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The U.S. has seen numerous tax reforms in the last two years. Many new tax laws have been introduced and a few previous standing laws were modified. With these changes, both: small business owners and high income taxpayers could face a challenges this tax season. AG Tax professionals have prepared an overview of the few...
Canada Revenue Agency (CRA) has denied almost every gifting tax shelter claimed in its audited tax returns due to inaccuracies in the claimed tax shelter. In fact, the CRA has decided to withhold owed taxes and refunds for all the tax returns that have claimed the gifting tax shelter and, having been granted to do...
In 2010, the U.S. government passed the ‘Foreign Account Tax Compliance Act’ (FATCA). This new compliance act requires any U.S. person, Resident (Green Card), or Non-Resident Alien, who meets the reporting thresholds for a specific tax year to disclose information regarding their foreign financial accounts and other foreign assets to the U.S Internal Revenue Service (IRS) (Also...
It’s never too early to start tax planning for the New Year. Done properly, tax planning has the potential to minimize tax obligations. AG Tax professionals have prepared a list of certain tax strategies for consideration by a Canadian taxpayer. With the help of a tax specialist, taxpayers can develop their own personalized tax strategy....
In an earlier article entitled “Be aware of new 2013 3.8% Net Investment Income Tax (Medicare Surtax) and plan ahead” AG Tax Professionals covered the basics of the Net Investment Income Tax (NIIT) and Medicare Surtax that is applicable on certain passive income from 2013 onward. The Internal Revenue Service (IRS) released the final regulations...
The Canadian Government has introduced various international trade programs, many of which make it easier for corporations to enter into trade with Canada. AG Tax professionals have prepared an overview on the three most trade-supportive programs provided in Canada, which may be useful for anyone who currently performs, or plans to carry out, international trade....
With the establishment of the first BitCoin ATM in Vancouver, it is apparent that BitCoin has entered the mainstream. Taxpayers may wonder, “What is BitCoin? Where can BitCoin be used? Is it taxable or tax-exempt?”. Our team of Canadian tax professionals at AG Tax have created a brief explanation of BitCoins, including what BitCoins can...
The North American Free Trade Agreement (NAFTA) between Canada, the U.S. and Mexico has led to a significant increase in trade between the three countries. Among other things, NAFTA allows goods and services to be imported and exported between the three countries at a low duty rate. Additionally, certain products can even be imported and exported...
On November 14, 2013, Rep. Jim McDermott introduced a new bill entitled the “Internet Gambling Regulation and Tax Enforcement Act of 2013 (H.R.3491)”. If passed, this bill will amend the Internal Revenue Code of 1986 and regulate taxes on internet gambling, especially the highly trending online poker games. The Internet Gambling Regulation and Tax Enforcement...
The Canadian Goods and Services Tax/Harmonized Sales Tax (GST/HST) lacks clarity in some regions and is often subject to changes. In order to bring in some consistency, the federal budget released in early 2013, contained certain prominent measures related to the GST/HST taxation. The corporate tax professionals at AG Tax have prepared a brief summary of...
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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.OFFICEVancouver
+1 (888) 502-1810New South Surrey office coming January 2025ABOUTAG 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
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