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For 2013, the U.S. Department of Health and Human Services (HHS) estimated that the basic cost of raising a child in the U.S. was $4,020 yearly, which can be quite taxing for single parents and individuals with low income, particularly in cases where families have more than one child. The U.S Internal Revenue Service (IRS)...
The U.S. has seen numerous tax reforms in the last two years. Many new tax laws have been introduced and a few previous standing laws were modified. With these changes, both: small business owners and high income taxpayers could face a challenges this tax season. AG Tax professionals have prepared an overview of the few...
Although the government provides innumerable savings plans to encourage savings amongst its citizens, the sheer number of options can prove to be confusing. In regards to retirement, taxpayers are commonly uncertain on whether Tax Free Savings Accounts (TFSAs) or Registered Retirement Savings Plans (RRSPs) are the better route to go. While both the accounts are...
Domestic and foreign assets of all U.S. citizens and decedents are subject to U.S. estate tax law when they are above the allowed limit. The estate tax exclusion limit sits at $5,250,000, leaving a large number of estates below it and not subject to federal estate taxes. In addition, federal estate tax does not apply...
The Canada Revenue Agency (CRA) has made electronic filing of tax returns compulsory through NETFILE or EFILE as it ensures accuracy, faster refunds and security. In addition, it minimizes the CRA’s time and cost burden of handling and storing the paper returns (Read: Tax Filing Details for Canadians). Despite this, it is important that taxpayers...
The U.S government seems to be fully geared up to have all U.S. citizens comply with its minimum healthcare insurance coverage rule under the Affordable Care Act (Obamacare law). Beginning 2014 onward, the government will be imposing a penalty on individuals who fail to comply with the ‘individual mandate’, i.e. the basic minimum health insurance...
Canada, unlike the United States, taxes entities on the basis of their ‘resident’ status during a tax year rather than basing it on their citizenship. However, in the case of a Canada-situs property it could be taxable even if the taxpayer is a non-resident during the year, with the situation growing in complexity if it...
In this era of severe tax scrutiny it is important to plan your savings to avoid paying large tax liabilities while fulfilling a financial goal. Studies conducted by Statistics Canada report a Household Savings Rate of 5.4% in Canada, which is 0.4% more than the previous year. However, studies conducted by BMO Bank of Montreal...
In our previous article “U.S. Tax Law: FATCA & it’s Impact on Canadians and the International Community“, we provided an overview of the US Foreign Account Tax Compliance Act (FATCA) and how the U.S. wanted multinational (non-U.S.) banks, financial institutions, and governments of various countries to comply with this law. The article also covered the...
In August 2013, the Supreme Court announced its decision to the Windsor v. United States Court case recognizing same-sex couples to be treated as married for all federal tax purposes (i.e. income, gift and estate taxes) even if the married couple resides in a state that does not recognize same-sex marriage bringing an end to...
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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
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