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As the Globe and Mail reported recently, the Canada Revenue Agency (CRA) has started monitoring social media influencers and video-game streamers to ensure that such activities as paid endorsements and sponsorships align with annual income tax documents. At this...
Although Toronto is one of Canada's most expensive cities to live in, it is also one of the most diverse, most vibrant, and, some would suggest, the most American city that the country has to offer. As Canada's biggest...
With a first-ever pandemic holiday seasoning drawing nearer every day, there is no real change in the second-stimulus stalemate that has drawn on for months now. Deep partisan divisions in both the House and Senate continue to hold sway...
As we all recover from Thanksgiving dinner and look ahead to the holiday season, discussions around the second stimulus package continue. However, a decision (and second stimulus payment) is far from imminent. Here is a brief update of what...
On episode #2 of the Expat Tax and Financial Planning Podcast we discuss form T1135 - Foreign income verification filings. For a comprehensive article on form T1135 and the issues related to foreign asset reporting click here. Form T1135 is...
A recent Report from the U.K.-based Tax Justice Network (TJN) used a powerful analogy to summarize the impact of offshore tax havens on the global economy: "The equivalent of one nurse’s annual salary is lost to a tax haven...
Question My wife and I have been reading lately about all this talk related to a possible wealth or estate tax on Canadians. We have significant investment accounts in both Canada and the US. Do you think Canada will actually implement...
The oral exam that immigrants to the U.S. must complete to receive their citizenship just got more complicated. On Friday, November 13, officials from the U.S. Citizenship and Immigration Services (USCIS) revealed plans to implement the revised version of what...
As a US citizen or resident of the US, and to the extent that you have beneficial interest or signing authority over foreign financial accounts (foreign to the US) in excess of $10,000 (calculated as the total of the...
I get these questions all the time, does Canada have a wealth, inheritance or estate tax? The quick answer, at least for now, is no... Canada doesn't currently have any type of wealth tax other than a final death tax that...
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