Search Results for: Top 5 Tax issues
...Canadian tax purposes they are taxed to the beneficiary. Because the tax in the two countries are paid by different persons they cannot offset each…
...residency. It is possible to be a tax resident of both Canada and the U.S. under their respective domestic tax laws. Double taxation may occur…
...for fight against aggressive tax planning. These measures aim to counter tax planning which, although respecting the wording of the tax legislation, does not correspond…
...IRS Form 8288-B showing the amount of the tax withheld with their U.S. federal income tax return and the IRS verifies this withholding amount when…
...U.S. and the Canada-U.S. tax treaty all have different interpretations of what constitutes residency. This article is about US tax residency under US tax law.…
...reduce the US Federal income tax liability on her income by claiming a foreign tax credit. Since her Canadian tax liability is higher than her…
...Canadian tax on the sale of the principal residence, the U.S. person would be barred from claiming offsetting foreign tax credits. Stock Options Under Canadian…
...tax planning. In December 2017, sweeping tax legislation changes in the U.S. dropped the U.S. federal corporate income tax rate to a flat rate of…
...tax as a credit against their U.S. tax liability and claim certain other provisions to reduce or eliminate their US tax exposure. Non-filing U.S. taxpayers…
Canadian Tax-Free Savings Accounts (“TFSAs”) can be an excellent way to accumulate savings which will generally never be subject to Canadian income tax while they…
...tax returns even where tax was withheld at source. NRAs can reduce their U.S. tax liability by claiming certain employment expenses or by claiming an…
...gross income earned in the U.S. and denied the related tax deductions. The denial of the tax deductions by the IRS was consistent with the…
...the first tax bracket on certain personal tax credits (which will increase, along with the tax rate, from 15% to 14%). Improvement of the housing…
...the rationale for the firm’s approach. He is largely responsible for expanding the firm’s client and referral education efforts from developing our Top 5 Tax…
...Tax brackets Marginal tax rates Proposed tax brackets Proposed marginal tax rates $0 to $32,656 9.65% $0 to $33,328 9.50% $32,657 to $64,313 13.63% $33,329…
...125.4 of the Income Tax Act (“ITA”) and Section 1106 of the Income Tax Regulations 1. Canadian Film or Video Production Tax Credit (CPTC) The…
...partner, National Post September 7, 2017 http://business.financialpost.com/opinion/the-good-bad-and-downright-offensive-in-morneaus-tax-reform-proposals A description of the tax changes can be found at this link Tim Cestnik, Globe and Mail, July…
...any U.S. / Canadian cross-border tax matter.Past U.S. Transition Tax blog entries: Feburary 27, 2018: https://wldtax.com/us-transition-tax/ March 14, 2018: https://ca.andersen.com/blog/us-transition-tax-update/ April 3, 2018: https://ca.andersen.com/blog/us-transition-tax-next-update/ April…
...to Canadian and U.S. corporate income tax issues, U.S. businesses need to understand the Canadian sales tax laws, including Canada’s Goods and Services Tax (“GST”),…
...to report a notifiable transaction is sanctioned by considerable penalties for taxpayers, promoters and advisers. – Uncertain Tax Positions The proposals also require certain corporate…