Congratulations on the purchase of your Florida property rental! The following information is not an exhaustive list, but are the key concepts and points that you should consider. Please bear in mind that tax laws are subject to change, so you are cautioned that these rules may be different in the future. Disclaimer – This [...]
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Plan ahead and have a strategy for tax planning. Here are some general tax tips for 2013/2014. Please contact U.S. for further details and to discuss whether these may apply to your personal tax situation. 2013 INCOME TAX TIPS include: 1) Certain expenditures made by individuals by December 31, 2013 will be eligible for 2013 tax deductions or credits [...]
If you are a Canadian citizen and resident and own residential rental property in the US, you are subject to U.S. income tax on any rental income you receive from your U.S. real estate property. To comply with this Internal Revenue Service (IRS) tax reporting requirement, you may choose one of the following two methods [...]
Internal Controls, C-SOX, SOX, Bill 198, NI 52-109 – Overview, Training and Implementation This executive summary provides the information content of a “white paper” article developed by Edelkoort Smethurst Schein CPA's LLP of Edelkoort Smethurst Schein CPA's LLP, which in turn can be used as a training guide for management and staff alike, to acquaint [...]
There are many income tax regulations which individual taxpayers in Canada, who own and rent residential property (homes, condominiums) which are leased or rented to tenants for the purpose of earning income for the taxpayer (property owner) should be aware of. This article does not comment on whether or not investing in real property (land, [...]
U.S. Citizens living in Canada – IRS "Streamlined" Program - U.S. Income Tax filing Many U.S. citizens permanently living in Canada were not aware of their requirements to file annual income tax returns and FBAR forms. For instance, a U.S. citizen might have moved to Canada as a child with their family and never returned [...]