USA Canada Border Crossings Will Be Scanned
In my tax practice I deal with many Canadians who are consistently travelling back and forth between Canada and the USA, staying in USA for extended period of time. This creates a big problem, due to the fact for a longer time of stay in USA, you could become a USA tax residence even you are a Canadian citizen. In this case you have to file income tax return both to the USA and Canada.
Clients never seem to figure out, how long they have stayed in USA, since the border authority does not stamp their Canadian Passport. There are specific schedule in the USA tax form to provide your travel information to the IRS, to determine, if you are a primary USA tax residence.
Looks like, things will start to change starting July 1, 2014. Under a new agreement, Canada and U.S. border authorities will now scan your passport when you enter and exit their country to determine how long a person has actually been out of their own country of residence in a given year.
Once U.S. and Canada have access to a travel day count for its citizens, both countries can track a person’s physical presence and use it to apply various immigration and tax laws. more »
Canada Revenue Agency Income Tax
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Comments Off on 2013 Tax Planning, What Can You Do Now?
2013 Tax Planning, What Can You Do Now?
Happy New Year 2014.
Yes, it’s a very happy new year for taxman.
Your income is going to be taxed more, starting January 1, 2014. If you are an employee, you will see your net take home income going down a bit, because of increased contribution of CPP and EI.
As I was reading my Daily Newspaper on January 2nd, I saw a news headline “Now is the best time for Tax Planning” featuring a prominent tax expert. I thought he was referring to 2014 tax planning, now is the best time to plan ahead of how much tax you would like to pay in 2014.
To my surprise, in the article, he was mentioning about tax planning for 2013. He must have a time machine, to plan for 2013 taxes after January 2nd, 2014. more »
Crowdfunding – Is it Taxable Income?
Since Kickstarter Canada, started its operation few months ago, there have been a new wave of fund raising activity going on among the Canadian startups. One important missing point is the tax consequence of this private funding. Watch the slide presentation. Tried to simplified a complex presentation as much as possible.
You Know Jack about Income Tax
If you care about your money and financial freedom this is a must attend event for you.
Keep the taxman away.
[events]
Canada Revenue Agency Income Tax
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Comments Off on Your Privacy is at Risk with Canada Revenue Agency
Your Privacy is at Risk with Canada Revenue Agency
Is your privacy is at risk with CRA?
It depends. CRA has the most confidential personal and financial information about you, sometime even your spouse does not know. With proper authentication these information can be obtained by anyone in the CRA or outside of the CRA. You always risk your privacy, trying to save money by doing your annual income tax return with one of those mushrooms like tax service provider that pops up during tax time. If they have an alternative agenda, your personal information is more valuable to them than your tax service fees.
CRA employees have been accused of accessing unauthorized taxpayer information by the Office of the Privacy Commissioner of Canada (OPCC).
Canada’s privacy watchdog Office of the Privacy Commissioner of Canada (OPCC) Commissioner Jennifer Stoddart in her annual report stated that Canadians complaints over privacy concerns have reached a record-high in 2012. more »