[myst1]

Hey guys, me again. I posted this in another thread, reposting it here. A few things have changed since my last post, including much bigger wins this year.

I'm in the same situation as most of you, only I'm probably a bigger target for the CRA. My profits last year were around $1 million, and this year a little over $2.5 million. There are my first 2 years of professional play, and most of it is easily trackable because they are live tournament winnings.

My financial advisor told me to incorporate myself, which I did, and we moved all of the funds into my business account, and then into my current investment portfolio. We are submitting our case to the CRA, so that we get a decisive ruling right away. Could this be a bad idea? The only thing I know is that I don't want to break any laws.

My financial advisor has tried to assure me that even if they decide to tax me, I will end up having to pay very little taxes, after making investments in flow-through shares and other tax-credit investments, and write-offs.

I'm still a little worried though. Does anyone with knowledge in the field see any holes in my plan? My last resort would be to detach myself from Canada and become a non-resident for 6 months plus a day, and then my earnings for 2007 would be non-taxable. Is there a minimum number of years I would have to stay out of Canada before I could return?