Search Results for: Top 5 Tax issues
...their value is principally attributed to real property. While foreign tax credits are helpful to reduce double taxation, they do not eliminate double taxation in…
...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…
...for U.S. citizens resident in Canada: No Joint Tax Returns – Each spouse is required to file their own Canadian income tax return which can…
...income taxes due to high basic personal and spousal amounts, alongside high tax bracket thresholds. Additionally, Alberta consistently adjusts income tax bracket thresholds and tax…
...the Canadian Income Tax Act[1] (“ITA”) and the Excise Tax Act[2] (“ETA”), where the CRA will have the authority to share all necessary information of…
...of the acquiree, such as non-capital losses. This targets any use of tax benefits from another taxpayer unless both parties were related prior to the…
...and the U.S. when it comes to taxes. Who is Taxable? Canada only taxes its residents on their worldwide income. Canadian tax residency does not…
...tax systems. Offsetting foreign tax credits and double taxation Even where the same income is taxable in both countries, the availability of offsetting foreign tax…
...income tax on past profits remaining in certain non-U.S. corporations commonly referred to as Transition Tax (or Repatriation Tax). The Transition Tax will affect many…
...also owe no US tax. Nothing prevents an individual from preparing their own U.S. tax return. Our firm and others do prepare U.S. tax returns.…
...Agency (CRA) and would need to file monthly information returns. . 5. Tax on Luxury Goods Budget 2021 proposes to introduce a tax on the…
...on you, the taxpayer, to establish the facts necessary to establish your tax residency. Canada and the U.S. take completely different approaches to evaluating tax residency. You may be a…
...payroll taxes. Employees may also have Canadian personal tax obligations. Canadian Income Tax – Employer U.S. employers with employees working remotely in Canada will be…
...may be exposed to significant corporate payroll, corporate tax and individual tax liabilities and penalties. The tax implications may also adversely affect the company’s business…
The domestic tax implications of living and working in one country are generally straight-forward. While there may be from time to time some complicating domestic…
...gets to tax you first. There are significant tax differences between Canada and the U.S. that create tax opportunities and potential problems. Click here to…
...the coming years. Personal Income Tax Measures There are no proposed changes to personal income tax rates for 2024. The income tax rates for the…
...present their first budget on March 22nd. Stay tuned. Past WLD Blog Entries on U.S. Tax Treatment of Canadian Plans: Tax Free Savings Accounts http://wldtax.com/canadian-tax-free-savings-accounts-us-tax-treatment/…
...Job description Reporting to the senior members of the firm, the tax specialist will be involved in tax compliance and tax planning mandates including but…
...tax administration model through an expanded digital offering of services. This investment aims to reduce tax administration burdens on taxpayers. 10. HOTEL ACCOMMODATION TAX REFUND…