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The Canada Revenue Agency (CRA) has made electronic filing of tax returns compulsory through NETFILE or EFILE as it ensures accuracy, faster refunds and security. In addition, it minimizes the CRA’s time and cost burden of handling and storing the paper returns (Read: Tax Filing Details for Canadians). Despite this, it is important that taxpayers...
The U.S government seems to be fully geared up to have all U.S. citizens comply with its minimum healthcare insurance coverage rule under the Affordable Care Act (Obamacare law). Beginning 2014 onward, the government will be imposing a penalty on individuals who fail to comply with the ‘individual mandate’, i.e. the basic minimum health insurance...
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...
In our previous article “U.S. Tax Law: FATCA & it’s Impact on Canadians and the International Community“, we provided an overview of the US Foreign Account Tax Compliance Act (FATCA) and how the U.S. wanted multinational (non-U.S.) banks, financial institutions, and governments of various countries to comply with this law. The article also covered the...
In August 2013, the Supreme Court announced its decision to the Windsor v. United States Court case recognizing same-sex couples to be treated as married for all federal tax purposes (i.e. income, gift and estate taxes) even if the married couple resides in a state that does not recognize same-sex marriage bringing an end to...
Although April 30th of every year is the deadline for Canadians to file their tax returns (June 15th for Self-Employed taxpayers), the Canada Revenue Agency (CRA) encourages taxpayers to start working to file their tax returns earlier to prevent filing errors as a result of last-minute rushing. Additionally, the CRA also announced February 10, 2014 as...
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...
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...
Often, when taxpayers receive mail from the Canada Revenue Agency (CRA), the first question that pops in anyone’s mind is “Why me?“(or they’ll simply avoid it) assuming it could lead to the ever-daunting audit. It is important for you, the taxpayer, to understand how the CRA approaches reassessment, and which actions tend to attract their...
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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
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