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How to Avoid Double Taxation Between the U.S. and Canada
Imagine working hard all year, only to find out that both the Canada Revenue Agency (CRA) and the Internal Revenue Service (IRS) want a full slice of your income. Suddenly, a $100,000 salary could look more like $40,000 after both countries take their cut.
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2014 Year End Tax Tips for Business Owners
As part of our ongoing efforts to better engage and provide value to our clients, we regularly conduct informational tax webinars. Our webinar on February 20, 2015 focused on year end tax tips for business owners. Some of the topics covered in this webinar included:
Loading...Form W-8BEN/W-8BEN-E and W-9
Why and when to file Form W-8BEN Purpose The W-8BEN form is a Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individual). This form is required to be completed and submitted when receiving payments as a non-U.S. person from U.S. sources. Generally, 30% tax is withheld from certain … Continue reading Form W-8BEN/W-8BEN-E and W-9
Loading...Tax implications for Canadian employees working abroad
Tax Implications for Employees To understand the taxpayer’s responsibilities we must first determine their residency for tax purposes. In other words, will the employee remain a tax resident of Canada or will they become a resident of the US? To answer this question, we must consult the tax treaty between Canada and the US. Normally, … Continue reading Tax implications for Canadian employees working abroad
Loading...Canadians Owning a Vacation Property in the US
This article focuses on the tax implications when a Canadian gets rid of a vacation property in the US. Ridding of a property can be taken in two forms: 1) Selling the vacation property or 2) when the taxpayer passes away while having ownership of the property. Selling the vacation property: Once the vacation property … Continue reading Canadians Owning a Vacation Property in the US
Loading...Foreign Income Verification Form (Form T1135)
To make sure your foreign income verification process goes smoothly, the foreign property that must be recorded on the T1135 includes: Funds in foreign bank accunts Shares in foreign companies, even if held in a Canadian brokerage Interests in non-resident trusts bonds or debentures issued by foreign government or foreign countries Life insurance policies … Continue reading Foreign Income Verification Form (Form T1135)
Loading...Organize Your Finances through Wave Accounting
As a small business owner, you always have countless to-dos on your plate. Unfortunately, sometimes critical tasks like accounting end up getting neglected — leading to a mad dash come tax time. Fortunately, with new apps in the marketplace, like the free accounting and invoicing app Wave, you don’t need to devote hours to staying … Continue reading Organize Your Finances through Wave Accounting
Loading...What Work Related Costs Can I Claim as an Employee?
Being an employee has certain tax benefits. In fact, you can claim certain costs of going to work against your taxes. This will reduce your tax bill.
(No Ratings Yet)Loading...How to Minimize Taxes on Severance Payments
If you leave your job and you receive a severance payment, it is important to do tax planning, otherwise, you risk losing a big chunk of your severance package to the tax man.
(No Ratings Yet)Loading...Benefits of a Health Spending Account
Dental cleanings, prescription drugs, glasses, cavities, massage therapy, antibiotics, contacts….the list goes on and on. Your family spends thousands of dollars a year on medical costs that aren’t covered through OHIP (or your provincial plan). How do you pay for them? Introducing Health Spending Accounts – the smarter way to pay for your health care! … Continue reading Benefits of a Health Spending Account
Loading...Tax Implications of Mergers in Canada
Tax Implications of Mergers Mergers and amalgamations encompass a broad range of transactions. Their tax issues vary depending on a number of factors, including: whether the target company is public or private, whether the target is a resident or non-resident of Canada, impact of the year-end of both companies, application of capital and non-capital losses, … Continue reading Tax Implications of Mergers in Canada
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