Search Results for: Top 5 Tax issues
...5.7 cents per litre and the fuel tax (diesel) rate by 5.3 cents per litre. Presently, both gasoline and fuel taxes stand at 9 cents…
...that will influence the provincial tax environment in the coming years. Personal Income Taxes Measures The budget introduces no change to the personal income tax…
...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…
...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…
...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…
...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…
...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…
...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…
...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…
...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…
...the new tax system. The income tax rates for the 2025 taxation year, based on your taxable income, are as follow: Taxable income Old Rate…
...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…
...non-income taxes (similar to property taxes and payroll taxes), any DST liability payments would be considered a deductible outlay for tax purposes if such expense…
...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.…