22 Jul 2011, 3:44pm
Income Tax Networking
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Vancouver’s Biggest Ever Networking BBQ Party

Networking Party Cost is a Business Expense

Tax Deductible Biz Exp

It was a pleasure to attend the Vancouver’s Biggest Ever Networking BBQ Party, on July 21st, 2011. Just about 400 entrepreneur attending with the intent to networking in an unusually bright summer evening at one of Vancouver’s premier event hall with an spectacular view of Vancouver evening skyline.

Things that went very well.
• Every one showed up with a very upbeat mood.
• Got in touch with many old acquaintances and met many new entrepreneurs.
• Amazing hospitality and acknowledging the difficulties by the event host.
• Free Coat Check

Things that could go very well.
• Waiting line at the entrance at the ground floor. Someone from the host group should have been outside, informing guests about the long wait to get into the venue.
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15 Jul 2011, 4:21pm
Canada Revenue Agency Income Tax Tax Fraud
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US Citizens In Canada Must File US Tax Returns

Pay me tax on your last penny

Emptying the Tax Payer

There were hundreds of thousands of Canadian citizens who have dual US and Canadian citizenship, and are not aware that they have to file income tax to Internal Service Revenue (IRS) every year.

The US tax law determines that all individuals holding US citizenship are required to file annual income tax returns with the Internal Revenue Service (IRS). In addition, Canadian financial institutions are required to report to the IRS all accounts held by US citizens in 2013. The reason being, US wants to get the maximum tax it can collect from its citizens.

If you are a US citizen or green card holder, you must report your worldwide income to IRS or risk heavy penalties, it does not matter if you live in the USA or not.
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8 Jul 2011, 4:41pm
Canada Revenue Agency Income Tax:
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CRA Computer Glitch Carrying Forward Capital Loss of a Deceased Tax Payer

Death Tax

Taxes after Death

A computer error has materialized at Canada Revenue Agency (CRA) with the processing of T1 returns of deceased taxpayers. The final tax assessments are being processed without taking ITA S. 111(2) into consideration regarding capital losses and capital loss carry forwards.

In years other than the year of death, capital losses may only be deducted against capital gains in the year, the prior three years, or subsequent years. In the year of death, S.111 (2) allows capital losses from the current year and capital losses carried forward from previous years to be applied to reduce any type of income.
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