Canada

The current immigration bill pending before the US Congress contains provisions that will make it easier for Canadians and retirees to obtain non-immigrant status in the US.

The billionaire co-founder of Facebook, the only American member of Monty Python, a Civil Rights Leader with a PhD from Harvard, the founder of Carnival Cruise Lines and owner of the Miami Heat NBA franchise, and arguably the best chess mind to ever live have more in common than you might think.

The IRS has recently released statistics on the number of returns it received in 2010 from US citizens with foreign trusts.

Canada’s 2013 federal budget released on March 21, 2013 introduces a number of measures to strengthen the ability of the Canada Revenue Agency to address international aggressive tax avoidance and to combat international tax evasion so as to maintain and protect Canada’s tax base.

Many people assume that the US and Canadian tax systems for individuals are similar.

The Federal Court of Appeal has determined in Sommerer that subsection 75(2) of the Income Tax Act did not apply to a fair market value sale of property to a trust.

The Goods and Services Tax was introduced more than 20 years ago, but many trips and traps continue to catch business operators.

Today (May 2, 2013), Ontario Finance Minister, Charles Sousa tabled the province’s 2013 Budget. This year’s budget, titled "A Prosperous and Fair Ontario" is committed to eliminating the deficit by 2017-18 and then reducing the net debt-to-GDP ratio to the pre-recession level of 27%.

Canada, like many developed countries, restricts the amount of interest a corporation resident in Canada may deduct on loans made by non-residents who are the CRIC’s significant shareholders or their affiliates.

Charlie will soon celebrate his 71st birthday. It will mark a significant milestone for him and his family. While party plans ensue, Charlie wishes to ensure that the conversion of his RRSP to his RRIF best takes care of his wife Betty upon his death.

The Minister of Finance delivered the 2013 Canadian Federal Budget on March 21, 2013, and it includes a number of significant proposals, including rules aimed at certain monetization transactions and character conversion forward transactions, expanding the rules limiting the trading of corporate losses and extending these rules to trusts and the extension of the thin capitalization rules to trusts and branches of non-resident entities.

With the transition to Accounting Standards for Private Enterprises (ASPE) and International Financial Reporting Standards (IFRS) now underway, for private and public entities, we are noticing common areas of concern.

In difficult economic times, businesses need to make the best use possible of their resources.

After a provincial referendum in 2011 that called an end to the HST era in BC, the government has spent the greater part of 18 months preparing to transition back to the GST/PST system.

The thin capitalization rules limit the ability of a Canadian corporation to deduct interest paid to a non-resident parent, a non-resident affiliate and certain other non-residents.

The IRS recently released answers to frequently asked questions regarding its new Streamlined filing compliance procedures.

Budget 2013 proposes a number of changes to the provisions of the Income Tax Act (Canada) (the "Tax Act") governing the taxation of individuals, including (i) an increase in the lifetime capital gains exemption and the indexing of same to inflation, (ii) a reduction in the dividend tax credit rate for "non-eligible" dividends, (iii) an extension of the reassessment period for participants in certain tax shelter arrangements and tax avoidance transactions, and (iv) measures enabling the Canada Re

Most accountants and lawyers who deal with Canadian private corporations know that certain amounts can be received by shareholders tax free.

A discussion on certain Canadian income tax implications affecting a resident of a foreign country who is transferred to work in Canada on either a temporary or permanent basis.