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Being informed of tax scams is very important for taxpayers in order to protect their assets and avoid financial and taxation problems since information like Social Security Number, Tax Identification Number, and Electronic Filing Identification Numbers (EFINs) are highly confidential, and once leaked it can be very difficult to maintain and provide the same level...
For many Canadians, retirement is synonymous with the United States. The warm, sunny weather of Florida, Arizona, and California makes U.S. states some of the most sought after places for Canadians to retire when compared to the freezing provinces of Canada. As per the U.S. National Association of Realtors survey, 29.6% of the foreign home...
Tax Free Savings Accounts (TFSAs) are one of the most convenient ways for most Canadians to build up tax-free assets to fulfill their financial goals or build up an emergency fund. However, most Canadians seem to be unsure in regards to certain rules applicable to TFSAs, which could lead to severe penalties. The Canada Revenue...
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...
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...
Continuing low real estate prices in the United States have provided the opportunity for large numbers of Canadians to purchase U.S. property. Many investment savvy Canadian’s will search out US tax and legal advice before committing to investing in US real estate, but often times the advice they are provided with does not take into...
In a previous segment we dealt with the problems that a Canadian resident might face when purchasing a US residential property. There are many reasons why an individual might purchase such a property varying from a desire to own a vacation property in the Sun Belt to taking advantage of a perceived investment opportunity. In...
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...
While selecting an estate executor, certain skills need to be kept in mind. Since, an estate executor is liable for the execution of the estate, which if not carried out in the right manner could result in significant tax consequences not only on the decedent’s estate but for the estate executor as well. Here is...
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