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We attempt to assist our readers by simplifying some of the complex income tax issues in Canada. Occasionally, we answer the general tax questions as well that can help a broader readership of our blog section.
INSIGHTS
Important Deadlines – Canada & the U.S.
Important Deadlines: 2024 Tax Returns to be filed in 2025 The 2024 tax season is approaching, and it’s time for individuals and businesses to start preparing to file their 2024 tax returns due in 2025.
Checklist: U.S. Individual Tax Returns
Please use the checklists below to arrange the information for preparing U.S. personal tax returns. Starting information & Filing Status – All the individuals filing U.S. Tax returns must provide this. Information required from 1040
2024 Checklist – Sec 216 and Non-Residents Tax Returns
Please use the below checklists to arrange for your information if you are filing Section 216 tax returns and non-resident individual income tax returns in Canada. Individual Tax Number (ITN) for Non-Residents Non-residents of Canada
2024 – Canadian Residents T1 Checklist
2024 – Individual Income Tax Return (T1) Checklist Efiling Status: Canada Revenue Agency systems to allow electronic filing of Individual Income tax returns (T1) for 2024 will open somewhere in the third week of February
CRA Reviews of Foreign tax Credits
Foreign Tax Credits are almost always reviewed by the Canada Revenue Agency (CRA), at least for individual taxpayers. Interestingly, based on our experience, this is often the most easily mistaken area for the DIY tax
Tax Alert: Capital Gains Inclusion Rate Changes
Budget 2024: Federal government proposed changes to Capital gains inclusion rate in Canada. An overview of the proposed changes and planning opportunities.
TAX QUESTIONS
Taxation of RSUs after moving from Canada
Question: I moved from the U.S. to Canada in April of 2024 after I got my Canadian PR approved. I have RSUs that were granted while I was in the
Short Term Rentals in Canada
Tax Question Asked by: Andrea J. Marie I have a condo that I use as an AirBNB in Toronto. I am recently told that I cannot claim any tax deductions
Bare Trust Reporting in Canada
Question asked by Sumit Khanna My son owns a house where he lives. He was having a hard time getting a mortgage. I decided to be on the title of
Late filing Penalties for form 5471
Tax Question asked by Aiman Doe (Name changed at their request) I am an American living in Canada since 2011. I own a Canadian Corporation since 2012. I have never
Tax Treaty Benefits for Non-U.S. members of LLC
Question: Can a U.S. LLC claim exemption from Canadian corporate income tax under article VII of treaty if it has non-us members?