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Online trading has enormous benefits. For example, with online trading there’s no need to establish an office, goods do not need to be stocked, and a huge number of buyers can be reached just through a simple website. However, every source of income from online sales is liable to income tax and sales tax, and...
With the establishment of the first BitCoin ATM in Vancouver, it is apparent that BitCoin has entered the mainstream. Taxpayers may wonder, “What is BitCoin? Where can BitCoin be used? Is it taxable or tax-exempt?”. Our team of Canadian tax professionals at AG Tax have created a brief explanation of BitCoins, including what BitCoins can...
An alternative practice of fundraising, called “crowdfunding”, is becoming more common as conventional forms of fundraising are becoming less feasible in today’s tough economy. Crowdfunding is a way of raising funds for a project, usually via the internet. Various types of fundraising campaigns (disaster relief, political campaigns, scientific research, and start-up costs for new companies)...
U.S. taxpayers can reduce their tax burdens through charitable contributions. As the year-end approaches, our team of AG Tax professionals has prepared a brief summary on types of charitable contributions that are accepted by the U.S. Internal Revenue Service (IRS), as well as additional information that can help you minimize your taxes through charitable contributions....
Transfer pricing allows multinational corporations (MNCs) and their related parties to allocate worldwide profit to countries with lower tax rates; thereby allowing multinational corporations to minimize the amount of overall taxes paid. In order to prevent transfer pricing abuse, many countries have established transfer pricing rules. These rules can assist in determining what constitutes arm’s...
Continuing on from our previous article on year-end tax concerns and planning options for individuals, the tax professionals at AG Tax have prepared a brief report summarizing the various issues that business owners should consider when planning their tax-saving strategies. The two main issues are the timing of business income and deductions, and applying the...
Year-end tax planning is always complicated, given that you need to consider what may lie ahead in the New Year, and 2013 is no different. However, with the introduction of new provisions through the American Taxpayer Relief Act 2012 (ATRA) and the Patient Protection and Affordable Care Act 2010 (ACA), plus many provisions set to...
Did you know that cross-border business or investment activities could potentially have both U.S. and Canadian tax implications? The Canada-U.S. Tax Treaty contains information on how tax rates can prove beneficial to people who are subject to taxes in both countries. Here is an example of a Canada-U.S. Tax Treaty Based Ruling for ‘Participating Debt...
Taxpayers may complain about the decisions made by authorities like the Canada Revenue Agency (CRA), but they generally do not question them. But what if the decision is wrong or the situation falls in a grey area, not covered properly by current Income Tax rulings? In Radonjic v. The Queen (2013 FC 916), a taxpayer...
Earlier this month, AG Tax provided a summary of the estimated tax brackets for 2014, together with certain inflation-sensitive tax figures, such as personal exemption, the standard deduction, and tax benefits. The IRS has now confirmed these rates. Inflation causes a rise in the price levels of goods and services over a period of time and...
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