Globalization has made the World much more connected. It’s much easier for people to move around and build new lives in different countries. Unfortunately, this freedom has given people more options to cheat on their taxes as well. To fight tax fraud, the IRS in the United States launched a new program to track money… Continue reading FATCA Reporting Requirements – Rules For Americans And Non-Americans
Potential 50% Penalty for Non-Tax Filers
Recently on June 18, 2014 the IRS announced major modifications to its offshore voluntary compliance programs. These modifications were made to influence taxpayers to declare their overseas assets and to become compliant with current offshore regulations. These procedures are available to taxpayers residing in and outside the United States (penalties differ). Changes were made to… Continue reading Potential 50% Penalty for Non-Tax Filers
The CRA and Foreign Holdings: Points to Keep in Mind
In an effort to combat fraud and tax evasion, the Canada Revenue Agency is taking a more proactive stance in reference to foreign accounts and gathering information about taxpayers who have holdings overseas. As such, it is wise to have a more in-depth look at what this means for the individual resident and what steps need to be… Continue reading The CRA and Foreign Holdings: Points to Keep in Mind
Top Ten Tax Write-Offs for the Self-Employed
As tax season is now quickly approaching, there are a few considerations that those who are self-employed should address. While filing taxes before the April 15th deadline can be a bit challenging, it is also important to recall that Canadians who work for themselves can enjoy some substantial benefits in the form of write-offs. So,… Continue reading Top Ten Tax Write-Offs for the Self-Employed
Canadians Abroad: Tax Basics You Need to Know
When contemplating a move abroad, it is important for Canadian citizens to be well aware of their tax obligations to the Canada Revenue Agency. This is just as important whether this is a temporary move or a more permanent relocation. The most important thing to remember is that Canadians are taxed on their worldwide income.… Continue reading Canadians Abroad: Tax Basics You Need to Know
Six Canadian Tax Credits Important to Remember
As many of us are putting together the necessary documentation for the 2013 tax season, now is a perfect time to have a look at some of the most relevant tax credits can that can be claimed. These credits can be beneficial to both you and your family, so it is important to understand how… Continue reading Six Canadian Tax Credits Important to Remember
Overseas Residency Status in Relation to Canadian Tax Returns
One of the most difficult (and indeed one of the most important) aspects of Canadian tax law is one’s residency status overseas and how it may affect their income tax returns. In other words, how do Canadians that live or work overseas take care of filing priorities and how will this relate to their current… Continue reading Overseas Residency Status in Relation to Canadian Tax Returns
Top Tax Facts for Canadians Earning Abroad
One of the common misconceptions that many Canadians espouse is that working far and away in different regions around the world may exempt them from paying taxes to the Canada Revenue Agency. In fact, this fallacy can lead to some grave financial troubles and it is therefore important to understand the stipulations for these payments… Continue reading Top Tax Facts for Canadians Earning Abroad
Things Necessary to Know When Allocating Management Bonuses
In today’s competitive world of business, management needs to be kept motivated in the very same respect as the staff themselves do. Thus, the distribution of management bonuses is an excellent away to keep efforts focused while simultaneously rewarding employees for a job well done. Also, a company that boasts shareholders is extremely attractive to… Continue reading Things Necessary to Know When Allocating Management Bonuses
The Top Guidelines to Follow When Incorporating a Sole Proprietorship
One of the critical phases in the lifetime of any business will occur during the transition between a privately-owned company and an incorporated enterprise. However, this step is also quite necessary, for a smooth transition will equate to increased exposure, more access to funds that the possibility of exponential growth. So, let us look at… Continue reading The Top Guidelines to Follow When Incorporating a Sole Proprietorship
