Below is a list of all our recent informative news articles to help keep you up to date on tax and general financial affairs. You can quickly browse by year and month with the "Browse Archive" menu in the right column.
For many individuals preparing their Canadian income tax returns, the term “taxable Canadian property” is probably recognizable. In fact, numerous provisions within the Income Tax Act impose tax implications regarding the disposition of this property on certain individuals, such as non-residents.
As a parent, you are eligible to claim deductible support payments. It is crucial for you to understand what you should include in the income and where you could maximize your deductions.
The last federal budget before the election this fall has drawn the attention of different groups ranging from students to small business owners. As individual taxpayers, the following list summarizes some of the key changes that would likely affect you.Increasing Tax Free Savings Account (TFSA) Limit
US citizens living in Canada should be alert to their US filing requirements. US citizenship is acquired by being born in the US or being born by parents who are US citizens. Regardless of where you live, and to which country you associate yourself with, you should be aware that as a US citizen, you are subject to filing income tax in the US.
Many Canadians are expected to receive a tax refund this year. With that extra money, it may be very tempting to increase discretionary spending. However, here are some helpful tips on what to do with your tax refund.
When do you have a tax obligation to a country? This is an interesting question and needs to be monitored when you are travelling, vacationing or out of the country on business. This needs to be monitored because there can be tax implications.
The Canadian population is aging. The Baby Boomers represent a large part of the population. With such a large part of the population retired or getting close to retirement, we thought it would be prudent to discuss tax planning opportunities for retirees.
Given the more affordable prices and interest rates in the U.S., it has become popular that more and more Canadians begin to invest in U.S. real estates in recent years. However, there are some cross-border tax traps that may concern you.
The Canadian tax deadline is fast approaching and ignoring the tax deadlines can be costly. When you miss the tax deadline, the Canada Revenue Agency (CRA) is more than willing to impose penalties.
It is tax time in Canada and many Canadians are expecting tax refunds. Some individuals have been receiving scam emails claiming to be CRA (Canada Revenue Agency) stating that you need to click on a link to receive your tax refund. Be careful!
Everyone in Canada is familiar with being taxed on the purchase of goods and services. Depending on your jurisdiction, this extra amount required to be paid is known either as the goods and services tax (GST) or the harmonized sales tax (HST) (or, the QST in Quebec).
The Internal Revenue Service (IRS) has put forth efforts to make US tax filing for US citizens or residents with an RRSP or an RRIF easier. US individuals have been allowed to defer tax on income accumulated in an RRSP or an RRIF ...
If you leave Canada to settle in another country and you sever your residential ties with Canada, then you are considered an emigrant for tax purposes.
Based on a recent test of the Canada Revenue Agency conducted by the Agency itself, 25% of businesses who call in to get tax help receive wrong and misleading advice.
The retirement savings plan (RSP) contribution deadline is fast approaching – March 2, 2015. If you want to reduce your year end income tax bill and save for a secure retirement, then this is a financial tool you should utilize to the fullest.
The New Housing Rebate is available to individuals who purchased a new home or purchased a home that was recently substantially renovated. There is also a special rebate in instances where you as the owner constructed or substantially renovated your home.
Form T1135 is called the Foreign Income Verification Statement and must be filled out by Canadian taxpayers who own foreign assets with a cost of more than $100,000 in non-registered accounts. This form is used by the Canada Revenue Agency (CRA) to combat individuals trying to evade income taxes by hiding their assets in offshore accounts.
Arne Sorbo, an 88 year old senior with dementia and Parkinson’s disease is being charged $12,000 in penalties after the Canada Revenue Agency assessed that his tax returns contained ‘incorrect’ information.
The Streamlined Foreign Offshore Program is designed to help US citizens living abroad to file their taxes and rectify non-compliance issues such as back taxes.
There has been much talk about the federal government's new tax benefit measures. So what exactly are these proposed changes and how will they affect Canadian tax payers?
Tax Doctors Canada attended the 2014 Ontario Tax Conference offered by the Canadian Tax Foundation. Many subject areas were covered that relate to assisting taxpayers in reducing their tax burden.
The CRA’s Taxpayer Relief Provisions program was designed with the intention of dealing with taxpayers who have difficulty complying with statutory requirements due to extenuating circumstances.
