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The U.S. Internal Revenue Service (IRS) provides tax credits and deductions for education expenses paid for post-secondary education. As the new school year starts, U.S. parents should be aware of these tax saving credits and deductions in order to maintain the records necessary to substantiate the education expenses and tax credits claimed on the tax...
It’s that time of year again. Time to strategize and plan on using tax breaks to assist with your education. In our earlier articles, we provided details on the taxation of different kinds of federal financial aids available to U.S. students. Along with this, we also highlighted various tax credits claimable by U.S. students, such...
Teachers in the United States often need to pay for several teaching expenses out of their own pocket. Some of these expenses may qualify as ‘tax deductions’ while filing the U.S. federal income tax return. To help teachers claim these tax deductions, AG Tax professionals have summarized some of the key expenses that teachers can claim...
Canadian education credit rules have changed for students. For example, now even occupational courses provided by post-secondary institutions within Canada will be granted the tax credit. Also, beginning in 2017, in recognition of the need to support education in technical skills, the number of courses eligible for the tuition tax credit has been increased. However, Canadian...
Often people avoid thinking about their taxes until the tax season arrives. However, for effective tax planning and benefits, it is generally advisable to start planning your taxes as soon as the previous year’s tax filing season ends, and then follow up with a mid-year review during the third quarter of the year. Now that the...
Taxpayers will occasionally need to file an amended tax return to rectify any errors made in the original tax submission. However, taxpayers should be aware that not every error requires an amended return and that certain points should be kept in mind when filing an amended tax return. The following is an overview of situations...
The U.S. government requires all U.S. citizens and green card holders to comply with U.S. tax laws. In addition to filing income tax returns, U.S. taxpayers are required to file a number of reports disclosing their foreign assets. U.S. citizens, regardless of whether they reside in the US or abroad, need to comply with the...
The process of renouncing U.S. citizenship or terminating long-term residency is known as expatriation. One of the main reasons for expatriation is from increased tax burden and tax reporting requirements that U.S. persons living outside of the United States are faced with. The expatriation process is not that easy. Along with various legal formalities, Form...
Last year, the British Columbia province government introduced the 15% Foreign Buyers Tax to curb the rising housing prices. Following suit, on April 20, the Ontario government announced a similar 15% non-resident speculation tax to cool the hot housing market in its southern cities. Here is an overview of Ontario’s 15% non-resident speculation tax, and its...
Recently, one of our U.S. based clients received a call from someone claiming to be from the U.S. Internal Revenue Service (IRS) Tax Fraud Department. Our client disconnected the call, thinking that it could be a tax scam and immediately consulted us. Thanks to her quick thinking, she avoided falling victim to a tax scam....
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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