New – Bare trusts are exempt from trust reporting requirements for 2023 March 28, 2024 Ottawa, Ontario ...
Please wait, loading...
Please wait, loading...
New – Bare trusts are exempt from trust reporting requirements for 2023 March 28, 2024 Ottawa, Ontario ...
AGTAX Expanded T3 Reporting Rules
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...
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...
Tax Free Savings Accounts (TFSAs) are one of the most convenient ways for most Canadians to build up tax-free assets to fulfill their financial goals or build up an emergency fund. However, most Canadians seem to be unsure in regards to certain rules applicable to TFSAs, which could lead to severe penalties. The Canada Revenue...
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)...
Although the government provides innumerable savings plans to encourage savings amongst its citizens, the sheer number of options can prove to be confusing. In regards to retirement, taxpayers are commonly uncertain on whether Tax Free Savings Accounts (TFSAs) or Registered Retirement Savings Plans (RRSPs) are the better route to go. While both the accounts are...
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...
The Canada Revenue Agency (CRA) is leaving no stone unturned when it comes to preventing tax evasion. Those who fail to properly report ‘other sources of income’ have recently caught their eye. This type of income refers to income on which no taxes are withheld since it is not considered employment income, and instead, is...
Canadian taxpayers, on occasion, refrain from filing tax returns due to a fear of possible tax debt. However, under particular circumstances, the Canadian Revenue Agency (CRA) will actually reduce tax debt for certain taxpayers. AG Tax professionals have highlighted situations during which the CRA may reduce tax debt, and have briefly summarized the CRA Tax...
© AG Tax LLP | All Rights Reserved | Website by Aroma Web Design Vancouver
© AG Tax LLP | All Rights Reserved | Website by AromaWebDesign.com