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Do you need your tax return reassessed by the CRA? Canadian taxpayers have a period of three years to get their tax returns reassessed by the Canada Revenue Agency (CRA). Once this normal reassessment period has passed, many taxpayers then want to know if an extension is available. A similar situation was recently addressed by...
Your joint venture may not be a separate business entity, but will be considered as one for federal tax purposes. In February 2013, the Internal Revenue Service (IRS) issued Private Letter Ruling (PLR) 201305006 in response to a petition filed by a taxpayer, requesting clarification on the classification of a joint venture as a separate...
The Internal Revenue Service (IRS) sends out letters and notices to taxpayers for various reasons. AG Tax recommends taxpayers to not ignore these notices, as interest and penalties could be assessed depending on the circumstances for which the letter was sent. AG Tax professionals have prepared a brief summary on a few of the common...
Small business owners (SBOs) in Canada have the option to pay themselves from their business through either salary or dividends. It can be difficult to determine whether to be compensated by wages or dividends, as there are pros and cons to each. AG Tax has prepared a brief summary on these two payment methods, which...
How to source income between the U.S. and different countries can be complicated and time consuming for taxpayers who are not familiar with tax regulations and treaties. In general, for U.S. tax purposes, U.S citizens and resident aliens (details) are subject to tax on their worldwide sources of income, while non-resident aliens are subject to...
If a U.S. person does business in Canada, there are many different tax implications that should be addressed to ensure proper compliance with Canadian reporting requirements enforced by the Canada Revenue Agency (CRA). Withholdings are generally required at source on any income earned by a non-resident in Canada. The CRA has its own prescribed withholding...
The Canada Revenue Agency (CRA) has many tools at its disposal to track the investment of Canadian taxpayers in foreign entities. On December 31, 2012, a new Form T1134 (Information Return Relating to Controlled and Not-controlled Foreign Affiliates) was released, replacing forms T1134A and T1134B. In the following paragraphs, AG Tax will give a brief...
If a U.S. company that is 25% or more owned by foreign person(s), which includes (but is not limited to) individual(s) or corporation(s), has reportable transactions with related parties, form 5472 (Information Return of a 25% Foreign-owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business) may be required to be...
With the 2013 calendar year coming to an end and everyone busy sorting out their taxes, it would be a good idea to go over some of the continuing business tax provisions (“tax-extenders”) that are about to expire. There is a great deal of uncertainty as to whether any of these provisions will be extended...
When foreign companies start operating offshore, they might not always be aware of the tax laws of the foreign country where they are doing business. To raise awareness, our AG Tax experts have prepared an overview of the various types of tax issues a foreign corporation may face while operating in the U.S. What is...
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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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