Category: Canadian Tax Issues

2019 Year-End Tax Planning Letter

  2019 Year-End Tax Planning Letter   Dear Clients and Friends, Although it has been almost two years since we have seen any major tax changes, there are a few changes for 2019 (and some prior year changes we are still getting used to) that you may want to consider as you plan for the … Continued

Simplified Per-diem Increase for Business Travel

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Research Credit for Internal Use Software

The following is a summary of an important tax development that has occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize … Continued

Tax Cuts and Job Act (TCJA): Impact on IC-DISC Effectiveness

Tax Cuts and Job Act (TCJA): Impact on IC-DISC Effectiveness Let’s explore the use and effectiveness of the Interest-Charge Domestic International Sales Corporation (IC-DISC) in the new tax environment. For those new to an IC-DISC, the IC-DISC converts what would normally be ordinary business income into qualified dividends, thus generating a tax savings due to … Continued

Post-Election Tax Letter

Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. This letter highlights some of the President-elect’s tax … Continued

The Hidden Surprise in Your Canadian Vacation Home

I remember years ago when I almost purchased a vacation condo in Whistler. With the benefit of hindsight and the impact of the 2010 Winter Olympics it would have been a fabulous investment.  The sale of this property would have produced a routine capital gain in Canada (sales price less adjusted cost base and selling … Continued

A Surprise for a Cross-Border Investor

I have been practicing US taxes for over forty years. While I believe I am quite knowledgeable in US taxes, I realize there will always be those who know more than I know.  I have been practicing Canadian taxes for a much shorter period of time, so most of my colleagues north of the 49th … Continued

Is There a Time-Bomb Hiding Under Your Green Card?

The United States is one of two countries in the world that subject their citizens to tax on their worldwide income, no matter where they reside. Most other countries tax individuals based on residence – they are no longer subject to tax when they no longer reside in that country. This is a very simplistic … Continued

Foreign bank accounts and U.S. taxes

If you have an interest in a foreign bank account you may be subject to reporting requirements. The Bank Secrecy Act requires that certain financial accounts based in foreign countries be reported. This act is commonly known as FBAR (Report of Foreign Bank and Financial Accounts). The Foreign Account Tax Compliance Act (FATCA) was enacted … Continued