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President Donald Trump’s “Biggest Individual and Business Tax Cut in American History” looks a lot like old economic plan from the election campaign, in which he had promised major cuts to corporate and individual tax rates. In his announcement earlier today, Secretary Steven Mnuchin along with White House chief economic adviser Gary Cohn, unveiled the...
Being informed of tax scams is very important for taxpayers in order to protect their assets and avoid financial and taxation problems since information like Social Security Number, Tax Identification Number, and Electronic Filing Identification Numbers (EFINs) are highly confidential, and once leaked it can be very difficult to maintain and provide the same level...
In 2013, the U.S. Internal Revenue Service passed a policy to expire Individual Taxpayer Identifications Number (ITIN). Although the first legislation stated that the ITIN’s would expire after 5 years, this rule was further modified to consider only those ITINS as expired which had not been used in the last 3 tax years. The expiration and...
Tax scammers keep coming up with new and innovative ways to target taxpayers. They have them shell out money or divulge confidential information. By informing taxpayers about the various tax scams carried out it can help avoid falling for them. As tax professionals, our duty at A.G. Tax is to update taxpayers of the latest tax scams....
On July 25th 2016, the British Columbia government introduced an additional 15% property transfer tax on the fair market value (FVM) of residential property transfers to foreign entities (i.e. foreign nationals (not Canadian citizens or permanent residents), foreign corporations (not incorporated in Canada or if incorporated but the majority control is a foreign entity unless listed on...
On March 14, 2016 the U.S. and Canadian governments signed a new pre-clearance customs agreement. According to the Department of Homeland Security, the pre-clearance agreement “will benefit travelers and trade by reducing congestion and increasing efficiency at the border”. This will be accomplished by expanding customs pre-clearance locations in Canada to reduce waiting time, and...
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 recent “Panama Papers” leak brought to light the offshore financial dealings of various well-known individuals around the world, including many Canadians. The Canada Revenue Agency (CRA) has decided to pursue these revelations to identify not only the Canadians involved in these activities but also whether these Canadian residents were using offshore havens to avoid...
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