Search Results for: Top 5 Tax issues
...that Joe Biden has raised that would affect Canadians Topics: U.S. Estate Tax U.S. Corporate Tax Rates U.S. Personal Income Tax Rates Financial Transaction Tax…
...the U.S. and Canadian tax issues on the rental or sale of their property. This article considers the top 5 tax issues that Canadian resident owners…
...differences from conducting business in Canada. Significant tax issues can arise. This commentary is intended to highlight relevant U.S. tax issues and does not constitute tax…
...tax payable when it exceeds the tax payable in Canada. Foreign tax credits arise from income tax payable outside the U.S. Foreign tax credits can…
...the United States. These issues are: 1. Tax Residency 2. Canadian Departure Tax 3. Maximizing Tax Efficiency with Foreign Tax Credits 4. Canada Pension Plan…
On June 24, 2021, the Andersen Global International Private Client Services team delivered a virtual briefing on the top 5 tax issues to consider if…
...Tax Act or an abuse of the provisions of the Income Tax Act income tax taken as a whole, while allowing taxpayers to obtain the…
...CanCo’s tax attributes. Should an outstanding forgiven amount remain after the reduction of tax attributes, 50% of the remaining balance would be included in the…
...for Quebec in 2024 are as follows: Provincial tax rate Federal and provincial combined tax rate Small-business tax rate 3.20% 12.20% General corporate tax rate…
...subsequent tax years. A taxpayer can receive a tax credit up to $3,000 for qualifying expenses for important accessibility renovations or alterations. 4. Multigenerational Home…
...Canada-U.S. Income Tax Treaty to only pay a 15% Canadian nonresident withholding tax on it instead of paying the top marginal Canadian tax rate in…
...people that can best enforce Canadian tax law. 1 Self-employed individuals resident in Canada have until June 15th to file their income tax return. 2…
...provincial tax landscape for the foreseeable future. Corporate and personal tax rates remain unchanged for 2024. Tax targeting home flipping activity: The budget provides details…
...rolls or about 50% of all taxpayers. The expected saving would average $1,300 for each taxpayer affected. Canada exempts taxpayers with less than $11,474 from…
...shareholders that have different tax treatments. From a US tax perspective, the tax rate is similar in both cases, but stocks buybacks are only taxed…
...to U.S. federal income tax, state income tax, US Social Security and Medicare taxes. Under Canadian tax law and the Treaty, all of these taxes…
...capital gains taxes can be claimed as a foreign tax credit to reduce or eliminate this US federal capital gains tax. The US Net Investment…
...are waiting for a U.S. tax refund, or CRA will grant a foreign tax credit for the U.S. tax reported on the U.S. tax return…
...selling price of the U.S. real property. This tax is not the final U.S. tax. It is credited against the final U.S. federal tax liability.…
...unattractive result of reducing the amount of Canadian tax that can be claimed as a foreign tax credit for U.S. tax purposes. Because U.S. tax…