On January 15, 2014 the Canadian federal government enacted the Offshore Tax Informant Program (OTIP) which encourages citizens to report Canadians hiding money overseas to avoid taxes.
When a marriage or common law relationship breaks down, there are several issues to be considered in the process, some of which include financial and tax issues.
As a non resident real property owner, when you receive rental income payments, the tenant/payer must withhold tax at the rate of 25% of the gross rental amount paid. The payer must then submit the tax to the CRA on or before the 15th day of the following month.
On Wednesday September 3, 2014 MacAllisters Grill and Tavern located in Cobourg terminated its operations after a Canada Revenue Agency (CRA) audit claimed that the restaurant owed nearly $75,000 in unpaid taxes.
On June 18, 2014 the IRS announced a number of significant amendments to the 2012 Streamlined Filing Compliance procedures and the Offshore Voluntary Disclosure Program (OVDP).
With the implementation of the Canada-United States Enhanced Tax Information Exchange Agreement Implementation Act life for Canadian US citizens with dual citizenship has become more complicated with regards to taxes.
According to a study by the Fraser Institute, a Canadian public policy think tank, the average Canadian family pays more money in taxes than on food, clothing and shelter combined.
The Canada Revenue Agency has two major tools when it comes to reassessing the income tax returns of Canadian individuals and businesses; a 'tax audit' is one of those procedures. As a Canadian taxpayer, it is important to understand how tax audits work and how you should respond if you are selected for a tax audit.
For income tax return purposes, you are considered a newcomer for the first tax year that you become a new resident of Canada. As a newcomer to Canada, there are certain rules and regulations that must be adhered to when filing your tax return.
With the 2013 income tax return filing deadline rapidly approaching, here are some last minute tax tips everyone should keep in mind. Of course, these income tax return tips can be applied for future tax returns as well.
When handling your income taxes, it is extremely important that you file an accurate tax return and make payments on a timely basis. Failure to do so can result in the assessment of additional interest payments and late-filing back tax penalties.
On Monday, April 14th 2014, the Canada Revenue Agency confirmed reports that the Social Insurance Numbers(SIN) of approximately 900 tax payers were stolen by hackers exploiting the headbleed security bug.
The IRS is targeting US citizens living abroad. The IRS wants to ensure that all US citizens are paying the appropriate amount of tax. The Foreign Account Tax
“There is one difference between a tax collector and a taxidermist; the taxidermist leaves the hide.” This saying is applicable to Canadian residents that live abroad.
The 2014 Canadian personal income tax deadline has been extended to the 5th of May, 2014 by the CRA because of the headbleed security bug which affected encrypted web communications. However, for the self-employed, tax returns must be filed by June 15th, 2014.
These days everyone is looking to make their money work harder for them. Individuals do this by making investments in stocks, bonds, mutual funds, etc. The goal is to make a profit. However, this does not always work out and you may have a loss on your hands.
If you have received a severance package, you need to think about how to handle this large sum of money. Tax Doctors Canada will help you maximize your severance pay.
Unreimbursed tuition, education, and text book costs for post secondary education or those that develop/ improve your skills can qualify for a federal tax credit. By using this tax credit, it will reduce the amount of taxes that you owe the government
The registered retirement savings plan (RRSP) contribution deadline is fast approaching – March 3, 2014. If you want to reduce your year end tax bill and save for retirement, then this is a financial tool you should utilize. The benefit of making an RRSP contribution is that you will receive an income tax deduction when you complete your tax return, and the investment income is not taxed each year.
Over the last number of years, Canada’s housing market has been the subject of much attention both at home and abroad. The market was red hot while housing in many other nations, including the United States, was still feeling the effects of collapse.
With the spiralling cost of post secondary education leading to record levels of crushing student debt, a registered education savings plan (RESP) is an excellent way to save for your child's education and give them an advantageous head start in life. Find out more about RESPs.
We receive many questions regarding obligations to file tax returns. For example, an individual is in Canada for six months to a year and is not sure whether he/she has a tax filing obligation. When does an individual have to file a tax return?
The 2013 Tax Filing season has many new important features. You may be eligible for some money saving tax relief measures when filing your 2013 benefit and income tax return.
