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As digitalization continues to rise, so do online transactions. Bitcoin was introduced to help ease these transactions. Not only is Bitcoin considered a digital currency but also a great form of investment; because of this many Canadians have been investing in Bitcoin in the recent years. However, Canadian taxpayers should be aware that the Canada Revenue Agency...
The U.S. real estate market has been improving due to many Canadians selling their U.S. vacation properties. Because non-resident owners of U.S. property are subject to the Foreign Investment in Real Property Tax Act (FIRPTA) regulation, i.e. there is a 10% withholding requirement on the sale proceeds from the property. In December, 2015, the U.S. government updated...
As the social media world expands blogging and vlogging (video blogs) activities have been on the rise. These activities have become so profitable that many individuals have been pursuing it on a full-time basis, and earning significant income to support their lifestyle. Since blogging is sometimes treated like a paid hobby which can be pursued...
With the 2016 U.S. Presidential elections coming to a end, there has been a sudden surge on Google Search for information on settling in Canada. Unfortunately, settling in another country is not simple, especially for U.S. citizens who are not only subject to U.S. tax formalities regardless of whether they reside within or outside the United...
In the recent years, every country has been passing stringent laws to monitor foreign investments by their country’s citizens/taxpayers to prevent tax evasion through foreign investments. The Canadian government introduced Form T1135 a few years ago to prevent Canadian taxpayers from evading taxes, and since then, Canada Revenue Agency has been in a continuous process...
Saving on taxes is all about planning and strategizing one’s investments, sales and expenses in order to qualify for deductions and credits. With that being said, it is very helpful for taxpayers to be aware of qualifying investments & expenses so they can be claimed future on tax returns. For example, were you aware that some investments will provide you...
There is a first-time for everything from the first time you ride a bike to the first time you were left home alone. While sometimes new things are fun, other times they can be quiet overwhelming. For many young Canadians, filing their tax return for the first time can be one of these overwhelming experiences. Having...
In 2013, the U.S. government provided recognition to same-sex couples as ‘married’ at the federal level. This allowed them to file their federal tax returns as ‘Married filing Jointly’ instead of ‘Single’ qualifying them for the more favorable Joint tax bracket as well as various employer group benefits (For details read: Same-sex couples to be treated as...
When the Canada Revenue Agency (CRA) started their investigation with Canadian charitable organizations, they reviewed each of the charitable organizations registered in Canada and removed quite a lot of them from the qualified charitable organizations list. In 2014 the CRA moved on to verifying foreign charitable organizations that qualified for the same tax-exemptions as domestic...
In Budget 2016, Prime Minister Justin Trudeau replaced the Universal Child Care Benefit (UCCB) with the Canada Child Benefit (CCB), with an objective to support growth and development of the middle and lower classes to build Canada. The Canada Child Benefit (CCB) amount is adjusted to include inflation. Here is a summary by AG Tax professionals on Canada...
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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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