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Form 1120-F Filing requirements for Canadian Corporations active in the U.S.

Canadian corporations doing business in the U.S. are viewed by the Internal Revenue Service (IRS) as ‘Foreign Persons’. The U.S. taxes Foreign Persons on income effectively connected with a U.S. trade or business activity as well as certain U.S.-sourced income not effectively connected with a U.S. trade or business activity (commonly… Read More

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2016 Canadian and U.S. income tax planning

This is a brief summary of some key considerations and due dates for your 2016 personal income tax filings. Please feel free contact our office to schedule a consultation or ask any questions you may have. CANADIAN TAX CONSIDERATIONS • 2016 Individual income tax filing deadline is Monday, May… Read More

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The First Time (but not really) Home Buyers’ Credit

Even though there are warnings galore about the amount of debt taken on by Canadian households, our Provincial and Federal governments seem to think that mortgages aren’t a bad thing and continue to offer a number of incentives available to first time buyers. One of these is the First Time… Read More

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Reporting investments held outside Canada – Form T1135

One of Canada’s greatest strengths is its rich multiculturalism. People come to Canada from all over the world looking to make a new home for themselves and their families. Even with successful immigration to Canada, many families maintain foreign bank accounts and/or investments abroad. The Canadian tax laws… Read More

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Form 1040NR – U.S. Non-resident alien individual income tax return

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How to truly maximize the Home Buyers Plan with your spouse

The Home Buyers’ Plan (HBP) is nothing new in Canada, the basic gist being that RRSP contributions, which generate a tax deduction in the year paid, can be withdrawn later (max $25,000) to purchase a qualifying home in Canada.  There are number of requirements that must be met, including: when the home must… Read More

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Payments to non-residents

Corporations and trusts often make payments of investment income to investors, and those amounts are eventually included in the investors’ income tax returns. Assuming that all parties are in Canada, the burden is on the investor to calculate their liability for income taxes and remit that amount to the Canada… Read More

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Selling Real Estate in Canada – New Reporting Requirements

Starting with the 2016 tax year the Canada Revenue Agency has introduced new reporting requirements on personal tax returns for the sale of real estate in Canada, even if the property is a principal residence.  It’s no secret real estate markets across Canada have appreciated significantly and it appears the… Read More

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Canadian Individuals Selling U.S. Property

This article examines the individual income tax implications in the U.S. and Canada for Canadians selling U.S. rental properties or personal use properties. For more information pertaining to Canadians purchasing U.S. rental properties, please refer to the accompanying article on our website. Read More

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HST Reporting – the easier way

I often find myself sitting down with business owners and asking them if they have considered the Quick Method for reporting HST. The usual response I receive is: “The what method? Quick? I’ve never heard of it”. The Quick Method for HST is just that – quick. It is more… Read More