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When considering a foreign assignment for your current employer, you might not be aware of the various taxes applicable in the country you would be assigned to. Depending on the country, there may be different tax obligation based on the different levels of government. In the US for example, some jurisdictions have local, state, and...
Form 5471 is used by the IRS to track investment of US persons in foreign companies, and ensure that US tax obligations are met, when required. Unfortunately, if you are a US person with business interests in a foreign country, this may apply to you. The following paragraphs provide a brief summary to this complex...
In the continuous battle with international tax evasion, the Canadian government recently proposed changes to the filing of Foreign Income Verification Statement (Form T1135) as a part of the 2013 federal budget. These changes will improve foreign property reporting, and serve to align Canadian reporting on foreign property with increasingly sophisticated global property reporting requirements....
IRS Guidance in regards to DOMA Ruling On June 26, 2013 the U.S. Supreme Court struck down Section 3 of the Federal Defense of Marriage Act (DOMA) as unconstitutional. AG LLP’s crossborder tax specialists wrote a summary of the potential implications of such a ruling back in July (click here for article). The U.S. Treasury...
Canadians with US reporting requirements who own their own Canadian corporations (or plan to own), have many potential US reporting requirements to keep in mind. Even if the corporation doesn’t operate in the US, if the Canadian taxpayer who has a US filing obligation holds a controlling stake in the company (as defined by the...
As globalization continues to increase, many Canadian taxpayers are looking to do business in the USA. AG Tax often receives inquiries regarding the best possible ways of starting up a USA operation, and which form of entity (or company structure) would be most beneficial from a tax perspective. Unfortunately there is no ‘one size fits...
AG Tax receives many questions from investors regarding potential purchases of US real property (rental properties or business purchases for example). The Foreign Investment in Real Property Tax Act (FIRPTA) (see our FIRPTA summary here) is one of the many factors that should be considered if you own or are planning to own US real...
Many of the clients we work with at AG Tax own, or are thinking of owning, real property in the US. This could be a rental property, or even a business investment. Most people do not realize the complicated tax issues that might arise when they sell their US real property. Specifically, the Foreign...
Education is important but expensive. In order to support those striving to obtain higher education, the US Congress has enacted certain tax benefits that can help you offset some of the costs of college. At AG Tax our professional accountants are often asked what credits and deductions are available to the taxpayer in regards to...
In the last few years many Canadians have purchased vacation homes in the US considering it to be a good investment (and are continuing to do so). One thing that every potential buyer of US real estate should remember is that this investment could turn into an expense if not properly planned for. AG Tax...
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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