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Canadian Replacement Property Rules Many Canadian often confuse the Canadian replacement property rules under Section 44 to be similar to that of the U.S. Internal Revenue Code (IRC) Section 1031 Like-kind Exchange; often when it is regarding their property situated in the U.S. However it is important for Canadian taxpayers thinking of taking advantage of...
Starting January 1, 2015, the new Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), where applicable, should be used by foreign (non-US) entities to prevent or reduce US withholding tax at source. Going forward, the former W-8BEN can only be used by individual taxpayers. AG Tax analysts...
Many foreign nationals, non-resident aliens, and resident aliens are not aware of the fact that the US ITIN (Individual Taxpayer Identification Number) provided by the US Internal Revenue Service (IRS) has an expiry date. This can prove to be even more concerning when filing close to the deadline; during which applying for and obtaining a...
Canada-sourced income is taxable in Canada, irrespective of whether the company or individual fulfills the ‘resident’ requirement or not, and in order to prevent non-residents who perform services in Canada from avoiding paying Canadian income taxes on the services income earned in Canada during their temporary stay, the Canadian government requires the payer to withhold...
It is a rare moment when the U.S. Internal Revenue Service (IRS) calls out for taxpayers to collect money rather than pay. The IRS has approximately $760 million worth of refunds to be distributed amongst at least 918,600 taxpayers from different states who did not file their tax returns for the year 2010. AG Tax...
For many Canadians, retirement is synonymous with the United States. The warm, sunny weather of Florida, Arizona, and California makes U.S. states some of the most sought after places for Canadians to retire when compared to the freezing provinces of Canada. As per the U.S. National Association of Realtors survey, 29.6% of the foreign home...
On the 25th of February, 2014 the U.S. House of Representatives began its discussions to vote for the passage of two bills: H.R. 2530 and H.R. 2531. These were amongst the various bills introduced in mid-2013 by Peter Roskam, Congressman, Representative of Illinois, and collectively called the “Taxpayers Bill of Rights.” They aim to protect...
The average fee for hiring a tax professional to prepare one’s taxes can range being fairly inexpensive to quite costly and time consuming depending upon the taxpayer’s tax situation. If a person’s tax situation involves no complications, it may not be necessary to consult a tax professional. However, trying to save a few dollars by...
[image url=”http://www.agtax.ca/wp-content/uploads/2013/01/us-canada-tax-basics1.jpg” alignment=”center” margin_left=”0″ margin_right=”0″ margin_top=”0″ margin_bottom=”0″ width=”200″ height=”167″] With the Affordable Care Act (Obamacare) now in place, U.S. taxpayers should be aware of the minimum health insurance requirements. From 2014 onwards, the U.S. Internal Revenue Service (IRS) will require all taxpayers to disclose about their health insurance coverage and exemptions, if any, in their...
For 2013, the U.S. Department of Health and Human Services (HHS) estimated that the basic cost of raising a child in the U.S. was $4,020 yearly, which can be quite taxing for single parents and individuals with low income, particularly in cases where families have more than one child. The U.S Internal Revenue Service (IRS)...
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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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