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In this era of severe tax scrutiny it is important to plan your savings to avoid paying large tax liabilities while fulfilling a financial goal. Studies conducted by Statistics Canada report a Household Savings Rate of 5.4% in Canada, which is 0.4% more than the previous year. However, studies conducted by BMO Bank of Montreal...
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...
If you live in Canada you might be surprised to learn that Canada is one of the few countries in the world that imposes a tax on emigration (departure tax). When a Canadian taxpayer leaves Canada for a long period of time (or permanently), they may be considered to have disposed of certain personal properties...
The Internal Revenue Service (IRS) broadly categorizes taxpayers as U.S. persons and foreign persons for tax purposes. However, it is important to understand that the meaning of U.S. person is not limited to an individual person; it also includes other forms of entities. To clarify the term “U.S. person” our professional tax advisors have put...
Even with the best practices in “Internal Controls” your business may still be at risk due to opportunities for collusion and wrongdoings that can lead to significant business exposures and losses. Most of us have heard the horror stories about embezzlement, misappropriation and outright theft that have brought more than one business to the brink of...
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