Monthly Archives: November 2014

US Taxes

IRS Simplifies Reporting for RRSP’s & RRIF’s

On October 7, 2014, the Internal Revenue Service (IRS) announced that is was making the reporting rules for Canadian registered retirement savings plans, RRSP’s and RRIF’s much easier. Background The United States tax code does not recognize the tax-deferred status of Canadian registered retirement plans and requires that the income be reported on a tax return annually. However, the tax treaty…

Comments Off on IRS Simplifies Reporting for RRSP’s & RRIF’s
November 17, 2014
Income Splitting / Tax Planning

Income Splitting Expanded for 2014

The government recently announced new legislation that will expand income splitting to families with children. Back in 2007, the government announced pension income splitting that allowed those who have certain pension income to split up to half of the pension income with their spouse or common law partner. On October 31, 2014, the government announced the new Family Tax Cut as well…

Comments Off on Income Splitting Expanded for 2014
November 14, 2014
Business / Corporations / Executors / Main Pages / Newsletters / Tax Tips / US Taxes

Q4 2014 Tax Tips & Traps Newsletter

The 2014 4rd quarter edition of tax Tips and Traps is out! In this edition: Tax ticklers – Quick points to consider Small Business Job Credit CRA Liaison Office Initiative Principal Residence – Partial conversion to an office Tax Payments – Online Collections Options – When you owe the CRA and can’t pay Estate Planning – Digital assets Registered Charities…

Comments Off on Q4 2014 Tax Tips & Traps Newsletter
November 12, 2014