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As the Canada Revenue Agency (CRA) begins to process tax refunds, tax scammers also start working on ways to scam taxpayers since it is easier to convince the taxpayer and make them fall for the bait during this period. Currently, along with the various tax frauds involving refund mail and tax due payments, the following...
In Canada, taxation of tips and gratuities can be quite complex, since the Canada Revenue Agency (CRA) distinguishes tip income as: controlled or direct based on certain factors. Although all tips are taxable to the recipient, depending on the tip income’s type it may or may not be subject to Canada Pension Plan (CPP) and...
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...
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...
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...
As discussed in our earlier article: Newly Introduced 15% Property Transfer Tax In Greater Vancouver, BC we mentioned that property transfers involving foreign entities would be subject to an additional 15% property transfer tax. In response to this previous article we have had many clients inquiring about situations in which they may be exempted from property...
On the 26th of May 2016, the Canada Revenue Agency (CRA) confirmed that it will treat U.S. limited liability limited partnerships (LLLPs) and U.S. limited liability partnerships (LLPs) as corporations for Canadian tax purposes as these structures resemble Canadian corporations. This decision of the CRA is likely going to cost Canadians owning U.S. real estate...
[image url=”http://www.agtax.ca/wp-content/uploads/2011/06/non-resident-income-tax-on-sale-of-canadian-property.jpg” alignment=”center” margin_left=”0″ margin_right=”0″ margin_top=”0″ margin_bottom=”0″ width=”600″ height=”300″] A house can be one of the most expensive purchases in an average person’s life. Certain questions regarding budget, funding, and future mortgage payments can make the thought all the more daunting. Fortunately, the Canadian government understands this well and promotes the use of plans like...
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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