A report out of the University of Calgary says the way financial services are taxed could cause clients to pick the wrong products.
An Individual Pension Plan is the only retirement savings vehicle allowing for higher tax deductions when investments don’t perform as expected.
The Canada Revenue Agency (CRA) needs to improve service to taxpayers whose payments are misallocated, says Canada's Taxpayers' Ombudsman, Mr. J. Paul Dube.
A majority of Canadians want a simpler tax system.
Many immigrant clients incur penalties for accidentally disobeying tax laws. When that happens, they may blame you, so learn the common errors.
In late June, after the IRS announced it will be helping U.S. and dual citizens overseas, the U.S. tax agency suggested it would publish guidelines by September 1 for a new procedure meant to encourage those who haven’t been filing U.S. tax returns to get on the road to compliance. They're now available.
Students are set to head off to college and university with many valuables, but are they prepared for the financial risks? Read: Teens need money smarts Breaking and entering, as well as theft of valuables up to $5,000, accounted for 60% of police-reported property crime in 2011, finds Statistics Canada. The most common stolen items […]
Do you have a Canadian client who is planning to move south of the border? Then here’s some good news. He can apply for OAS in the U.S. and won’t be subject to the standard clawback thanks to the Canada-U.S. Treaty. “Sometimes people don’t apply for [OAS] after they move to the U.S. because they […]
Lifetime contribution amount: $50,000 for RESPs opened after 2007 Annual contribution limit: None Maximum age to open: None. However, Canadian Education Savings Grants are only available to children until December 31 of the year the child turns 17. Canada Learning Bonds are available to age 21. Read: Making cash gifts “resp”onsible Duration: until December 31 […]
If the complexity of U.S. cross-border taxes doesn’t convince you to get help, the liability factor will.