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With an increasing number of Canadian citizens/residents working in the U.S. and an increasing number of U.S. citizens/residents working in Canada, it is important that all taxpayers familiarize themselves with the “Social Security Totalization” agreement. The “Social Security Totalization” agreement came into effect in the 1980s, and is a way of providing social security protection...
An alternative practice of fundraising, called “crowdfunding”, is becoming more common as conventional forms of fundraising are becoming less feasible in today’s tough economy. Crowdfunding is a way of raising funds for a project, usually via the internet. Various types of fundraising campaigns (disaster relief, political campaigns, scientific research, and start-up costs for new companies)...
On October 29, 2013, the Canadian government formally ratified a tax treaty with the Government of Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong). This treaty, (originally signed on November 11, 2012) minimizes the possibility of tax discrimination and double taxation, and further encourages healthy trades between Canada and Hong...
U.S. taxpayers can reduce their tax burdens through charitable contributions. As the year-end approaches, our team of AG Tax professionals has prepared a brief summary on types of charitable contributions that are accepted by the U.S. Internal Revenue Service (IRS), as well as additional information that can help you minimize your taxes through charitable contributions....
Transfer pricing allows multinational corporations (MNCs) and their related parties to allocate worldwide profit to countries with lower tax rates; thereby allowing multinational corporations to minimize the amount of overall taxes paid. In order to prevent transfer pricing abuse, many countries have established transfer pricing rules. These rules can assist in determining what constitutes arm’s...
On September 19, 2013, the US Internal Revenue Service (IRS) released final regulations regarding the deduction and capitalization of expenditures related to tangible property, also known as the final “repair” regulations. These final regulations provide guidance on the application of sections 162(a) and 263(a) of the Internal Revenue Code on the amounts paid to acquire,...
We are aware that fraudulent emails are being received that appear to come from info@agtax.ca and require the recipient to enter personal details in order to get a refund from the CRA. These emails are phishing scams, using the contact details of many accounting firms, and should be ignored and deleted. The Canadian Anti-Fraud Centre...
The significant growth in trade and business between the U.S. and Canada has resulted in an undesirable, yet perhaps foreseeable, growth in taxation disputes. However, in order to minimize the complications arising from taxation issues, the U.S. and Canada have a convention, known as the U.S.-Canada Income Tax Treaty. The Treaty attempts to avoid of...
Continuing on from our previous article on year-end tax concerns and planning options for individuals, the tax professionals at AG Tax have prepared a brief report summarizing the various issues that business owners should consider when planning their tax-saving strategies. The two main issues are the timing of business income and deductions, and applying the...
Did you know that cross-border business or investment activities could potentially have both U.S. and Canadian tax implications? The Canada-U.S. Tax Treaty contains information on how tax rates can prove beneficial to people who are subject to taxes in both countries. Here is an example of a Canada-U.S. Tax Treaty Based Ruling for ‘Participating Debt...
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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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104–4220 98 St NW Edmonton AB, T6E 6A1