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…
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…
Resting squarely at the top of the second page of the T1 personal income tax return, sits a question. On the 2013 tax return the question read: Did you own or hold foreign property at any time in 2013 with a total cost of more than CAN$100,000? See “Foreign income” section in the guide for more information. If yes, complete…
The 2014 3rd quarter edition of tax Tips and Traps is out! In this edition: Tax ticklers – Quick points to consider CRA checklist for small business Donations through your Will U.S. Tax Amnesty Directors liability Moving expenses Price adjustment clauses Travel expenses Verifying a social insurance number Foreign property reporting (T1135) relief! Internet business activities Download your copy of…
The 2014 2nd quarter edition of tax Tips and Traps is out! In this edition: Internet business activities Simplified HST reporting for small business Salary for owners and family members CRA audits of charities Tax costs of crowd funding Scholarship and training benefits Separation and the dependant tax credit Web tips for business Download your copy of Tax Tips &…
The federal budget was announced yesterday and although there was little by way of tax cuts, there were some personal and corporate tax measures that may impact some individual and businesses. You can download a copy of the CGA Canada Budget response here.
