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Tax Doctors Canada News

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.

by The Tax Doctors

What is “Taxable Canadian Property”? - Tax Doctors Canada | Tax Help and Tax Planning Services | Professional Tax Accountants

What is “Taxable Canadian Property”?

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.

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by The Tax Doctors

How is the 2015 Federal Budget affecting you? - Tax Doctors Canada | Tax Help and Tax Planning Services

Tax Implications of Child Support Payments

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.

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by The Tax Doctors

How is the 2015 Federal Budget affecting you? - Tax Doctors Canada | Tax Help and Tax Planning Services

How is the 2015 Federal Budget affecting you?

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

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by The Tax Doctors

How to file income tax as a US citizen residing in Canada?  Tax Doctors Canada | US Canada Tax Services

How to file income tax as a US citizen residing in Canada?

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.

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by The Tax Doctors

How Should You Invest Your Tax Refund? - Tax Doctors Canada | Tax Help and Tax Planning Services

How Should You Invest Your Tax Refund?

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. 

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by The Tax Doctors

2014 Income Tax Due Date Changed by CRA - Tax Doctors Canada | Tax Help and Tax Planning Services

2014 Income Tax Due Date Changed by CRA

Canadians have been given five extra days to file their 2014 income tax returns, thanks to a "human error" at the Canada Revenue Agency (CRA).

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by The Tax Doctors

Snowbirds: US Tax and Canadians Spending Time in the U.S  - Tax Doctors Canada | US Canada tax

Snowbirds: US Tax and Canadians Spending Time in the U.S

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.

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by The Tax Doctors

Seniors and Tax Tips - Tax Doctors Canada | Tax accounting services

Seniors and Tax Tips

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.

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by The Tax Doctors

Canadians with U.S. real estate and possible cross-border tax traps - Tax Doctors Canada | U.S. Canada tax services

Tax Issues of Owning US Real Estate

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.

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by The Tax Doctors

Late Tax Filing and Penalties - Tax Doctors Canada | Tax Help Services

Late Tax Filing and Penalties

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. 

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by The Tax Doctors

Tax Refund Scam - Tax Doctors Canada | Tax Help Services

Tax Refund Scam

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!

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by The Tax Doctors

Canadian HST and GST: How do they affect you?- Tax Doctors Canada | Tax Help Services

Canadian HST and GST: How do they affect you?

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).

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by The Tax Doctors

Will you have to pay tax to the IRS? - Tax Doctors Canada | US Canada tax

Will you have to pay tax to the IRS?

If you have any ties to the United States, you may be required to file a return with the IRS. The following is a quick test to check.

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by The Tax Doctors

US Tax and Canadian Retirement Plans (RRSP/RRIF) - Tax Doctors Canada | US Canada Tax Services

US Tax and Canadian Retirement Plans (RRSP/RRIF)

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 ...

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by The Tax Doctors

Tax issues when emigrating from Canada - Tax Doctors Canada | Back Tax Filing Issues

Emigrating From Canada

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.

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by The Tax Doctors

The CRA is Giving Misleading Tax Advice - Tax Doctors Canada | Back Tax Filing Issues

The CRA is Giving Misleading Tax Advice

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.

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by The Tax Doctors

RRSP Deadline – March 2, 2015 - Tax Doctors Canada | Tax Planning, Tax Audit

RRSP Deadline March 2, 2015

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.

Read more …

by The Tax Doctors

TFSA Holders Subject to Tax Audit Banned From Withdrawals - Tax Doctors Canada | Tax Planning, Tax Audit

TFSA Holders Subject to Tax Audit Banned From Withdrawals

Tax free savings account holders who are currently being tax audited by the Canada Revenue Agency are being banned from making withdrawals

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by The Tax Doctors

GST/HST New Housing Tax Rebate - Tax Doctors Canada | Tax Help Services

GST/HST New Housing Tax Rebate (New Housing Rebate)

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.

