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IRS-Issued Health Insurance Tax Tips for U.S. Taxpayers

March 6, 2014

[image url=”http://www.agtax.ca/wp-content/uploads/2013/01/us-canada-tax-basics1.jpg” alignment=”center” margin_left=”0″ margin_right=”0″ margin_top=”0″ margin_bottom=”0″ width=”200″ height=”167″] With the Affordable Care Act (Obamacare) now in place, U.S. taxpayers should be aware of the minimum health insurance requirements. From 2014 onwards, the U.S. Internal Revenue Service (IRS) will require all taxpayers to disclose about their health insurance coverage and exemptions, if any, in their...

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TFSA Withdrawal Rule & Tax Penalty

March 3, 2014

Tax Free Savings Accounts (TFSAs) are one of the most convenient ways for most Canadians to build up tax-free assets to fulfill their financial goals or build up an emergency fund. However, most Canadians seem to be unsure in regards to certain rules applicable to TFSAs, which could lead to severe penalties. The Canada Revenue...

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Tax Saving Credits for U.S. Taxpayers with Children

February 27, 2014

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)...

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Important IRS Tax Points for Small Business Owners

February 25, 2014

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...

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TFSA or RRSP from a Tax Viewpoint

February 21, 2014

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...

Canada Us Tax estate taxes

Qualified U.S. Domestic Trusts for Transferring an Estate to a Non-Resident Spouse

February 19, 2014

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...

CRA personal taxes small business

When Not To Use CRA E-Filing Service

February 17, 2014

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...

IRS personal taxes

Affordable Care Act Penalty on Individuals with Less Than Required Health Insurance Coverage

February 14, 2014

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...

estate taxes

What Happens to the Property of a Non-Resident in Canada upon his Death

February 12, 2014

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...

Canada Us Tax personal taxes

Advantages of a TFSA

February 8, 2014

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...

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