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As the Canada Revenue Agency (CRA) begins to process tax refunds, tax scammers also start working on ways to scam taxpayers since it is easier to convince the taxpayer and make them fall for the bait during this period. Currently, along with the various tax frauds involving refund mail and tax due payments, the following...
Paying lump-sum taxes can be a huge burden on one’s cash flow. To prevent such a scenario, the U.S. Internal Revenue Service (IRS) encourages taxpayers to make estimated advance instalment tax payments. Generally, taxes must be paid as you earn or receive income during the year. For employees, the employer withholds taxes from their wages...
The U.S. government taxes its citizens, and greencard holders on their worldwide income regardless of whether they are U.S. residents for the tax year or not. Individuals who are born to U.S. parents in countries like Canada are also subject to U.S. taxes as they are considered U.S. citizens and have a U.S. Social Security...
In Canada, taxation of tips and gratuities can be quite complex, since the Canada Revenue Agency (CRA) distinguishes tip income as: controlled or direct based on certain factors. Although all tips are taxable to the recipient, depending on the tip income’s type it may or may not be subject to Canada Pension Plan (CPP) and...
As per the U.S. Internal Revenue Service’s (IRS) report, in 2016 over 85% of taxpayers e-filed their 2015 tax returns. Some individuals, however, are still skeptical when it comes to e-filing. Common reasons for taxpayers opting out of e-filing are identity theft & financial data theft, even though the IRS has taken great lengths to...
Most Canadian companies when expanding its operations internationally, look to the United States due to the close proximity, access to a huge market, and ease of trade. However, when a Canadian company decides to sell its services and products in the US, it should be aware of the various US tax laws that could apply...
Due to the close proximity, many U.S. individuals move to Canada for personal or work reasons but maintain their U.S. citizenship. In addition, some Canadians acquire U.S. citizenship from one or both of their parents. As U.S. citizens, the person needs to fulfill their U.S. tax responsibility. This includes reporting the sale of a Canadian...
Tax frauds relating to false refund claims, and identity thefts have been a severe problem for the U.S. Internal Revenue Services (IRS). The IRS has taken several identity theft preventive measures from verification based on Adjusted Gross Income (AGI) confirmation to the latest IP PIN (Identity Protection PIN). Many U.S. taxpayers are still not well...
Canadian resident taxpayers are subject to income tax on their world-wide income. As a result, the individual is required to report foreign source income such as foreign employment income, foreign investment income, foreign pension income, etc. on their income tax return each year. The income is required to be converted to Canadian dollars before reporting,...
In mid-January, the Canada Revenue Agency (CRA) announced the inflation-adjusted tax brackets, and other deduction amounts for 2017. The amounts have been adjusted at a 1.4% inflation rate which is derived from the average monthly Consumer Price Index (CPI) data provided by Statistics Canada. As we look back to 2016 when filing returns, AGT 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