Understanding GILTI – For US Expats in Canada
Global Intangible Low-Taxed Income – Simplified!
The Tax Cuts and Jobs Act of 2017 (TCJA) brought some major changes for U.S. taxpayers.
The Global Intangible Low-Taxed...
2020 U.S. Individual Income Tax Returns – Deadline extended by IRS
The Internal Revenue Service (IRS) has extended the deadline to file Individual income tax returns for 2020 in the U.S.
The new deadline is now May 17, 2021 (the usual...
Hybrid Entities – The Tax Problems in Canada
A hybrid entity is an entity that has different tax treatments in different countries. The typical examples of these entities are US Limited Liability Company (LLC), Limited...
How to Stay Safe this Tax Season
Tax season is in full swing!
Millions of Canadians and Residents are looking to file their taxes. Traditionally, taxpayers with simple tax situations tend to visit drop-off...
2020 Individual Income Tax Return Checklist
2020 Tax season just started.
Individual income tax and benefits returns are now open for e-filing. A checklist is compiled to help you preparing all the documents for your tax...
10 Things Americans in Canada Should Know!
Effective February 12, 2021, the Internal Revenue Service (IRS) has begun receiving 2020 tax returns in the U.S.
In 2020, the American have moved to Canada in record numbers....
Forgivable Portion of CEBA and Income Inclusion
Many businesses in Canada have taken advantage of Canada Emergency Business Account (CEBA).
The initial program offered $40,000 with 1/4 i.e. $10,000 is forgivable if certain...
Personal Services Business (Incorporated Employee)
Have you recently received a contract offer from a business that has asked you to incorporate yourself?
By the way, this is very trendy in the IT and transportation industry!...
How to apply for a U.S. ITIN from Canada?
The Internal Revenue Service (IRS) issues an Individual Taxpayer Identification Number (ITIN) for federal tax purposes. If you have the U.S. tax filing requirement and do not...
2019 Income Tax return Adjustments for CERB Eligibility
A lot of people have claimed CERB for the full 28 weeks period, totalling up to $14,000. Canada Revenue Agency (CRA) has issued letters to the taxpayers who they think might...
2020 – Year End Income Tax Planning – Individuals
The year 2020 is approaching an end! This is the time of the year when you should not forget important tax planning to best optimize your 2020 income taxes in Canada.
We have...
2020 End of Year Tax Planning for Small Corporations in Canada
There are many ways small business owners can optimize their corporate income taxes for 2020.
This post is for the small to medium-sized businesses operating in the corporate...