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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...
The Canada Revenue Agency (CRA) is leaving no stone unturned when it comes to preventing tax evasion. Those who fail to properly report ‘other sources of income’ have recently caught their eye. This type of income refers to income on which no taxes are withheld since it is not considered employment income, and instead, is...
Canadian taxpayers, on occasion, refrain from filing tax returns due to a fear of possible tax debt. However, under particular circumstances, the Canadian Revenue Agency (CRA) will actually reduce tax debt for certain taxpayers. AG Tax professionals have highlighted situations during which the CRA may reduce tax debt, and have briefly summarized the CRA Tax...
Last year, the Canada Revenue Agency (CRA) drastically modified Form T1135: Foreign Income Verification Statement (Increased Foreign Property Reporting for Canadians) to improve the reporting of foreign assets worth CAD $100,000 or more as a step against tax evasion. The changes brought about in this disclosure makes it more similar to the U.S. Internal Revenue...
Although April 30th of every year is the deadline for Canadians to file their tax returns (June 15th for Self-Employed taxpayers), the Canada Revenue Agency (CRA) encourages taxpayers to start working to file their tax returns earlier to prevent filing errors as a result of last-minute rushing. Additionally, the CRA also announced February 10, 2014 as...
In December 2013, the U.S. Internal Revenue Service (IRS) announced that filing a federal income tax return should happen on a yearly basis, even if no taxable income exists, to avoid issues in the future. AG Tax professionals have prepared a list of situations, using the IRS’s guideline, which will help you determine whether you...
2014 has arrived and with it yet another season of taxes. AG Tax analysts have prepared a list of tax-saving tips for Canadian taxpayers. It is advisable that taxpayers should discuss these tax-saving tips with a tax professional to ensure it benefits them, since no two tax situations are completely same, and a tax advice that may...
Recently, the Canada Revenue Agency (CRA) has taken various measures to put an end to tax evasion. Examples of this can be seen in the introduction of information disclosure forms (such as: Form T1135 Foreign Income Verification Statement), withholding refunds in doubtful cases, and additional efforts put into scrutinizing every tax return filed. Another major...
Canada Revenue Agency (CRA) has denied almost every gifting tax shelter claimed in its audited tax returns due to inaccuracies in the claimed tax shelter. In fact, the CRA has decided to withhold owed taxes and refunds for all the tax returns that have claimed the gifting tax shelter and, having been granted to do...
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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