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Rental property can be a great investment. If you are able to purchase a property and rent it out you could potentially have someone else pay your mortgage on the property. Maybe you want to buy a ski lodge in Whistler; maybe a cabin on the lake is more your speed. Either way, if you...
The state of California (CA) has introduced a new annual filing requirement (under California Revenue and Taxation Code §18032 and 24953) for taxpayers who use Internal Revenue Code (IRC) Section 1031 to defer gain or loss from the sale of Californian real property. Both U.S. and Canadian clients have concerns about this new requirement, and...
Do you need your tax return reassessed by the CRA? Canadian taxpayers have a period of three years to get their tax returns reassessed by the Canada Revenue Agency (CRA). Once this normal reassessment period has passed, many taxpayers then want to know if an extension is available. A similar situation was recently addressed by...
Two years ago, the IRS provided general rules for using a federal per diem rate to substantiate the amount of ordinary and necessary expenses for lodging, meals, and incidental costs paid or incurred for business-related travel. In September 2013, the Internal Revenue Service (IRS) issued a new notice on the special per-diem rates to be...
In August 2013, the IRS announced that its online FATCA registration system was ready for foreign financial institutions (FFIs) and financial institutions (FIs) to use. The online portal allows these entities to establish accounts, and designate points of contact (POCs) to manage their accounts among other things. The Internal Revenue Service (IRS) has been encouraging...
For most U.S. taxpayers the automatic six-month extension to file tax returns expires on October 15, 2013 (other than the military and individuals serving in combat zones, or people from regions affected by storms, flooding and landslides). The Internal Revenue Service (IRS) urges taxpayers who requested for the automatic extension to re-check their returns for certain...
Foreign corporations looking to do business in the United States have the option of setting up representative offices, branches, or full subsidiaries in the U.S. to facilitate the growth of their operations. However, the tax implications associated with setting up an office in the U.S., and the impact it may have on the business, is...
If you live in Canada you might be surprised to learn that Canada is one of the few countries in the world that imposes a tax on emigration (departure tax). When a Canadian taxpayer leaves Canada for a long period of time (or permanently), they may be considered to have disposed of certain personal properties...
Form 5471 is used by the IRS to track investment of US persons in foreign companies, and ensure that US tax obligations are met, when required. Unfortunately, if you are a US person with business interests in a foreign country, this may apply to you. The following paragraphs provide a brief summary to this complex...
Canadians with US reporting requirements who own their own Canadian corporations (or plan to own), have many potential US reporting requirements to keep in mind. Even if the corporation doesn’t operate in the US, if the Canadian taxpayer who has a US filing obligation holds a controlling stake in the company (as defined by the...
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