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Canadian resident taxpayers are subject to income tax on their world-wide income. As a result, the individual is required to report foreign source income such as foreign employment income, foreign investment income, foreign pension income, etc. on their income tax return each year. The income is required to be converted to Canadian dollars before reporting,...
In mid-January, the Canada Revenue Agency (CRA) announced the inflation-adjusted tax brackets, and other deduction amounts for 2017. The amounts have been adjusted at a 1.4% inflation rate which is derived from the average monthly Consumer Price Index (CPI) data provided by Statistics Canada. As we look back to 2016 when filing returns, AGT tax...
As the Canada 2017 Tax Filing Season begins, Canadian taxpayers should be aware that in 2016 the Canada Revenue Agency (CRA) introduced several changes to tax benefits, credits and deductions, effective for the 2017 tax season. AGT’s Canadian tax professionals have prepared a brief overview of these major changes that you should be aware of....
This tax-filing season, the Canada Revenue Agency (CRA) has made some important improvements to services for Canadians. The following outlines some of the services available to individuals. Remember that although these applications are securely designed, as a safe practice, individuals should avoid using such applications on public Wi-Fi servers, such as in a restaurant or...
Identity theft and related-tax scams have always proven to be troublesome for tax authorities. To counter these scams as much as possible, the Internal Revenue Service (IRS) initiates certain preventative measures every year. These measures are part of the Security Summit Initiative between the IRS, state authorities and financial sector under the ‘Taxes. Security. Together’...
The U.S. IRS started accepting 2016 tax returns on the 23rd of January. But many taxpayers are asking “Am I required to file a return?” The following summary prepared by AG Tax professionals, using the IRS’s guideline, should help you determine whether you are required to file a 2016 tax return or not. In addition,...
In this digital world, almost everything is online, whether it is shopping, banking, or filing your income tax return. The only thing protecting one from having their identity or financial data stolen is a ‘password’. Thus, making it very crucial to have a strong, hard-to-guess password, but also something that we do not forget. Here are a...
The Canada Revenue Agency (CRA) exempts the entire capital gain or a portion from the sale of a principal residence from taxes, if it qualifies. However, based on the current updated Principal Residence Exemption (PRE) regulations, it is mandatory to file forms, such as: Form T2091, Designation of a Property as a Principal Residence by...
In Canada, the capital gains from the sale of a qualifying primary residence is exempt from taxes. In the past, the individual was not required to report the sale on their personal income tax return provided the entire gain was eligible for exemption. However, on the 3rd of October, 2016 the federal government announced an...
In our recent article: Current & Updated Deadlines for IRS Forms, we informed U.S. taxpayers about the new deadline for certain U.S. tax forms, which will apply to the 2016 tax year (due in 2017). Why You Should Start Planning Now The changes affect many U.S. tax forms for which the deadline has been pushed...
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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