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Clearance certificates are written notices issued by the Canada Revenue Agency to confirm that an estate has no outstanding tax liabilities to Canada. If an executor distributes the assets of an estate before getting a clearance certificate confirming that all taxes and any interest penalties have been paid, the executor can be personally liable for payment of the...
A deceased individual is considered to have disposed of each capital property owned by him/her immediately before death and may realize capital gains and/or losses. If the total realized and deemed allowable capital losses for the year exceeds realized and deemed taxable capital gains for the year, the losses may be deducted in full, first...
The information below is presented from an accounting perspective and does not constitute legal advice. Estate matters can be complicated, and we recommend that an individual acting in the capacity of an estate executor use this outline in conjunction with obtaining legal advice. Canadian Estate Executor Responsibilities • Settle the estate according to the wishes...
Are Your SRED Claims being audited by the CRA? Are you concerned that your claim may be disallowed or your refund amount reduced? AG Tax Chartered Accountants have helped countless clients to resolve their SRED tax refund issues with the CRA. There has been increased CRA scrutiny of SRED claims in the past year. Part of the reason lies...
Well you made it… Your taxes have been filed on time. It looks good. BUT that was a while ago and you have just received a call or notice from the CRA that you are being audited. You may be worried and uncertain about what to expect. First, it is part of the mandate of the...
Small business, startups and Canadian Controlled Private Corporations looking for funding should know about Canadian Funding Programs, such as: CICP, SRED and IRAP. These are government-provided funding programs for Canadian business owners. Canadian Funding Programs Canadian Innovation Commercialization Program (CICP) The Canadian Innovation Commercialization Program (CICP) is a significant initiative of the Government of Canada to...
The Canada Revenue Agency (CRA) provides various tax benefits in the form of tax credits and deductions to promote research and development, amongst these various benefits is the ‘SR&ED Program’. However, many Canadian taxpayers are not well aware of this program. Therefore, in this article we have summarized CRA’s ‘SR&ED program’ for taxpayers who feel...
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ABOUTAylett Grant Tax, LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.ABOUTAG Tax LLP
With offices across Canada, we are positioned to manage and process the full scope of your Canadian, US and US Canada cross-border tax filing needs.OFFICEVancouver
12752 28th Ave, Surrey, BC, V4A 2P4OFFICEEdmonton
104–4220 98 St NW Edmonton AB, T6E 6A1