Please wait, loading...
On the 21st of April, the Federal Finance Minister, Joe Oliver, introduced the budget for 2015, which along with reducing the tax burden on parents (Read: Canadian Tax Deductions & Credits for Parents), intends to help Canadian businesses thrive in the global economy. Here is a brief overview of the 2015 Canadian Budget outlined by...
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,...
The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States (U.S.) Congress in March 2010 to prevent U.S. persons/taxpayers from evading taxes by using foreign accounts. Under FATCA regulation individuals are required to provide full details of their foreign accounts/investments, but now even foreign financial institutions (FFIs) are required to provide details...
Canadian Replacement Property Rules Many Canadian often confuse the Canadian replacement property rules under Section 44 to be similar to that of the U.S. Internal Revenue Code (IRC) Section 1031 Like-kind Exchange; often when it is regarding their property situated in the U.S. However it is important for Canadian taxpayers thinking of taking advantage of...
Canadian Small Business Deduction At AG Tax, we often have our corporate clients inquiring about deductions or credits which they could rely on to save taxes. Although there are many useful credits and deductions, one deduction worth mentioning is the small business deduction, on which our tax analysts have prepared this article which could be...
On the 21st of August, 2014, the Canada Revenue Agency (CRA) launched its first mobile application to support and assist business taxpayers. According to the Minister of National Revenue Kerry-Lynne Findlay, who introduced the app in Vancouver, “It is more about just trying to help small business focus on what their priorities are, which is...
Canada-sourced income is taxable in Canada, irrespective of whether the company or individual fulfills the ‘resident’ requirement or not, and in order to prevent non-residents who perform services in Canada from avoiding paying Canadian income taxes on the services income earned in Canada during their temporary stay, the Canadian government requires the payer to withhold...
It is a rare moment when the U.S. Internal Revenue Service (IRS) calls out for taxpayers to collect money rather than pay. The IRS has approximately $760 million worth of refunds to be distributed amongst at least 918,600 taxpayers from different states who did not file their tax returns for the year 2010. AG Tax...
The average fee for hiring a tax professional to prepare one’s taxes can range being fairly inexpensive to quite costly and time consuming depending upon the taxpayer’s tax situation. If a person’s tax situation involves no complications, it may not be necessary to consult a tax professional. However, trying to save a few dollars by...
The Canada Revenue Agency (CRA) has made electronic filing of tax returns compulsory through NETFILE or EFILE as it ensures accuracy, faster refunds and security. In addition, it minimizes the CRA’s time and cost burden of handling and storing the paper returns (Read: Tax Filing Details for Canadians). Despite this, it is important that taxpayers...
© AG Tax LLP | All Rights Reserved | Website by Aroma Web Design Vancouver
© AG Tax LLP | All Rights Reserved | Website by AromaWebDesign.com