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Canadian residents owning any US property can be subject to US estate tax. Strategies, such as the use of trusts, are available for structuring US real estate and assets to reduce or eliminate the potential liability from US estate tax. The Canada-United States Convention with Respect to Taxes on Income and on Capital provides Canadian...
Clearance certificates are written notices issued by the Canada Revenue Agency to confirm that an estate has no outstanding tax liabilities to Canada. If an executor distributes the assets of an estate before getting a clearance certificate confirming that all taxes and any interest penalties have been paid, the executor can be personally liable for payment of the...
A deceased individual is considered to have disposed of each capital property owned by him/her immediately before death and may realize capital gains and/or losses. If the total realized and deemed allowable capital losses for the year exceeds realized and deemed taxable capital gains for the year, the losses may be deducted in full, first...
The information below is presented from an accounting perspective and does not constitute legal advice. Estate matters can be complicated, and we recommend that an individual acting in the capacity of an estate executor use this outline in conjunction with obtaining legal advice. Canadian Estate Executor Responsibilities • Settle the estate according to the wishes...
Even with the best practices in “Internal Controls” your business may still be at risk due to opportunities for collusion and wrongdoings that can lead to significant business exposures and losses. Most of us have heard the horror stories about embezzlement, misappropriation and outright theft that have brought more than one business to the brink of...
Are Your SRED Claims being audited by the CRA? Are you concerned that your claim may be disallowed or your refund amount reduced? AG Tax Chartered Accountants have helped countless clients to resolve their SRED tax refund issues with the CRA. There has been increased CRA scrutiny of SRED claims in the past year. Part of the reason lies...
As the Executor, you are responsible to: • Settle the estate according to the wishes of the deceased • Manage the settlement to provide maximum benefits to the beneficiaries • Most importantly – Avoid the personal liabilities for underpayment of taxes owed and the sigificant penalties that can be assigned due to late or incomplete filings. It...
While selecting an estate executor, certain skills need to be kept in mind. Since, an estate executor is liable for the execution of the estate, which if not carried out in the right manner could result in significant tax consequences not only on the decedent’s estate but for the estate executor as well. Here is...
Well you made it… Your taxes have been filed on time. It looks good. BUT that was a while ago and you have just received a call or notice from the CRA that you are being audited. You may be worried and uncertain about what to expect. First, it is part of the mandate of the...
BCIT is offering their widely acclaimed free all-day Commercialization Boot Camp for entrepreneurs, inventors and BC businesses! The BCIT Commercialization Boot Camp is designed to assist early and later stage BC businesses through the processes and pitfalls of commercialization. This is a unique networking event – one that transcends traditional handshakes and exchanging of business cards. Industry professionals,...
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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