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In the U.S., gifts between spouses, who are both U.S. citizens, are non-taxable. However, when one of the spouses is a non-resident alien, the tax rules can vary and the situation can become complex. As the U.S. gift tax rules can be confusing, the tax professionals at AG Tax have prepared a general overview of...
Every year, retirees from across Canada take a trip to the southern United States to escape the harsh winters at home. For years, these snowbirds have been hoping that the U.S. government would pass a bill which would allow them to extend their stay and, finally, there may be some hope. However, there are material...
Taxpayers often tend to think that the Internal Revenue Service (IRS) can collect taxes from an individual until the day they die. Fortunately, the IRS has a statute of limitations which governs the deadlines for IRS and taxpayers actions. The team at AG Tax has prepared a brief summary on this statute of limitations and...
Do you need your tax return reassessed by the CRA? Canadian taxpayers have a period of three years to get their tax returns reassessed by the Canada Revenue Agency (CRA). Once this normal reassessment period has passed, many taxpayers then want to know if an extension is available. A similar situation was recently addressed by...
Gift tax may be one of the IRS’s most-hated practices, but there are several ways to eliminate it. As discussed in our previous article (Gifts and Gift Tax Return), not only is gifting beyond a certain limit (to anyone other than one’s spouse) taxable by the Internal Revenue Service (IRS), but also any delay in...
Earlier this month, AG Tax provided a summary of the estimated tax brackets for 2014, together with certain inflation-sensitive tax figures, such as personal exemption, the standard deduction, and tax benefits. The IRS has now confirmed these rates. Inflation causes a rise in the price levels of goods and services over a period of time and...
Nothing misses the reach of the Internal Revenue Service (IRS) when it comes to tax filing or reporting – especially if it comes from a foreign source. U.S. taxpayers often assume that only gifts distributed by them need to be reported to the IRS. However, IRS rulings cover foreign gifts received as well, so they...
Married couples can use gift-splitting to double the amount of their tax-free gifts. Gift tax applies to U.S. citizens and residents making transfers of property by gift. Gifts in excess of the annual exclusion amount ($14,000 for 2013) to a third party, other than a qualifying charitable organization or political party, are taxable. The exclusion...
We posted an article earlier this year regarding the requirements for individuals who have to disclose their RRSP or RRIF accounts to the IRS to elect the deferral of any accrued income. One of the covered topics was the late filing of disclosure Form 8891. The IRS has just released a Private Letter Ruling (PLR, a...
Who controls your estate or trust? Their residence may have serious tax implications and it might not be where you expect. The Canada Revenue Agency (CRA) taxes on the basis of the resident status of an entity in a particular tax year. This can raise concerns about the residency status of an estate which is held...
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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