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Audit and accounting Cross border and international Tax advisory
IRS provides relief for U.S. citizens & residents with certain Canadian registered savings accounts
U.S. citizens and residents who own foreign trusts are often caught by the rules of the Internal Revenue Code section 6048, which requires those individuals to report transactions with, or ownership of, foreign trusts. This information is reported on Forms 3520 and 3520-A. Non-compliance with these laws comes with steep penalties starting at $10,000 per missed filing.
Trevor Reid Mar 13, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
2020 N.B. Provincial Budget tax changes
On March 10, 2020, the New Brunswick government released its <a href="https://www2.gnb.ca/content/dam/gnb/Departments/fin/pdf/Budget/2020-2021/MainEstimates2020-2021BudgetPrincipal.pdf" target="_blank">2020-2021 budget</a>.
Mar 11, 2020
Audit and accounting Cross border and international Tax advisory
U.S. citizens beware – IRS wants to know about your virtual currency
The U.S. government, along with most governments, has invested resources in understanding cryptocurrency and is developing policies to deal with virtual currency. As of today, Bitcoin still remains the most invested virtual currency on the market with a market cap of approximately $200 billion.
Mar 10, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
2020 NU Provincial Budget tax changes
On February 19, 2020, the Nunavut government released its <a href="https://gov.nu.ca/sites/default/files/2020-21_budget_address_en.pdf" target="_blank">2020-2021 budget</a>.
Mar 4, 2020
Audit and accounting Private enterprise Tax advisory
2020 N.W.T. Provincial Budget tax changes
On February 25, 2020, the Government of Northwest Territories released its <a href="https://www.fin.gov.nt.ca/sites/fin/files/resources/2020-2021_budget_address_and_papers_final.pdf">2020-2021 budget</a>.
Mar 3, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
2020 AB Provincial Budget tax changes
On February 27, 2020, the Alberta government announced <a href="https://open.alberta.ca/dataset/05bd4008-c8e3-4c84-949e-cc18170bc7f7/resource/79caa22e-e417-44bd-8cac-64d7bb045509/download/budget-2020-fiscal-plan-2020-23.pdf">proposed changes</a> to the provincial tax laws in the 2020-2021 budget.
Mar 2, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
2020 N.S. Provincial Budget tax changes
On February 25, 2020, the government announced proposed changes to the provincial tax laws.
Feb 27, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
The Livestock Tax Deferral provision
The Government of Canada released the final list of <a href="http://www.agr.gc.ca/eng/agriculture-and-climate/drought-watch/livestock-tax-deferral-provision/2019-list-of-prescribed-regions/?id=1563200329910" target="_blank">designated regions</a> where Livestock Tax Deferral has been authorized for 2019 due to extreme weather conditions.
Feb 26, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
Interest deductibility restriction: A safe bet for the budget
The Liberals and NDP both introduced a policy in the 2019 election campaign to restrict the deductibility of interest expenses. This was not a new idea, as the United States already enacted legislation to restrict interest expenses on December 22, 2017, under the US Tax Cuts and Jobs Act. 
Feb 26, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
2020 B.C. Provincial Budget tax changes
On February 18, 2020, the B.C. (British Columbia) government announced proposed changes to the provincial tax laws.
Feb 20, 2020
Business advisory services Audit and accounting Private enterprise Tax advisory
Trust reporting in 2021 will come sooner than you think
New trust reporting requirements are coming for calendar year 2021 for many unsuspecting trust administrators. But how did we get to this point of needing to disclose additional information, and what should trust administrators be doing right now?
Feb 20, 2020
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