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In 2009, the US government began a series of streamlined offshore voluntary disclosure programs (OVDP). These programs were aimed at taxpayers with offshore assets in order to make all, or most, U.S. taxpayers living outside the United States tax-compliant. It was also put in place to prevent tax evasion by taxpayers using offshore accounts. Although...
In the U.S., married couples have the option to file “Married Filing Joint” as opposed to filing two separate tax returns. Because tax rates are increased at higher income levels, if one spouse is making little to no income and the other spouse has high earnings, filing jointly can significantly reduce ones tax burden. In...
At AG Tax LLP, U.S. Canadian cross-border taxpayers frequently inquire about dual status tax filings. The following is a brief overview on dual status tax filing for a Canadian citizen or resident moving or travelling to the U.S. prepared by AG Tax cross-border tax analysts. It is important and highly recommended to discuss all residency...
The ease of movement between Canada and the United States leads to many Canadians owning properties in the U.S. and many U.S. citizens owning properties in Canada. Due to the popularity of Canadians owning rental properties in the U.S. to spend their winters, many tax articles tend to cover the taxation of U.S. property owned...
With the 2016 U.S. Presidential elections coming to a end, there has been a sudden surge on Google Search for information on settling in Canada. Unfortunately, settling in another country is not simple, especially for U.S. citizens who are not only subject to U.S. tax formalities regardless of whether they reside within or outside the United...
In the recent years, every country has been passing stringent laws to monitor foreign investments by their country’s citizens/taxpayers to prevent tax evasion through foreign investments. The Canadian government introduced Form T1135 a few years ago to prevent Canadian taxpayers from evading taxes, and since then, Canada Revenue Agency has been in a continuous process...
Saving on taxes is all about planning and strategizing one’s investments, sales and expenses in order to qualify for deductions and credits. With that being said, it is very helpful for taxpayers to be aware of qualifying investments & expenses so they can be claimed future on tax returns. For example, were you aware that some investments will provide you...
Virtual stores are the latest trend, as they are an easy way to do business without the need to have a physical shop. With a virtual store one can reach out to a vast audience beyond where the store is located. However, while planning to operate an e-commerce business and sell online, one needs to...
Many people are beginning to appreciate the power of expanding their business through the internet. It can easily expand a product’s potential buyers from thousands to millions by providing easy access to the global market, including the largest capital market, the United States of America. Many Canadian businesses have already taken advantage of such opportunities by...
It is not uncommon to hear news regarding blockbuster movies being filmed in Canada. Other than its scenic beauty, Canada offers advantageous federal and provincial tax credits, incentives, and deductions to both domestic and foreign film production companies for carrying out film and television production in Canada, as well as hiring Canadian residents for labour. However,...
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