For the 2013 tax year the Canada Revenue Agency released a revised Form T1135 to report specified foreign property where the cost amount exceeded Cdn$100,000 at any time in the year. This revised form requires detailed reporting of each foreign property as opposed to the simplistic and aggregated reporting information historically provided. We previously highlighted […]

Independent consultants in Canada will often incorporate their practice in order to offer some liability protection not otherwise achieved through a sole-proprietorship structure. From a Canadian income tax perspective, the incorporated consultant will often make the choice between compensating himself by way of salary or receiving dividends from the corporation. In addition, many year-end corporate […]

The ownership of real property is often made possible with mortgage and other debt financing. Such mortgage financing offers a U.S. taxpayer the ability to deduct for income tax purposes the interest paid, subject to some limitations. The repayment of the mortgage would not normally be expected to create an income tax liability. However, for […]