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Capital gain from the sale of a principal residence is not subject to tax provided that the residence is a housing unit and has been occupied by the owner, the owner’s spouse, domestic partner, or children, during the years of ownership. This is called the “Principal Residence Exemption”. However, when the residence is only occupied...
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....
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...
Taxpayers may complain about the decisions made by authorities like the Canada Revenue Agency (CRA), but they generally do not question them. But what if the decision is wrong or the situation falls in a grey area, not covered properly by current Income Tax rulings? In Radonjic v. The Queen (2013 FC 916), a taxpayer...
If all of the beneficiaries of a Canadian estate are resident in Canada, administration of an estate is relatively straightforward. However, an estate with beneficiaries living outside of Canada presents challenges for the executor, as distributions of property to non-residents involve a number of additional tax issues. It is important that the executor of a...
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...
Who controls your estate or trust? Their residence may have serious tax implications and it might not be where you expect. The Canada Revenue Agency (CRA) taxes on the basis of the resident status of an entity in a particular tax year. This can raise concerns about the residency status of an estate which is held...
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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
12752 28th Ave, Surrey, BC, V4A 2P4OFFICEEdmonton
104–4220 98 St NW Edmonton AB, T6E 6A1