Search Results for: Top 5 Tax issues
...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…
...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…
...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…
U.S. citizens who die while resident in Canada face taxation issues from two countries: Canadian income tax on unrealized gains and certain tax deferred assets…
...to report a notifiable transaction is sanctioned by considerable penalties for taxpayers, promoters and advisers. – Uncertain Tax Positions The proposals also require certain corporate…
...certain limitations. What Plans Qualify as Tax-Favored Foreign Trusts? For a plan to qualify as a tax-favored foreign trust: it must generally be exempt from…
...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…
...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…
...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…
...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…
...mind paying U.S. personal or corporate income tax as long as one receives a full credit back for such US taxes in Canada. Where the…
...of these tax issues and updates our comments from five years ago. Our 2020 blog, summarizing the common Canadian and U.S. tax issues from selling…
...post Top 5 Tax Issues for Canadians doing Business in the U.S. There will be opportunities to ask questions at the end of the briefing. When:…
...on U.S. Transition Tax or 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:…
...certain U.S. corporations and U.S. individuals. Our previous blog entries explaining the tax and IRS/U.S. Treasury updates can be found at the two links below:…
...a “Covered Expatriate.” A Covered Expatriate is subject to U.S. Exit Tax in the year of renunciation and U.S. federal income tax on certain income…