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In October, 2014, Prime Minister Stephen Harper introduced the Family Tax Cut and various other reforms to existing tax credits to reduce the tax burden on families with mid to low levels of income, and for families where only one individual earns income. Since this credit was intended to be available for 2014’s tax return,...
The Canadian government provides a number of tax benefits that parents can claim on their tax return to reduce their tax burden. In fact, most reviewers are of the opinion that the budget for 2015 is most beneficial for taxpayers with children below the age of 18. Unfortunately, parent taxpayers often forget some of the...
The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States (U.S.) Congress in March 2010 to prevent U.S. persons/taxpayers from evading taxes by using foreign accounts. Under FATCA regulation individuals are required to provide full details of their foreign accounts/investments, but now even foreign financial institutions (FFIs) are required to provide details...
Many self-employed individuals are personal service providers, and often there is confusion about the tax treatment of their business. A question that is frequent amongst the corporate clients of AG Tax is whether their business will be subject to either corporate tax or personal services business tax. Given the frequency of this question, our tax...
In our earlier article, we discussed the deductibility of interest expenses incurred on money borrowed for investment purposes (be it for investment in real estate, or to purchase securities). However, there are other various expenses incurred when dealing with securities which may qualify for tax deduction by the Canada Revenue Agency (CRA). Thus being informed...
Many Canadian business owners have already expanded or plan to expand their businesses to cover the U.S. market especially in the border provinces. Some of them even have corporations set up in the U.S. to facilitate business and carry out transactions between their Canadian and U.S. corporations leading to cross-border tax issues. Although the business...
If you have recently received a letter from the Internal Revenue Service (IRS) that references ‘Letter 5071C’ on the top right corner of the page, you should respond to it as soon as possible. The reason for responding as soon as possible is because this letter is issued only when the IRS puts the processing...
Canadian Replacement Property Rules Many Canadian often confuse the Canadian replacement property rules under Section 44 to be similar to that of the U.S. Internal Revenue Code (IRC) Section 1031 Like-kind Exchange; often when it is regarding their property situated in the U.S. However it is important for Canadian taxpayers thinking of taking advantage of...
Starting January 1, 2015, the new Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), where applicable, should be used by foreign (non-US) entities to prevent or reduce US withholding tax at source. Going forward, the former W-8BEN can only be used by individual taxpayers. AG Tax analysts...
Friday, February 6th 2015 This seminar is geared towards US citizens and non US residents. Minimize Penalties Raise Awareness Be Proactive Choose from two time slots: 9:00am – 11:30am 1:00pm – 3:30pm Location This event will be held at Northview Golf and Country club: 6857 – 168th Street, Surrey BC, V3S 3T6 Limited seating, reserve...
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