When wealthy clients discover their final tax liabilities for 2011, some may no doubt be surprised to find they owe Alternative Minimum Tax (AMT). Help clients avoid this shock.
Canada's corporate tax rate dropped in 2012 as the last phase of federal cuts took effect. This tax cut is consistent with the global trend in the reduction of corporate tax rates, but Canada's rate fell faster than other countries' rates during the year, according to KPMG's Global Corporate and Indirect Tax survey of tax rates affecting business.
The CRA is focused on cutting taxes for small business owners. Earlier today, Gail Shea, Minister of National Revenue at CRA held a joint roundtable with the Canadian Federation of Independent Business (CFIB) to hear from business owners about ongoing red tape headaches when dealing with CRA. This includes the agency’s practice of freezing accounts […]
Update clients on the following credits, which could reduce the amount they owe at tax time, says CRA.
If you work with dual citizens of Canada and the United States, it’s important to be aware of the unique financial, tax and estate planning issues these clients face. Given the recent tax changes in the United States, these clients and their advisors will need to be ahead of the curve.
What advisors need to know about pension adjustments.
An increasing number of U.S. nationals are giving up their citizenship, causing confusion due to a discrepancy in official records of national agencies. While the FBI says 3,000 U.S. citizens turned in their passports in the last quarter of 2012, bringing the year’s tally to 4,385, the IRS pegs it at 45, reports The Isaac […]
Appeal court reverses trial decision
U.S. citizens in Canada have more to worry about
The Certified General Accountants Association of Canada (CGA-Canada) today launched its 2013 tax portal, a national one-stop resource for personal tax information. Designed for both the public and business professionals, the portal features access to the 2012-13 personal tax planning book, key filing deadlines, links to advice and news articles, and a link to a […]