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In the United States, qualifying taxpayers need to file certain tax forms to report their non-U.S. assets. Canadians are also required to report their foreign assets (non-Canadian) to the Canada Revenue Agency (CRA). This foreign assets reporting is required not only to report qualifying foreign financial accounts but other foreign assets, such as: rental properties,...
These days, natural disasters, from fire to hurricanes to floods, have become quite common, and the damages can be enormous. Recovering from these losses is not only painful but time-consuming. In the past, taxpayers could claim losses from fires, floods, accidents, thefts or vandalism on their tax return to the extent not covered by insurance. ...
During the excitement of having a baby, many parents, often forget certain critical issues, which should be taken care of before the baby arrives. This helps to ease the implementation process when the time comes, and enables the parent to divert all the attention towards the newborn. The following is a checklist that should prove...
In December 2017, the U.S. government introduced several tax changes. These tax changes not only impact U.S. individual and corporate taxpayers but U.S. citizen taxpayers residing in foreign countries as well. For U.S. citizens residing in Canada and other foreign countries, some of these tax changes are in favor of the cross-border U.S. citizen while...
In the past, the U.S. Internal Revenue Service (IRS) could garnish wages, file liens or levy assets and accounts of tax defaulters. Now, the latest addition to this list is revocation of the taxpayer’s U.S. passport. In 2015, the U.S. government passed a law under the Fixing America’s Surface Transportation Act (FAST) Act, that allows...
The British Columbia (B.C.) government has decided to take certain additional measures, as a part of the ‘30-Point Plan’, to end tax evasion in real estate industry. Previously, buyers would purchase a property in a trust, have a corporation own shares in that trust, and then sell the shares in that corporation and transfer the...
As part of President Trump’s tax reform, changes have been made to the U.S. Child Tax Credit (CTC). Thankfully, these changes to the Child Tax Credit (CTC) are for the better. Many more families may benefit from these changes. The following article outlines how these rules have changed. U.S. Child Tax Credit The Child Tax...
U.S. taxpayers, who have still not reported their foreign assets and income to the U.S. Internal Revenue Service (IRS), should immediately consider consulting with their tax practitioner to discuss the possibilities of becoming compliant through the IRS Offshore Voluntary Disclosure Program (OVDP). As taxpayers have had several years to become compliant, the IRS has announced...
In the summer of 2017, Don Fort was appointed as the Chief of IRS Criminal Investigation (CI). The purpose of CI is to ensure efficiency in handling tax crimes, and hunt down tax criminals. Fort plans to take aim at international tax wrongdoing in a more targeted way, through data analysis and new international tax enforcement groups....
Filing a tax return may seem unnecessary, especially if you have little or no income and no tax to pay. However, taxpayers should understand that filing a tax return is not only about reporting one’s earned income, but also about being able to claim the various tax credits and deductions available. The following is a...
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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