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by The Tax Doctors

CRA Tax Form T1135 – Foreign Assets - Tax Doctors Canada | US Canada Tax Services

CRA Tax Form T1135 – Foreign Assets

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.

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by The Tax Doctors

Ailing B.C. Senior Charged $12K in Tax Penalties by the CRA - Tax Doctors Canada | Back Tax Filing Issues

Ailing B.C. Senior Charged $12K in Tax Penalties by the CRA

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.

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by The Tax Doctors

Canadian Snowbirds and the IRS - Tax Doctors Canada | US Canada Tax

Canadian Snowbirds and the IRS

Canadian residents who spend their winters in the United States can be required to pay income tax to the IRS.

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by The Tax Doctors

Back Taxes for US Citizens  - Tax Doctors Canada | US Canada Tax

Back Taxes for US Citizens

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.

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by The Tax Doctors

Federal Government of Canada Tax Break Program | Tax Doctors Canada analysis

Federal Government of Canada Tax Break Program

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?

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by The Tax Doctors

Tax Doctors Canada attends the 2014 Ontario Tax Conference

2014 Ontario Tax Conference

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.

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by The Tax Doctors

Back Taxes and CRA Taxpayer Relief - Tax Doctors Canada | Back Tax issues

Back Taxes and CRA Taxpayer Relief

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.

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by The Tax Doctors

CRA Offshore Tax Informant Program - Tax Doctors Canada | Back Tax issues

CRA Offshore Tax Informant Program

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.

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by The Tax Doctors

Tax Issues on Divorce - How to insure the tax and financial part of the process is well planned and in your best interests.

Tax Issues on Divorce

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.

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by The Tax Doctors

Non-residents Owning Rental Property in Canada – Section 216 Return for Non-Residents

Non-residents Owning Rental Property in Canada – Section 216 Return for Non-Residents

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.

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by The Tax Doctors

Back Taxes and Tax Audits:  MacAllisters Grill and Tavern Closure

Back Taxes and Tax Audits: MacAllisters Grill and Tavern Closure

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.

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by The Tax Doctors

Back Tax and IRS Guidance: Offshore Voluntary Disclosure

Back Tax and IRS Guidance Offshore Voluntary Disclosure

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).

Read more …

by The Tax Doctors

Tax remifications of the Canada-United States Enhanced Tax Information Exchange Agreement Implementation Act

Two Canadian women are suing the Attorney General of Canada

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.

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by The Tax Doctors

Canadians Pay More in Taxes than on Food, Clothing and Shelter Combined. Tax Doctors Canada can help stem the tide of ever rising taxes

Canadians Pay More in Taxes than on Food, Clothing and Shelter Combined

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.

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by The Tax Doctors

Information about CRA Tax Audits | Back Tax Issues | Tax Deadline | Income Tax Filing

Back Taxes and a CRA Tax Audit

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.

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by The Tax Doctors

Back Taxes | Canadian Non-Resident Tax | Tax Deadline | Income Tax Filing Information | Canada New Resident Tax

Back Taxes and Newcomers to Canada

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.

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by The Tax Doctors

Last Minute Income Tax Return TIps | Tax Deadline | Income Tax Filing Information

Last Minute Income Tax Return Tips

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.

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by The Tax Doctors

Back Taxes:  CRA Interest and Penalties | tax penalties | Tax Refund

Back Taxes: CRA Interest and Penalties

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.

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by The Tax Doctors

CRA Heartbleed Web Security Breach - Tax Returns, Back taxes

CRA Heartbleed Web Security Breach

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.

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by The Tax Doctors

Income Earned abroad by US Citizens | Canada-U.S tax

Income Earned abroad by US Citizens

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

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by The Tax Doctors

Canadians Living Abroad – Do You Owe Canadian Income Tax?

Canadians Living Abroad – Do You Owe Canadian 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.

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by The Tax Doctors

Income income tax return deadline is April 30th, 2014 - Tax Doctors Canada

Personal tax return deadline extended to May 5th, 2014

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.

