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In December 2013, the U.S. Internal Revenue Service (IRS) announced that filing a federal income tax return should happen on a yearly basis, even if no taxable income exists, to avoid issues in the future. AG Tax professionals have prepared a list of situations, using the IRS’s guideline, which will help you determine whether you...
Recently, the Canada Revenue Agency (CRA) has taken various measures to put an end to tax evasion. Examples of this can be seen in the introduction of information disclosure forms (such as: Form T1135 Foreign Income Verification Statement), withholding refunds in doubtful cases, and additional efforts put into scrutinizing every tax return filed. Another major...
July 1, 2014 is the official date when Canada’s new Anti-Spam legislation (CASL, formerly known as the Electronic Commerce Protection Act and the Fighting Internet and Wireless Spam Act) will come into effect. The final version of Electronic Commerce Protection Regulations, published by Industry Canada, will govern emails and messages, mass mailing, and entities that...
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...
It’s never too early to start tax planning for the New Year. Done properly, tax planning has the potential to minimize tax obligations. AG Tax professionals have prepared a list of certain tax strategies for consideration by a Canadian taxpayer. With the help of a tax specialist, taxpayers can develop their own personalized tax strategy....
With the establishment of the first BitCoin ATM in Vancouver, it is apparent that BitCoin has entered the mainstream. Taxpayers may wonder, “What is BitCoin? Where can BitCoin be used? Is it taxable or tax-exempt?”. Our team of Canadian tax professionals at AG Tax have created a brief explanation of BitCoins, including what BitCoins can...
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