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Audit and accounting 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
Turquoise waters washing up on a yellow sand beach with two people walking the coastline.
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
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Tax advisory
Clearance certificates
An executor, as the legal representative of the estate, is required to obtain a clearance certificate before distributing property that they control. Where the executor fails to obtain a clearance certificate, they are liable for any unpaid amounts in respect of any property distributed.
Steven Frye Mar 10, 2020
Publications-All about estates
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Audit and accounting 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
Turquoise waters washing up on a yellow sand beach with two people walking the coastline.
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
A close-up of a blue gemstone.
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
A close-up of a blue gemstone.
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
A close-up of a blue gemstone.
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
A close-up of a blue gemstone.
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
A close-up of a blue gemstone.
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
Publications-Pre-budget Insights 2020
Tax advisory
Home Buyer's Plan and tax credits after the death of a spouse
During her marriage, a spouse inhabited a home wholly owned by her husband. He passed away and the house became an asset of the estate. Subsequent to her husband's passing, the spouse purchased a new property.
Steven Frye Feb 25, 2020
Publications-All about estates
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