatic
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Is it 17.5% interest annually paid monthly or is it actually 17.5% interest per month (210% per year)? If it's the latter, it is most definitely a scam. If it's the former, it might not be a scam but anyone who borrows from investors at 17.5% is a very, very high risk borrower and you might lose everything just because of the inherent risk (which I'm sure they did not make you aware of) of the investment. Since you're in Calgary, I have an idea of they type of investment you're probably in, as I hear their ads on the radio all the time.
So yeah, you could be royally screwed if you have to pay tax on interest now, that you'll never see and then lose everything. Essentially pay full marginal rate now, offset it later with a capital loss at half marginal rate. Reply With Quote
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Feb 20th, 2008 01:08 AM #11Deal Addict
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what you should do is take out how much you put in.
so then the interest u continue to make will still build up and u don't really lose anything. Reply With Quote
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Feb 20th, 2008 01:16 PM #12Newbie
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Thanx for everyones replies!!! The return rate was 17.5% per month... i know, it sounds way to good to be true. However, i am 99% sure that this is not a scam as the guy running the show is a friend of a friend and is a well known investor that started his own company and needed initial investors a while back. So my concern wasnt IF i was to ever get paid, it was WHETHER i had to pay taxes on the interest now or later and i thank those that replied that answered my questions. I do ask though that nobody PM me to get the name of the company that i am dealing with. This was my risk that i was willing to take and dont need the risk that others are willing to take upon my shoulders!!!
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Feb 20th, 2008 01:30 PM #13Deal Addict
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you know
you could have just asked what is a T5 slip and avoid all the need for secrecy...
unless you wanted everyone's opinion on the company. Reply With Quote
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Feb 20th, 2008 02:16 PM #14Member
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Lookup Ponzi Scheme.
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Feb 20th, 2008 03:40 PM #15Sr. Member
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Originally Posted by PurpleTiger
+1
Wave ba bye to that money lol. Some people..._______________
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