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by The Tax Doctors

Retirement Savings Plans (RSP) and Lossese | Registered Retirement Savings Plans (RRSP) and Losses | Retirmement Planning | Tax Accountants - Finanical Advisors

Retirement Savings Plans (RSP) and Losses

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.

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by The Tax Doctors

Reducing taxes on your severance package | Maximizing your severance pay | Tax Accountants - Finanical Advisors

Reducing taxes on your severance package

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.

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by Dynamic eSolutions

Maximizing your tax credits and tax deductions for education - tuition tax credit canada - education tax credit- textbook tax credit -Tax Doctors Canada

Tuition, Education, and Textbook Credits Available

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

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by The Tax Doctors

registered retirement savings plan - maximum rrsp contribution - rrsp contribution deadline March 3, 2014 - Tax Doctors Canada

RRSP Contribution Deadline – March 3, 2014

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.

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by The Tax Doctors

Section 216 and Non-Resident Rental Income | Canadian Non-Resident Tax

Section 216 and Non-Resident Rental Income

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.

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by The Tax Doctors

A registered education savings plan (RESP) is an excellent way to save for your child's education

Registered Education Savings Plan

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.

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by The Tax Doctors

Are You a Resident of Canada for Tax Purposes? | Canadian Non-Resident Tax

Are You a Resident of Canada for Tax Purposes?

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? 

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by The Tax Doctors

Canadian tax relief measures when filing your 2013 benefit and income tax return | Tax Refunds | Tax Credits | Tax Deductions

Money Saving Year End Tax Tips for 2013

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.

Read more …

by The Tax Doctors

What is the First-Time Donor’s Super Credit (FDSC)?

What is the First-Time Donor’s Super Credit (FDSC)?

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.

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by The Tax Doctors

Tax Doctors Canada attends the Federated Press International Tax Seminar - Non Resident Tax | Canada US Citizen Tax

Federated Press International Tax Seminar

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

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by The Tax Doctors

HST New Housing Rebate - Canadian Tax Return

HST New Housing Rebate

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.

Read more …

by The Tax Doctors

How the Canada-EU trade deal will impact Canadians

How the Canada-EU trade deal will impact Canadians

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%.

Read more …

by The Tax Doctors

Back Taxes and the benefits of filing of income tax return annually | back tax | tax penalties | Tax Refund

Back Taxes and Benefits of Filing a Tax Return Annually

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?

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by The Tax Doctors

Section 217 and Non-resident Pensions | Canadian Non-Resident Tax

Section 217 and Non-resident Pensions

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.

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by The Tax Doctors

10 Tips to Help with Back Taxes, back tax, file back taxes, back tax filing,

10 Tips to Help with Back Taxes

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.

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by The Tax Doctors

Section 216 and Non-Resident Rental Income | Canadian Non-Resident Tax

Section 216 and Non-Resident Rental Income

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.

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by The Tax Doctors

From Principal Residence to Income Producing: Changing the Use of your House - Back Taxes and Late Elections

From Principal Residence to Income-Producing

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.

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by The Tax Doctors

US Tax - US Canada Tax - Taxation of Dual-Status Aliens

U.S Canada Tax: Taxation of Dual-Status Aliens

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.

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by The Tax Doctors

Recent Tax Relief Measures in Canada: Tax Free Savings Account | Children's Fitness Tax Credit | Children's Arts Tax Credit |  First-Time Home Buyers' Tax Credit | Tax-Free Savings Account  |

Recent Tax Relief Measures in Canada

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.

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by Dynamic eSolutions

10 Tips to Help with Back Taxes, back tax, file back taxes, back tax filing,

Severance Packages and Your Taxes

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.

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by The Tax Doctors

Help With Back Taxes, Back taxes help, 	back tax filing, how to file back taxes

Back Taxes and Reassessments

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...

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by The Tax Doctors

Unreported taxable income, Penalties for back tax, back taxes, Canada Revenue Agency (CRA), voluntary tax compliance

Back Taxes - The Taxman is Coming to get You

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.

