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Foreign Account Tax Compliance Act (FATCA) Seminars for US Persons in Canada
Are you a U.S. person who has not filed a U.S. tax return? The recently signed Foreign Account Tax Compliance Act (FATCA) agreement between Canada and the U.S. will require Canadian financial institutions to report accounts held by U.S. persons to the US Internal Revenue Service. U.S. persons identified by the IRS who have not […]
Washington Business and Occupation Tax
March 18, 2014Many Canadian businesses are unaware of the Washington Business and Occupation (“B&O”) Tax when they do business with customers in the State of Washington. The B&O tax is a gross receipts tax levied by various levels of government in Washington. It is calculated based on the gross proceeds of sales, gross revenue of the business, […]
Revised CRA Form T1135 – CRA Provides Filing Deadline Extension for 2013 Filers
March 11, 2014For 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 […]
Canadian Business Investment in the US
March 6, 2014The US is a natural market for Canadian businesses. While there are many similarities between doing business in Canada and the U.S., it is the differences that require your attention. Canadian corporate tax rates are about a third lower than their equivalent in the U.S., about 25% versus 35%, plus state income tax. If you […]
