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Canada, unlike the United States, taxes entities on the basis of their ‘resident’ status during a tax year rather than basing it on their citizenship. However, in the case of a Canada-situs property it could be taxable even if the taxpayer is a non-resident during the year, with the situation growing in complexity if it...
In our previous article “U.S. Tax Law: FATCA & it’s Impact on Canadians and the International Community“, we provided an overview of the US Foreign Account Tax Compliance Act (FATCA) and how the U.S. wanted multinational (non-U.S.) banks, financial institutions, and governments of various countries to comply with this law. The article also covered the...
The Canada Revenue Agency (CRA) is leaving no stone unturned when it comes to preventing tax evasion. Those who fail to properly report ‘other sources of income’ have recently caught their eye. This type of income refers to income on which no taxes are withheld since it is not considered employment income, and instead, is...
Canadian taxpayers, on occasion, refrain from filing tax returns due to a fear of possible tax debt. However, under particular circumstances, the Canadian Revenue Agency (CRA) will actually reduce tax debt for certain taxpayers. AG Tax professionals have highlighted situations during which the CRA may reduce tax debt, and have briefly summarized the CRA Tax...
In December 2013, the U.S. Internal Revenue Service (IRS) announced that filing a federal income tax return should happen on a yearly basis, even if no taxable income exists, to avoid issues in the future. AG Tax professionals have prepared a list of situations, using the IRS’s guideline, which will help you determine whether you...
Recently, the Canada Revenue Agency (CRA) has taken various measures to put an end to tax evasion. Examples of this can be seen in the introduction of information disclosure forms (such as: Form T1135 Foreign Income Verification Statement), withholding refunds in doubtful cases, and additional efforts put into scrutinizing every tax return filed. Another major...
Canada Revenue Agency (CRA) has denied almost every gifting tax shelter claimed in its audited tax returns due to inaccuracies in the claimed tax shelter. In fact, the CRA has decided to withhold owed taxes and refunds for all the tax returns that have claimed the gifting tax shelter and, having been granted to do...
In August 2013, the IRS proposed regulation changes for the first time since 2007. They suggested an increase to the processing fees for tax installment payment agreements and offers in compromise, and all other payment arrangements. From January 2014 onwards, the increased processing fees for standard installment agreements and offer in compromise will be applicable...
July 1, 2014 is the official date when Canada’s new Anti-Spam legislation (CASL, formerly known as the Electronic Commerce Protection Act and the Fighting Internet and Wireless Spam Act) will come into effect. The final version of Electronic Commerce Protection Regulations, published by Industry Canada, will govern emails and messages, mass mailing, and entities that...
Tax credits and deductions are helpful in minimizing U.S. taxpayers’ tax burden. In order to claim these deductions/credits, the Internal Revenue Service (IRS) expects taxpayers to fulfill requirements to prevent individuals from taking advantage of the credit. However, the IRS has noticed negligence when claiming deductions such as the Earned Income Tax Credit (EITC), which...
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