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by The Tax Doctors

Penalties for back tax, Help With Back Taxes, Back taxes help, back tax filing, how to file back taxes

Backlash for Back Taxes

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 ....

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by The Tax Doctors

Section 116 of the Income Tax Act - non-resident withholding tax regime - tax clearance certificate - Non-resident Tax

Non-resident withholding tax regime on the sale of Canadian property

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.).

Read more …

by The Tax Doctors

non resident tax Canada - Regulation 105  Withholding Tax for Non-Resident  tax return

Canadian Non-Resident Tax: Regulation 105

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.

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by The Tax Doctors

US Tax - US Canada Tax - U.S Citizen and U.S Green Card Holder Tax Obligations - foreign earned income exclusion

U.S Citizen and U.S Green Card Holder Tax Obligations

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?

Read more …

by Dynamic eSolutions

expat tax - American Working in Canada Tax - american citizen living abroad tax - cross border tax

American Working in Canada Tax: The Taxing Truth

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?

Read more …

by The Tax Doctors

Tax Audit, Tax Audits, Back Taxes, Unpaid Taxes, Income Tax Return, Canadian Tax Audit, file back taxes,

Tax Audits: Are you at Risk?

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.

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by The Tax Doctors

Canadian Corporate Tax Benefits of Canadian-Controlled Private Corporations - Corporation Income Tax

Canadian Corporate Tax

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?

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by The Tax Doctors

Foreign Account Tax Compliance Act (FATCA), US citizen working in canada taxes, us citizen living in canada tax, Canada US taxes

U.S Canada Tax Evasion Crackdown

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. 

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by The Tax Doctors

2013 PRAXITY INTERNATIONAL TAX CONFERENCE ATLANTA, US citizen working in canada taxes, us citizen living in canada tax, Canada US taxes

2013 International Tax Conference in Atlanta

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.

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by The Tax Doctors

us non resident alien income tax return, us non resident alien , us canada tax,

U.S. Nonresident Alien Income Tax Return

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?

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by The Tax Doctors

incorporation, Canadian corporate tax return

The Benefits of Incorporating Your Business

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!

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by The Tax Doctors

Canadian Income Tax Return Deadline

Converting Principal Residence to Rental Property

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.

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by The Tax Doctors

Canadian Income Tax Return Deadline

Interested in Retiring Early?

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.

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by The Tax Doctors

Income Tax Deadline For 2012: Don’t Be Late!

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.

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by The Tax Doctors

Tax Obligations of U.S. Green-card Holders and Citizens

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!

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by The Tax Doctors

The Fiscal Cliff Facing The U.S.A

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.

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by The Tax Doctors

Back Taxes and The Voluntary Disclosure Program Explained

The Genesis and Explanation of the Voluntary Disclosure Program for late tax filing. 

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by The Tax Doctors

Back Taxes: Get Your Tax Return Done Now!

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

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by The Tax Doctors

Success for Clients

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.

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by The Tax Doctors

Tax Doctors Canada at Family Support Expo 2012
Tax Doctors Canada financial advisers at Family Support Expo 2012

Success for Tax Doctors Canada at Family Support Expo 2012.

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.

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by The Tax Doctors

Visit Tax Doctors Canada at Family Support Expo 2012

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!

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by The Tax Doctors

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Facebook IPO - Risky Business!

Recently, Facebook had its initial public offering.  Initial public offerings can be risky because the price of the newly issued shares is an estimate.

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by The Tax Doctors

Tax Doctors Canada Financial News

2012 Federal Budget and How It Affects You

The March 2012 federal budget was recently announced.  I will summarize some of the more pertinent financial planning elements.

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by The Tax Doctors

Tax Doctors Canada Financial News

Third Quarter 2011 - Market Commentary

2011 third quarter volatilality in Global financial markets. Updates and commentry by GTA Wealth Management Inc.

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