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In our earlier article, we discussed the deductibility of interest expenses incurred on money borrowed for investment purposes (be it for investment in real estate, or to purchase securities). However, there are other various expenses incurred when dealing with securities which may qualify for tax deduction by the Canada Revenue Agency (CRA). Thus being informed...
Many Canadian business owners have already expanded or plan to expand their businesses to cover the U.S. market especially in the border provinces. Some of them even have corporations set up in the U.S. to facilitate business and carry out transactions between their Canadian and U.S. corporations leading to cross-border tax issues. Although the business...
If you have recently received a letter from the Internal Revenue Service (IRS) that references ‘Letter 5071C’ on the top right corner of the page, you should respond to it as soon as possible. The reason for responding as soon as possible is because this letter is issued only when the IRS puts the processing...
Canadian Replacement Property Rules Many Canadian often confuse the Canadian replacement property rules under Section 44 to be similar to that of the U.S. Internal Revenue Code (IRC) Section 1031 Like-kind Exchange; often when it is regarding their property situated in the U.S. However it is important for Canadian taxpayers thinking of taking advantage of...
Canadian Small Business Deduction At AG Tax, we often have our corporate clients inquiring about deductions or credits which they could rely on to save taxes. Although there are many useful credits and deductions, one deduction worth mentioning is the small business deduction, on which our tax analysts have prepared this article which could be...
Starting January 1, 2015, the new Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), where applicable, should be used by foreign (non-US) entities to prevent or reduce US withholding tax at source. Going forward, the former W-8BEN can only be used by individual taxpayers. AG Tax analysts...
Friday, February 6th 2015 This seminar is geared towards US citizens and non US residents. Minimize Penalties Raise Awareness Be Proactive Choose from two time slots: 9:00am – 11:30am 1:00pm – 3:30pm Location This event will be held at Northview Golf and Country club: 6857 – 168th Street, Surrey BC, V3S 3T6 Limited seating, reserve...
Many foreign nationals, non-resident aliens, and resident aliens are not aware of the fact that the US ITIN (Individual Taxpayer Identification Number) provided by the US Internal Revenue Service (IRS) has an expiry date. This can prove to be even more concerning when filing close to the deadline; during which applying for and obtaining a...
On the 21st of August, 2014, the Canada Revenue Agency (CRA) launched its first mobile application to support and assist business taxpayers. According to the Minister of National Revenue Kerry-Lynne Findlay, who introduced the app in Vancouver, “It is more about just trying to help small business focus on what their priorities are, which is...
Canadian Property (Section-116) It is a common misconception that Section-116 applies only to real estate, which is not the case; Section-116 applies to gain from disposal of any ‘taxable Canadian property’ (TCP) which includes but is not limited to: 1. Any real or immovable property (land) situated in Canada; or property used, held, or is...
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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