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New FBAR deadline for the 2016 tax year
Since the Bank Secrecy Act of 1970 first gave the U.S. Department of Treasury the authority to collect information on foreign bank accounts held by U.S. persons, the form and method used to report and transmit this information has gone through many changes. Currently, the information is transmitted electronically to the Department of Treasury using the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Dec 8, 2015
Temporary assignment of an employee from Canada to the United States
This article is the fourth and final part in a series examining the Canadian and U.S. income tax implications of the temporary assignment of an employee from Canada to the U.S. Specifically, these articles address the situation of an employee remaining employed by a Canadian entity, but temporarily assigned to work in the U.S. Our previous articles (the Winter, Spring and Summer 2015 U.S Tax Alerts) examined the importance of the determination of “residency” for personal income tax purposes, the Canadian and U.S personal tax liabilities based on different residency scenarios and the concept of “tax equalization.” This article examines select corporate payroll issues associated with a short-term assignment.
Mike Hayward Dec 8, 2015
New entrepreneur? 3 Tips for filing your business tax returns
For anyone starting a business, detailed record keeping is one of the most important ways to avoid tax complications. Here are 3 tips to help you get started:
Dec 1, 2015
Year-end Tax Planner: Looking back at 2015 and forward to 2016
<strong>Topics include: </strong> <ul style="overflow: hidden;"> <li>Federal and Provincial Highlights;</li> <li>Entrepreneurs;</li> <li>Personal and U.S. tax matters;</li> <li>International matters;</li> <li>Key tax dates</li> </ul>
Nov 27, 2015
It’s a matter of trust – Part I
In this two-part discussion, we will first introduce the nature and benefits of trusts in tax planning generally. Then Part II will discuss selected traps that can often be overlooked when undertaking tax planning that can make trust management a more complex process. Despite the popularity of trusts in tax planning, many taxpayers do not understand what a trust really is. More importantly, many do not know how to properly administer and operate a trust to achieve the desired objectives.
Nov 26, 2015
Nil consideration election deadline fast approaching for elections in place prior to 2015
The nil consideration election for GST/HST purposes in section 156 of the <em>Excise Tax Act</em> (ETA) was updated recently with changes in effect Jan. 1, 2015. Section 156 allows members of a closely related group to treat certain taxable supplies between them as having been made for no consideration. Essentially, the election eliminates the need to collect and remit taxes by one member and then claim an input tax credit by the other member, which can sometimes result in cash flow issues, particularly with large transactions and differing reporting periods.
Nov 25, 2015
3 tips for filing U.S. taxes under the new IRS procedure
Unlike other countries in the developed world, U.S. citizens residing in Canada are required to file income taxes in both Canada and the United States.
Nov 24, 2015
Don’t pull the trigger on those stock options just yet!
The newly elected Liberal government released its Update of Economic and Fiscal Projections on Friday, November 20, bringing with it some much-needed clarity on a particularly sensitive subject.
Nov 24, 2015
Audit and accounting Tax advisory
Infographic: Automobile Use by Employees
If you find yourself behind the wheel of a car for work purposes, there’s a good chance your employer (a) provides the automobile or (b) pays you to use your own vehicle. Both options are viable, but they also present different income tax consequences — for employer and employee alike.
Nov 18, 2015
Steps entrepreneurs can take now to minimize tax under the Justin Trudeau government
While taking smart steps to minimize tax has always been important, early signs indicate that under the new federal Liberal government, proper planning is going to become even more critical.
Nov 2, 2015
Tax advisory
Taxation of Employee Stock Options
<p class="p1">Many businesses use stock options to attract and reward good employees. Stock options give employees the opportunity to share in the future growth of a company without reducing the company’s cash flow. If the stock options are structured properly, the employee can enjoy the benefit on a tax-effective basis. 
Oct 23, 2015
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