Articles

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…

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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…

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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…

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November 12, 2014
Business Matters Newsletter / Newsletters

Business Matters Newsletter – October 2014

Welcome to the October 2014 edition of Business Matters. Business Matters is a bimonthly newsletter focused mainly on businesses and entrepreneurs. The topics in this newsletter goes beyond taxation and touch on a number of topics that affect businesses. Like our Tax, Tips and Traps Newsletter, Business Matters is available by download and may be printed for your own use…

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October 15, 2014
Main Pages / Non-Residents / US Taxes

U.S. Citizens – Tax Filing Obligations

Many American citizens and other “U.S. persons” in Canada are unaware and even surprised to find they have to file income tax returns, report their bank accounts and make other disclosures to the IRS in addition to the Canadian filings. The United States requires that all citizens file a U.S. income tax return and report worldwide income. The net broadens…

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September 30, 2014
US Taxes

Exemption for Children & SSN Requirements

Over the last several months we have seen a number of U.S. Citizens in Canada receive a letter from the IRS asking for the social security number of their children in order to claim the exemption for children. In more than a few cases, the taxpayer did not obtain social security numbers for the children or the child does not…

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September 29, 2014