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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
2023 – Tax Changes, What’s new in Canada?
Changes affecting 2022 Tax Returns The 2022 individual income tax season is starting soon. Please check important deadlines for the 2022 tax returns being filed in 2023 While we intend to capture tax changes and
Underused Housing Tax (UHT) in Canada
Effective January 01, 2022, there is a new ‘Underused Housing Tax’ (UHT) imposed on specific taxpayers, known as “affected owners”. UHT is a tax levied on properties that are deemed to be underutilized or not
U.S. Tax Rules for PFICs – Canadian Context
Passive Foreign Investment Companies (PFICs) In this post: What is a PFIC? Definition of PFIC Deep dive into PFIC definition Gross Income Test Asset Test Exceptions – What is not PFIC? Controlled Foreign Corporations (CFCs)
Income Tax Issues for Ukrainians moving to Canada
Canada is going the extra mile to support the Ukrainians affected by the Russian Invasion. With every passing day number of applications for temporary residence is growing. Many of the Ukrainians are already in Canada
Moving from Canada & Principal Residence Exemption
A lot of taxpayers emigrate from Canada every year, some to the south of the border and others beyond. In Canada, generally, the owners of the residential property are exempt from the taxes on capital
Controlled Foreign Corporations (CFCs)
The U.S. tax system went through a major overhaul as a result of the Tax Cuts and Jobs Act (TCJA). Beginning in 2018, the U.S. taxes individuals on worldwide income whereas corporations on a Quasi-territorial