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In Canada, the capital gains from the sale of a qualifying primary residence is exempt from taxes. In the past, the individual was not required to report the sale on their personal income tax return provided the entire gain was eligible for exemption. However, on the 3rd of October, 2016 the federal government announced an...
On the 26th of May 2016, the Canada Revenue Agency (CRA) confirmed that it will treat U.S. limited liability limited partnerships (LLLPs) and U.S. limited liability partnerships (LLPs) as corporations for Canadian tax purposes as these structures resemble Canadian corporations. This decision of the CRA is likely going to cost Canadians owning U.S. real estate...
If you are considering working in a new country there are many things you need to learn to avoid unexpected surprises. This can include the work culture, the immigration requirements and the tax system. The Canadian government has several programs which facilitates entry for those individuals who have the skills that Canada is looking for...
When a Canadian taxpayer misses reporting certain income or has made an error in their tax returns they can rectify that error with the help of Canada Revenue Agency’s (CRA) Voluntary Disclosure Program (VDP). It is important to note that when using the VDP to fix a mistake full disclosure needs to be made. Since...
The recent “Panama Papers” leak brought to light the offshore financial dealings of various well-known individuals around the world, including many Canadians. The Canada Revenue Agency (CRA) has decided to pursue these revelations to identify not only the Canadians involved in these activities but also whether these Canadian residents were using offshore havens to avoid...
There is a first-time for everything from the first time you ride a bike to the first time you were left home alone. While sometimes new things are fun, other times they can be quiet overwhelming. For many young Canadians, filing their tax return for the first time can be one of these overwhelming experiences. Having...
When the Canada Revenue Agency (CRA) started their investigation with Canadian charitable organizations, they reviewed each of the charitable organizations registered in Canada and removed quite a lot of them from the qualified charitable organizations list. In 2014 the CRA moved on to verifying foreign charitable organizations that qualified for the same tax-exemptions as domestic...
In Budget 2016, Prime Minister Justin Trudeau replaced the Universal Child Care Benefit (UCCB) with the Canada Child Benefit (CCB), with an objective to support growth and development of the middle and lower classes to build Canada. The Canada Child Benefit (CCB) amount is adjusted to include inflation. Here is a summary by AG Tax professionals on Canada...
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...
In October, 2014, Prime Minister Stephen Harper introduced the Family Tax Cut and various other reforms to existing tax credits to reduce the tax burden on families with mid to low levels of income, and for families where only one individual earns income. Since this credit was intended to be available for 2014’s tax return,...
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