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Services de conseils fiscaux
Defer Old Age Security to Avoid Clawback
If you are still earning substantial income and are either approaching 65 or have been collecting Old Age Security (OAS) for fewer than six months, a change in the law may be of interest to you.
11 sept. 2013
Transfrontalière et internationale Services de conseils fiscaux
U.S. Transfer Certificates: Unexpected Delays in Distributing Canadian Estates
Though much has been written in connection with the U.S. estate and gift tax regime and the varying effects on Canadians, the requirement to obtain transfer certificates from the Internal Revenue Service (IRS) is often overlooked or unanticipated.
23 août 2013
Transfrontalière et internationale Services de conseils fiscaux
U.S. Real Estate Issues
The U.S. real estate recovery is underway and approximately 40% of recent existing home sales have occurred in the southern United States.[1] Many Canadians have played a role in this recovery by purchasing U.S. property, either for personal use, rental use, or both. For these Canadians, there are several U.S. tax matters to consider, including obtaining an Individual Taxpayer Identification Number (ITIN), properly filing required U.S. tax returns, and applying for a withholding certificate.
23 août 2013
Services de conseils fiscaux
Income Tax Filings: On Time or In Time
Canadian taxpayers will face negative consequences if their income tax returns are not filed on time by the due date. In addition, they face other, different negative consequences when returns are filed after the due date but not in time to obtain a refund. This article discusses those consequences.
23 août 2013
Services de conseils fiscaux
Reduce Your Family Taxes with a Prescribed Rate Loan
Are you in a higher tax bracket than your spouse? Do you earn investment income from a non-registered account? If so, a prescribed rate loan can provide you with a method of income splitting that will reduce your taxes.
26 juill. 2013
Services de conseils fiscaux
Personal Service Business – Tax Increase Receives Royal Assent
On June 26, 2013, the changes to the tax treatment of a “personal service business” (“PSB”) received Royal Assent. Effective for taxation years that begin after October 31, 2011, PSB income will be subject to federal corporate tax at the full unreduced rate of 28% (assuming the availability of the 10% provincial abatement).
19 juill. 2013
Transfrontalière et internationale Services de conseils fiscaux
New T1135 – Foreign Income Verification Statement
On June 25, 2013, Parliamentary Secretary Cathy McLeod announced the launch of a new T1135 – Foreign Income Verification Statement as part of the Government’s measures to crack down on international tax evasion and aggressive tax avoidance. The updated form will require additional details to be reported which may be time consuming and onerous.
8 juill. 2013
Impôts indirects Services de conseils fiscaux
Best Practices: Indirect Sales Tax Overpayment and Exposure Analysis
At Collins Barrow, we strive to bring extra value to our clients. To that end, we can provide an indirect sales tax overpayment and exposure analysis. This is a specialty tax service above and beyond the thorough general audit process typically provided.
5 juill. 2013
Impôts indirects Services de conseils fiscaux
Get the Credit You Deserve: Document Your Credit and Debit Notes
In light of the many recent changes and proposed changes to provincial and federal sales taxes, it is worth reviewing how your credit and debit note processes function. At Collins Barrow, we have encountered two situations that demonstrate how “incorrectly” processed credit notes can have a substantial effect on your bottom line.
5 juill. 2013
Services de conseils fiscaux
Tax Flash: CRA extends filing deadline in Alberta due to flooding
The CRA has extended the deadline for tax returns filed in Alberta with due dates during the flooding to August 2, 2013, as disclosed on the CRA website.
26 juin 2013
Services de conseils fiscaux
The Concept of Residence in Canadian Tax Law
As is the case in much of the world, Canadian taxation is for the most part based on the concept of residence. But the issue of determining residence can be problematic, particularly where individuals leave or think they have entered or left Canada.
17 juin 2013
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