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Trust No Accountant
Sanjeey Khatter, like many Canadians today, was in the dark as to how to file his taxes. Therefore he took on a tax preparer to assist him with his financial needs. What occurred after was an unfortunate mixture of poor judgment and severe carelessness.
by MadanCA Team on February 10, 2016 @ 7:23 pm
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US Expatriation Tax
Expatriation tax is imposed on individuals who renounce their U.S. citizenship and certain long-term U.S. residents who terminate their residency status. This tax regime was introduced in 1966 and has been subsequently amended many times. The most current version of this tax regime is outlined in the Heroes Earnings Assistance and Relief Act (HEART) of … Continue reading US Expatriation Tax
Loading... Asset Capitalization Process and Tax Credits – An illustrative example of a Manufacturing Environment
A tax incentive for Canadian manufacturers is accelerated depreciation of manufacturing assets and corporations can maximize via a true valuation of its capital asset. In this sequel we quantitatively highlight how accurate asset capitalization involves your engineer and accountant. Example Consider a fictional Canadian corporation, ABC with the following simplified expense. Over two year period, … Continue reading Asset Capitalization Process and Tax Credits – An illustrative example of a Manufacturing Environment
Loading... How Are Uber Drivers Taxed in Canada
If you live in a major metropolitan area, you have probably heard the term ‘uber’ slowly drifting into everyday conversation. Instead of people saying “let’s grab a taxi”, people are saying “let’s grab an uber” instead. If you have never heard of uber, it is essentially a ride sharing program that is operated from the … Continue reading How Are Uber Drivers Taxed in Canada
Loading... U.S. Gift and Estate Taxes for Canadians
If you are a Canadian citizen who has properties you want to give away in the United States, and if you know anyone who is deceased and thinking of transferring property, you may want to know about the tax implications surrounding how U.S. gift tax and estate tax affects Canadians. U.S. gift tax system creates … Continue reading U.S. Gift and Estate Taxes for Canadians
Loading... Tax Implications of Crowdfunding in Canada
Is crowdfunding for you? Read below to find out! The pursuit of creating your own business, nurturing it, and watching as it grows into a successful organization, is perhaps one of the most commonly held career goals amongst many Canadians, and is by in large, the most difficult to accomplish. While there are a multitude … Continue reading Tax Implications of Crowdfunding in Canada
Loading... Technological Development and Asset Capitalization – Bringing the Engineer and Accountant under a single roof!
Is your business in the process of developing or modifying an acquired technology? This can be machinery, electronic hardware or a software product that needs to be customized. Your end result is a new valuable asset that you own and brings long-term economic utility. In this path, we recognize two costing aspects: (i) isolating development … Continue reading Technological Development and Asset Capitalization – Bringing the Engineer and Accountant under a single roof!
Loading... Claiming R&D tax Credits – Uncertainty, advancement and Developing a SR&ED Thought Process
Scientific Research and Experimental Development (SR&ED) is a generous government incentive program to aid Canadian business that promote in house research and development activities. Eligible businesses can benefit from refundable and/or non-refundable tax credits. Depending on your overall corporations tax scenario, you could receive cash and/or tax credits, which can be used to either, offset … Continue reading Claiming R&D tax Credits – Uncertainty, advancement and Developing a SR&ED Thought Process
Loading... U.S. Tax Implications for Canadians Who Temporarily Work or Live in the U.S.
Are you a Canadian resident who travels to the United States frequently? If so, it is important that you are aware of the “Substantial Presence Test”. This assessment is issued by the IRS and is used to establish the tax status of a non-resident. Calculations are based upon the number of days an individual intends … Continue reading U.S. Tax Implications for Canadians Who Temporarily Work or Live in the U.S.
Loading... Taxes for Athletes in Canada
Have you ever wondered just how much your favourite athlete pays in taxes? There is a common misconception that most professional athletes are overpaid millionaires, but that is not necessarily the case. Yes, there are super stars in the sports world that make prolific earnings but it essentially comes down to the sport they play, … Continue reading Taxes for Athletes in Canada
Loading... Property Management Tips for Non-Residents
Our homes are our biggest investments – their ongoing protection and maintenance are crucial for long-term value. what happens if you’ve relocated unexpectedly? or if you own an investment property from afar? who will take care of the property in your absence? In these instances, it’s important to secure a property management team capable of … Continue reading Property Management Tips for Non-Residents
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