Making a charitable donation can leave more money in your pocket as a result of the 2013 Budget. For first-time donors, the 2013 Budget introduced a temporary supplement to the existing non-refundable tax credit for charitable donations by individuals.
Tax Doctors Canada attends the Federated Press, Tax Planning for the International Client, course in Toronto – November 6 and 7th, 2013. Individuals are mobile in today’s work environment and tax implications can be complicated
Canada Revenue Agency (CRA) has been aggressively targeting the HST New Housing Rebate. The HST New Housing Rebate allows the purchaser to recover a portion of the HST paid on their newly constructed or substantially renovated home. There are several conditions required to qualify for the housing rebate; one of the criteria is the intention to use property as a primary residence.
The time has come as the Canadian and European Union have come terms on a “political agreement” on free trade. According to the federal government, the deal could bolster Canada’s annual income by a staggering 12 billion dollars yearly and boost bilateral trade by 20%.
The month of April is associated by many with income tax season. When income tax time approaches every year, many individuals get a collective headache and pain in their back, so much so that they consider not going through the hassle of completing and filing an income tax return. However, did you know that there are lots of benefits of filing an income tax return every year?
During the course of their employment, many Canadians and non-residents accumulate a pension. For those individuals in Canada who are non-residents, the Canada Revenue Agency provides a method under section 217 of the Income Tax Act in which they can report their pension income in order to potentially lessen their income tax burden upon retirement.
Back taxes can be a real pain! Anytime that you, whether intentionally or by accident, have income taxes owing from a previous reporting period, back taxes have occurred; and, you are liable for the back tax underpayment. This usually results from not filing your income tax returns on a timely basis. In this article, Tax Doctors Canada gives 10 Tips to Help with Back Taxes.
Canadians are not the only individuals who earn this income in Canada. Non-residents also purchase property in Canada to rent out for financial gain. For these individuals, section 216 of the Income Tax Act provides an optional avenue in which to report their rental income.
It may make sense to change the use of your house from being your principal residence to an income-producing property. Perhaps you are moving out and want to earn some rent; or, perhaps there is a tax advantage of changing the use. Regardless of the reason, be sure to follow the rules set out by the Canada Revenue Agency and the Income Tax Act to avoid any headaches such as back taxes and penalties.
According to the Internal Revenue Service (IRS), a dual-status alien is a person that has been both a resident and nonresident alien of the United States in the same tax year. It has nothing to do with citizenship, and only applies to U.S. resident status for tax purposes. Tax Doctors Canada clarifies the complicated area of US Canada tax requirements.
New tax measures have been instituted in Canada over the past several years that have had the effect of providing financial relief to millions of Canadians. Not only do these programs provide for less of an icome tax burden on families, but they also allow families to take advantage of opportunities for their children that would otherwise be too expensive.
Losing your job is never a pleasant experience. And while you might think that the taxman would be sympathetic to such circumstances, this is unfortunately not the case. When you receive a severance package upon termination of your employment, that money received is taxable. However, there are some tricks at your disposable to minimize the full tax burden.
When you file your income tax return, and it gets processed, does it end there? Is that tax year behind you for good? Unfortunately, it isn’t. Read the article for full details and let Tax Doctors Canada help with back taxes...
While you might be familiar with the Canada Revenue Agency (CRA) attempting to crack down on affluent tax evaders such as those who store their money offshore, recent initiatives by the CRA clearly indicate that these individuals are not the only ones they are going after.
Many individuals in Canada and the U.S. have not filed tax returns with the government every year and have back taxes due. Whether an innocent mistake or deliberate in nature, forgetting to file your income tax returns and not paying back tax, can result in disastrous consequences. Find out more about the consequences for not paying your back taxes and how Tax Doctors Canada can help with back taxes ....
Are you a non-resident who has purchased Canadian property? Are you a Canadian who is purchasing Canadian property from a non-resident? Are you unsure if you are meeting your non-resident tax remittance obligations to the Canada Revenue Agency? Section 116 institutes a non-resident withholding tax regime on the sale of Canadian property by non-residents (Tax clearance certificate etc.).
In today’s global economy, earning income in a country in which you are a non-resident is commonplace. However, many countries have specialized tax rules in place that withhold part of this income.
