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Last year, the Canada Revenue Agency (CRA) drastically modified Form T1135: Foreign Income Verification Statement (Increased Foreign Property Reporting for Canadians) to improve the reporting of foreign assets worth CAD $100,000 or more as a step against tax evasion. The changes brought about in this disclosure makes it more similar to the U.S. Internal Revenue...
Although April 30th of every year is the deadline for Canadians to file their tax returns (June 15th for Self-Employed taxpayers), the Canada Revenue Agency (CRA) encourages taxpayers to start working to file their tax returns earlier to prevent filing errors as a result of last-minute rushing. Additionally, the CRA also announced February 10, 2014 as...
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...
The Canadian Government has introduced various international trade programs, many of which make it easier for corporations to enter into trade with Canada. AG Tax professionals have prepared an overview on the three most trade-supportive programs provided in Canada, which may be useful for anyone who currently performs, or plans to carry out, international trade....
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...
An alternative practice of fundraising, called “crowdfunding”, is becoming more common as conventional forms of fundraising are becoming less feasible in today’s tough economy. Crowdfunding is a way of raising funds for a project, usually via the internet. Various types of fundraising campaigns (disaster relief, political campaigns, scientific research, and start-up costs for new companies)...
On October 29, 2013, the Canadian government formally ratified a tax treaty with the Government of Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong). This treaty, (originally signed on November 11, 2012) minimizes the possibility of tax discrimination and double taxation, and further encourages healthy trades between Canada and Hong...
If you are a Canadian resident and planning to leave the country for an extended period of time, there are certain forms that may need to be filed, such as: Form T1161, Form T1243 (Deemed Disposition of Property by an Emigrant of Canada). In an effort to inform Canadian taxpayers, our AG Tax professionals have...
Some time ago you may have decided to leave Canada and settle in another country. Your intention was to leave Canada permanently and not return. Since Canada taxes Canadian residents on their worldwide income you did not want to be in a tax situation where you were required to pay income taxes to two different...
Following the death of a taxpayer, the filing of a number of different Canadian tax returns may be required, including: • Tax returns for years prior to the year of death • T1 Final • A Rights or Things Return Items which can be included in a Rights or Things return may include: • Matured but unclipped bond...
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