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Often taxpayers using a portion of their house, garage, or basement as a home-office are advised to claim a business expense tax deduction for the space used as office. However, it is always advisable to take into consideration a future sale scenario of the house as depreciation and re-capture rules may apply. Also, a common misconception is...
Not many taxpayers would be aware that they have the right to seek information from the Canada Revenue Agency (CRA) regarding their tax audit, or about details of an assessment done by the Canada Revenue Agency to understand if the Canada Revenue Agency made a mistake, or if a filed return was indeed wrong. Knowing...
As experienced tax preparers, we often notice that some taxpayers have a hard time gathering and arranging the necessary documents, such as: invoices, receipts, bills, etc., and sometimes even missing items such as copies of previous years’ tax returns, regardless of whether they are individual or corporate tax filers. This often complicates the tax filing process and...
Often, when taxpayers receive mail from the Canada Revenue Agency (CRA), the first question that pops in anyone’s mind is “Why me?“(or they’ll simply avoid it) assuming it could lead to the ever-daunting audit. It is important for you, the taxpayer, to understand how the CRA approaches reassessment, and which actions tend to attract their...
It’s never too early to start tax planning for the New Year. Done properly, tax planning has the potential to minimize tax obligations. AG Tax professionals have prepared a list of certain tax strategies for consideration by a Canadian taxpayer. With the help of a tax specialist, taxpayers can develop their own personalized tax strategy....
In an earlier article entitled “Be aware of new 2013 3.8% Net Investment Income Tax (Medicare Surtax) and plan ahead” AG Tax Professionals covered the basics of the Net Investment Income Tax (NIIT) and Medicare Surtax that is applicable on certain passive income from 2013 onward. The Internal Revenue Service (IRS) released the final regulations...
With the establishment of the first BitCoin ATM in Vancouver, it is apparent that BitCoin has entered the mainstream. Taxpayers may wonder, “What is BitCoin? Where can BitCoin be used? Is it taxable or tax-exempt?”. Our team of Canadian tax professionals at AG Tax have created a brief explanation of BitCoins, including what BitCoins can...
On November 14, 2013, Rep. Jim McDermott introduced a new bill entitled the “Internet Gambling Regulation and Tax Enforcement Act of 2013 (H.R.3491)”. If passed, this bill will amend the Internal Revenue Code of 1986 and regulate taxes on internet gambling, especially the highly trending online poker games. The Internet Gambling Regulation and Tax Enforcement...
The Canadian Goods and Services Tax/Harmonized Sales Tax (GST/HST) lacks clarity in some regions and is often subject to changes. In order to bring in some consistency, the federal budget released in early 2013, contained certain prominent measures related to the GST/HST taxation. The corporate tax professionals at AG Tax have prepared a brief summary of...
With an increasing number of Canadian citizens/residents working in the U.S. and an increasing number of U.S. citizens/residents working in Canada, it is important that all taxpayers familiarize themselves with the “Social Security Totalization” agreement. The “Social Security Totalization” agreement came into effect in the 1980s, and is a way of providing social security protection...
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