Many individuals relish the idea of having a U.S green card or U.S. Citizenship; and having the ability to live and work in the United States. But, did you know that there are lots of U.S. tax responsibilities that come along with this privilege?
Many individuals relish the idea of having a U.S green card or U.S. Citizenship; and having the ability to live and work in the United States. But, did you know that there are lots of U.S. tax responsibilities that come along with this privilege?
Tax Audit, a simple two-syllable word; but, this word, and the process associated with it, brings anguish and strife to many Canadians on an annual basis. It is for this reason that many Canadians fear going to their mailbox and finding an unexpected envelope addressed to him or her from the Canada Revenue Agency. They are several common “red flags” that may make the CRA select your income tax return for review.
Many corporations in Canada are Canadian-Controlled Private Corporations (“CCPCs”). Having this status entitles them to special tax benefits, which makes the decision to incorporate one’s business even more enticing. So, what is a CCPC, and does your corporation qualify for the associated tax benefits?
In the recent years in the U.S., and in the recent months in Canada, these respective governments have begun their pursuit to crackdown on potential tax “cheats.” Even though you may file an income tax return annually as required, these new rules may place a more onerous obligation on you. US Canada tax regulations are getting more and more complicated, Tax Doctors Canada has highly qualified experts in the field to help you.
Tax Doctors Canada attends International Tax Conference in Atlanta, Georgia to increase its International Tax acumen.
The certified tax accountants at Tax Doctors Canada are always striving to be the best qualified in the field of U.S Canada tax, international tax and non-resident tax services in order to provide you with outstanding service. No training expense is spared. The accountants of Tax Doctors Canada attend training conferences all across North America.. U.S Canada is a fast moving and constantly changing field, it is extremely important that you hire accountants who are fully up to date and qualified in order to receive competent service. You can count on Tax Doctors Canada to provide with the best of service.
If you are a non-United States citizen, you are considered to be an alien for U.S. tax purposes. There are two types of alien statuses: non-resident alien and resident alien. However, they are treated differently for tax purposes. So, which type of alien are you and how will it affect your U.S. tax return?
To incorporate or not to incorporate; that is truly the question. There are many benefits of incorporating, both tax and non-tax related; including those that will increase your bottom line!
It may make sense to convert your principal residence to rental property. Perhaps you are moving out and want to earn some rent; or, perhaps there is an income tax advantage of changing the use of your principal residence. Learn more.
March 1, 2013 is quickly approaching. Why is that important? Well, that is this year's RSP contribution deadline to make your Retirement Savings Plans (RSP’s) contributions that will be eligible for deductions on your 2012 Canadian income tax returns.
Now that we are in 2013, it’s time to start thinking about filing your taxes for 2012. Start 2013 off right! Get your income tax returns filed as soon as possible. At Tax Doctors Canada, we can help you complete your income tax returns in a timely and accurate manner and save you money.
Many individuals relish the idea of having a green-card or U.S. Citizenship; and having the ability to live and work in the United States. But, did you know that there are lots of U.S. tax responsibilities that come along with this privilege? And, these responsibilities exist even if you live in Canada!
As the year draws to an end, one of the most discussed topics, from U.S. politicians to the news media, is the “fiscal cliff”. With markets reacting proactively to the threat of the fiscal cliff, investors need to be aware of what it represents, its impact and likelihood.
Like most individuals, after you file your income tax returns, your income tax burden for the year has been lifted.
But what happens if you incorrectly reported your income or have not filed your income tax returns for multiple years? Read this article for full details
Tax is an interesting field; now stop laughing! A new client’s tax situation is challenging because everyone’s situation is different. The new client’s situations will require research and a barrage of questions to delve into their situation to determine where the tax opportunities lie. We have had success with our clients, and we wanted to share their stories.
The Tax Doctors Canada attendance of the Family Support Expo 2012 show was a great success. Many lucky visitors to our booth won prizes such as Samsung tablets and golf gear and took advantage of special show discounts on tax preparation and tax planning services.
Attendees can win a Samsung Galaxy Tablet and other gifts. There will be giveaways of discount coupons for tax planning and tax preparation services. Tax doctors Canada and GTA Wealth Management financial advisers will also be available for personal no obligation consultations. Don't miss this opportunity to win and save!
