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There is a first-time for everything from the first time you ride a bike to the first time you were left home alone. While sometimes new things are fun, other times they can be quiet overwhelming. For many young Canadians, filing their tax return for the first time can be one of these overwhelming experiences. Having...
In 2013, the U.S. government provided recognition to same-sex couples as ‘married’ at the federal level. This allowed them to file their federal tax returns as ‘Married filing Jointly’ instead of ‘Single’ qualifying them for the more favorable Joint tax bracket as well as various employer group benefits (For details read: Same-sex couples to be treated as...
When the Canada Revenue Agency (CRA) started their investigation with Canadian charitable organizations, they reviewed each of the charitable organizations registered in Canada and removed quite a lot of them from the qualified charitable organizations list. In 2014 the CRA moved on to verifying foreign charitable organizations that qualified for the same tax-exemptions as domestic...
The Surface Transportation Act was passed in 1982 to address concerns about the surface transportation infrastructure (highways and bridges) across the United States. For the fiscal year 2016 budget, the government proposed to allocate a significant amount towards this Surface Transportation Act of 2015. Unfortunately, the government failed to arrive at a conclusion regarding the...
In Budget 2016, Prime Minister Justin Trudeau replaced the Universal Child Care Benefit (UCCB) with the Canada Child Benefit (CCB), with an objective to support growth and development of the middle and lower classes to build Canada. The Canada Child Benefit (CCB) amount is adjusted to include inflation. Here is a summary by AG Tax professionals on Canada...
Individuals often have life insurance policies provided by their employer, whose ownership is transferable to the employee in the case which the employee is retiring, or for other qualifying reasons. Whatever the reason may be, it is important for these individuals to be aware of the fact that this could have tax implications. Since many...
In our earlier article: ‘Liquidation of a Canadian Company from a Tax Administration Perspective’, we discussed the tax process involved when dissolving a Canadian company. However, what if the business owner is simply restructuring the business? What if there is a change in ownership due to growth, tax planning or other business needs? As with liquidation...
There may come a time when a Canadian business owner no longer wishes to continue their business, and would like to liquidate or wind up the company. Often people assume that by simply stopping the business activities and services, a business is closed, but that’s not the case. By liquidating a company, the individual is...
Almost everybody has a hobby. While someone may love baking and trying new recipes for fun, another may be obtaining baking orders from neighbours, colleagues, and/or friends to generate additional income. What could be better than doing what you love, and earning from it as well? Although enticing, when this income becomes regular, or is...
If you don’t know your options, paying your outstanding taxes to the IRS can sometimes prove to be a time-consuming effort. However, when it comes to U.S. federal taxes, the U.S. Internal Revenue Service (IRS) offers various ways by which a U.S. taxpayer can clear their tax dues. Here is a brief summary prepared by AG Tax...
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ABOUTAylett Grant Tax, LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.ABOUTAG Tax LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
12752 28th Ave, Surrey, BC, V4A 2P4OFFICEEdmonton
104–4220 98 St NW Edmonton AB, T6E 6A1