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Recently, the Internal Revenue Service (IRS) issued proposed regulations which would guide U.S. taxpayers who receive gifts or inheritances from specific expatriated individuals (i.e. from certain individuals that gave up their U.S. citizenship). These proposed rules apply to the IRC §877A and §2801, which impose a tax on certain expatriates (expats). Although passed in 2008,...
It is not uncommon to hear news regarding blockbuster movies being filmed in Canada. Other than its scenic beauty, Canada offers advantageous federal and provincial tax credits, incentives, and deductions to both domestic and foreign film production companies for carrying out film and television production in Canada, as well as hiring Canadian residents for labour. However,...
Rental property can be a great investment. If you are able to purchase a property and rent it out you could potentially have someone else pay your mortgage on the property. Maybe you want to buy a ski lodge in Whistler; maybe a cabin on the lake is more your speed. Either way, if you...
If you are an artist, i.e. an actor, musician, sculptor, or any other type of artist you could qualify for tax deductions and tax credits that are not available to other people. You are even allowed longer periods of losses for tax purposes by the Canada Revenue Agency (CRA), provided they are supported by legitimate...
Taxpayers often assume that the job of their tax return preparer is to simply prepare and file their tax returns based on the information you have provided. However, this is a common misconception, as many return preparers are tax professionals or CPA’s that can not only prepare their client’s return based on the information provided, but...
In 2012, the Internal Revenue Service (IRS) established an Identity Theft Clearinghouse (ITC), which along with the Criminal Investigation (CI) Field Offices has received over 7,600 individual identity theft leads to date, involving approximately 1.47 million returns with over $6.8 billion in refunds claimed. The department carried out 1,063 identity theft related investigations in 2014,...
On the 21st of April, the Federal Finance Minister, Joe Oliver, introduced the budget for 2015, which along with reducing the tax burden on parents (Read: Canadian Tax Deductions & Credits for Parents), intends to help Canadian businesses thrive in the global economy. Here is a brief overview of the 2015 Canadian Budget outlined by...
Being a U.S. person (subject to U.S. taxes) living abroad can at times be the beginning of a U.S. tax nightmare. This can appear to be quite unfair, especially when one has had a Canadian residence established outside of the U.S. for quite some time. If you are an American citizen or green card holder, it is...
Canada has long been one of the preferred places to complete film projects by foreign producers due to the various federal and provincial tax credits available. The Canadian government has been proactive in encouraging investment by domestic and foreign producers by instituting tax credits to help offset the cost of production. This has had a...
The streamlined ‘Offshore Voluntary Disclosure Program’ (OVDP) introduced by the U.S. Internal Revenue Service (IRS) in 2012 allows U.S. Persons holding foreign financial accounts to disclose these details to the IRS if they did not file the FBAR, 1040, or other qualifying forms as required by the IRS. If accepted, the taxpayer would be eligible...
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