There has been lots of chatter in the Canadian financial press about the new Tax-Free First Home Savings Accounts (FHSA) that are currently being rolled out throughout Canadian financial institutions.… Read more...
Moving to Vancouver from the US, need help with investments and future inheritance
Question
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I got your name from XXXXX and you seem to be the perfect person to help me. Please let me know how I can book some time in with you soon as I would like to take care of this as soon as I can.… Read more...
Is the 2024 Biden budget proposal dead on arrival?
The recently released FY2024 Budget proposal by President Biden calls for $3 trillion in deficit reduction through tax increases on corporations and wealthy individuals.
Moving to Canada? Make this mistake and you might pay Canadian tax on stock losses
How is it possible that someone would pay Canadian taxes on stock losses? Well, it absolutely is…
Under Canadian tax law, when individuals move to Canada (section 128.1(1)) their worldwide assets (excluding some specific type of Canadian assets) are “deemed to be disposed” and “reacquired” at the fair market value on the day they become a Canadian tax resident.… Read more...
House committee releases 845 page report on January 6th attack on the Capital
The House of Representatives’ Select Committee on the Events of January 6th released its final report today on the investigation into the 2021 insurrection at the US Capitol.… Read more...
Trump Tax Returns
Update: On Friday the House and ways committee released Trump’s 2015 to 2020 Federal 1040 income tax returns (jackets only). You can read through the detailed Trump Tax personal tax returns here and his detailed business tax returns here.… Read more...
Meeting the substantial presence test and form 8840
Question
Hi
My wife and I live in Canada, however we spend quite a bit of time in the US. We were told by friends that if I spend a specific amount of months each year in the US I might have to file US tax returns.… Read more...
The Auditor General of Canada has found that $27 billion in suspicious COVID-19 payments have been made.
Executive summary:
- The Auditor General of Canada has found that $27 billion in suspicious COVID-19 payments have been made
- The government has said that it will work to recover any overpayments
- The opposition has called for an investigation into the matter
The Auditor General of Canada has released a report indicating that $27 billion in suspicious COVID-19 payments have been made.… Read more...
CRA has launched formal consultations to streamline the reporting of payroll
Canada Revenue Agency (CRA) has launched formal consultations to streamline the reporting of payroll information for the purpose of supporting businesses and employees.… Read more...
Canadian families expected to pay more for groceries in 2023
Executive Summary:
- Canadian families can expect to pay an additional $1,065 for groceries in 2023, according to a new report.
- The report, which was released by Dalhousie University and the University of Guelph, found that prices for meat, vegetables, and fruits are expected to rise significantly.
