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You’ve been looking at all those great values in US real estate and the premium value of the Canadian dollar. You’ve been thinking that now may be the time to buy before prices start to rise or all the bargains are scooped up. You’ve studied the decline in housing prices in the US Sun Belt...
A Canadian resident that the IRS has deemed to be a residential alien by way of having a substantial presence in the United States (the substantial presence test) is required to pay US income tax on his or her worldwide income. However, if it can be establish that a Canadian resident (or resident of another...
In a previous segment we dealt with the problems that a Canadian resident might face when purchasing a US residential property. There are many reasons why an individual might purchase such a property varying from a desire to own a vacation property in the Sun Belt to taking advantage of a perceived investment opportunity. In...
If you are a Canadian resident who is planning to spend an extended period of time in the United States you should be aware of the IRS tax regulations that may effect you. Perhaps you have just purchased a US residence in the Sun Belt and plan to become a snowbird or perhaps you plan...
The Income Tax Act gives the CRA broad powers to conduct a detailed review or audit of your income tax return, requesting additional information, either in support of a particular tax return that has been filed, or a request to file a tax return. The telephone call can signal the beginning of a stressful time...
Please note that the IRS has just announced an extension of the Offshore Voluntary Disclosure program to September 9, 2011! The Internal Revenue Service has announced a special voluntary disclosure initiative: • designed to bring offshore money back into the US tax system • intended to help people with undisclosed income from offshore accounts to...
US real estate market prices have taken a plunge in some geographic areas and at some but not all price levels, and many Canadians have purchased or are considering purchasing property in the U.S. Here are some of the factors that are attracting Canadian $ to the US Real Estate marketplace: • The strength of...
Following the death of a taxpayer, the filing of a number of different Canadian tax returns may be required, including: • Tax returns for years prior to the year of death • T1 Final • A Rights or Things Return Items which can be included in a Rights or Things return may include: • Matured but unclipped bond...
Canadian residents owning any US property can be subject to US estate tax. Strategies, such as the use of trusts, are available for structuring US real estate and assets to reduce or eliminate the potential liability from US estate tax. The Canada-United States Convention with Respect to Taxes on Income and on Capital provides Canadian...
Clearance certificates are written notices issued by the Canada Revenue Agency to confirm that an estate has no outstanding tax liabilities to Canada. If an executor distributes the assets of an estate before getting a clearance certificate confirming that all taxes and any interest penalties have been paid, the executor can be personally liable for payment of the...
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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