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Many foreign nationals, non-resident aliens, and resident aliens are not aware of the fact that the US ITIN (Individual Taxpayer Identification Number) provided by the US Internal Revenue Service (IRS) has an expiry date. This can prove to be even more concerning when filing close to the deadline; during which applying for and obtaining a...
Canadian Property (Section-116) It is a common misconception that Section-116 applies only to real estate, which is not the case; Section-116 applies to gain from disposal of any ‘taxable Canadian property’ (TCP) which includes but is not limited to: 1. Any real or immovable property (land) situated in Canada; or property used, held, or is...
In the recent years, there has been a significant increase in purchase of rental property by non-residents, and it is obvious that someday they will be disposing off their Canadian property. However, since filing a tax-return for non-residents is not compulsory if they do not fulfill the ‘resident’ requirement, it might happen that the non-resident...
According to Statistics Canada, in the year 2013 more than 25 million non-residents individuals (including U.S. persons) visited Canada; it is likely that out of these 25 million a significant number of individuals visited Canada for work purposes as an employee and received ‘Canada-sourced’ income. It is important for non-resident employees working in Canada, and their...
For many Canadians, retirement is synonymous with the United States. The warm, sunny weather of Florida, Arizona, and California makes U.S. states some of the most sought after places for Canadians to retire when compared to the freezing provinces of Canada. As per the U.S. National Association of Realtors survey, 29.6% of the foreign home...
[image url=”http://www.agtax.ca/wp-content/uploads/2013/01/us-canada-tax-basics1.jpg” alignment=”center” margin_left=”0″ margin_right=”0″ margin_top=”0″ margin_bottom=”0″ width=”200″ height=”167″] With the Affordable Care Act (Obamacare) now in place, U.S. taxpayers should be aware of the minimum health insurance requirements. From 2014 onwards, the U.S. Internal Revenue Service (IRS) will require all taxpayers to disclose about their health insurance coverage and exemptions, if any, in their...
Domestic and foreign assets of all U.S. citizens and decedents are subject to U.S. estate tax law when they are above the allowed limit. The estate tax exclusion limit sits at $5,250,000, leaving a large number of estates below it and not subject to federal estate taxes. In addition, federal estate tax does not apply...
In this era of severe tax scrutiny it is important to plan your savings to avoid paying large tax liabilities while fulfilling a financial goal. Studies conducted by Statistics Canada report a Household Savings Rate of 5.4% in Canada, which is 0.4% more than the previous year. However, studies conducted by BMO Bank of Montreal...
Last year, the Canada Revenue Agency (CRA) drastically modified Form T1135: Foreign Income Verification Statement (Increased Foreign Property Reporting for Canadians) to improve the reporting of foreign assets worth CAD $100,000 or more as a step against tax evasion. The changes brought about in this disclosure makes it more similar to the U.S. Internal Revenue...
2014 has arrived and with it yet another season of taxes. AG Tax analysts have prepared a list of tax-saving tips for Canadian taxpayers. It is advisable that taxpayers should discuss these tax-saving tips with a tax professional to ensure it benefits them, since no two tax situations are completely same, and a tax advice that may...
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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
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