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Smoothing the path to relinquishing your U.S. citizenship
On Sept. 6, the Internal Revenue Service (IRS) announced a new tax compliance program entitled “Relief Procedures for Certain Former (U.S.) Citizens” (Relief Procedures).
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Donations and your estate
Now that the calendar has flipped to May, accountants in public practice have an opportunity to reflect on the past busy season.
The Latest at Baker Tilly Dartmouth
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Penalties and the Tax-Free Savings Account
Are you the recipient of a Tax-Free Savings Account (TFSA) from a deceased spouse or common-law partner? You should be aware that there may be forms to complete and timelines to be aware of. The Canada Revenue Agency (CRA) has been assessing penalties on over-contributions and exempt contributions made by survivors of deceased TFSA holders.
Income received after death
Recently, the Canada Revenue Agency released a technical interpretation to clarify the commentary in the T4001 Employer’s Guide – Payroll deductions and Remittances, and the T4011 guide, Preparing Returns for Deceased Persons, in respect of income payable at death...
Infographic: Budget 2019 highlights
Some of our experts’ top takeaways from this election-year budget include:
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Shareholders agreements, exit provisions and the impact of control
Control is an important concept for applying certain income tax rules and valuation issues (amongst others) when dealing with corporations...
Fear and loathing in lost funds
As the blockchain space continues to evolve towards mainstream adoption, the complexity of issues associated with blockchain-based technologies continues to grow. Given the vast number of uses for blockchain technology and the likelihood that it will continue integrating into the world around us, it is important to understand the nature of decentralized technology and its basis of operations.
New IRS security measures could cause problems for U.S. citizens in Canada
The IRS announced on June 4, 2019, that it will end its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July. The announcement indicated that transcripts have become increasingly vulnerable as criminals impersonate taxpayers or authorized third parties to file fraudulent returns for refunds.
Are sales and renovations of used residential houses GST/HST exempt?
The common belief that the sale of a used residential house is always exempt from the Goods and Services Tax / Harmonized Sales Tax (GST/HST) is not absolutely correct.
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Five key considerations for Canadians selling to Americans online
Due to the rise of online sales through the likes of Amazon and eBay, a number of Canadians are looking into selling goods online to consumers who live in the United States. Setting up an online business is a great way to supplement your primary income stream, but even if your business is a relatively small undertaking, there are several issues to consider. With that in mind, here are five key considerations for Canadians selling to Americans online.
Infographic: 4 paths to savings for home buyers
A surprisingly high percentage of home owners, home buyers and real estate professionals (including agents, accountants, bankers and lawyers) are unaware of the tax credits and incentives available on the purchase and renovation of homes in Canada. With that in mind, here are four of the most widely available opportunities.
Inclusion of life insurance loan in income
In Neszt v. The Queen 2019 DTC 1105, the taxpayer held two life insurance policies with a life insurance company. He subsequently took personal loans against his life insurance policies.
Time is running out to get caught up with the IRS
The IRS warned recently that the Streamlined Filing Compliance Procedures may end. The message is clear: don’t wait any longer.
