Tax

U.S. transplants face harsh FBAR penalties

In recent years, the Internal Revenue Service (IRS) has increased its focus on reporting of foreign financial accounts by U.S. persons. This is evidenced by the renewed IRS emphasis on receiving the Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts, (also known as FBAR reporting).

By Frank Di Pietro |May 3, 2011

4 min read

Tax News

Tax developments for philanthropists

Anne Brayley, vice president, professional advisory services at the Toronto Community Foundation, speaks with Heather Evans, managing partner, tax at Deloitte & Touche, about how the current tax environment influences trends in philanthropy.

By Anne Brayley |May 1, 2011

3 min read

Industry

A tangled web of taxes

Can someone actually enjoy an insect collection? Maybe not in the strict sense of the word, but as this case will show, one may nonetheless enjoy the tax results that derive from it.

May 1, 2011

3 min read

Tax News

Canadians responsible tax filers: study

Canadians seem determined to file their taxes before the May 2 deadline, but are demanding more simplified tax system, according to a study from BMO Harris Private Banking. The study revealed that 95% respondents aim to meet the tax filing deadline, and more than half (56%) will use their refunds either to pay bills and […]

By Staff |April 29, 2011

2 min read

Quebec academic slams tax shelters

Noted Quebec economics professor Léo-Paul Lauzon says the government should abolish the tax shelters for the good of the collective interest of Canada. Chair of Socio-Economics at the University of Quebec at Montreal, Lauzon, well-known for his sometimes scathing pronouncements, has released the findings of a study on the merits of RRSPs TFSA and other […]

3 min read

Think tank conjures massive tax burden

The average Canadian family pays more in taxes than it does on the necessities of life, according to a study released by the Fraser Institute. Of course, this depends on what you consider a tax—and how you define “necessity.” According to the study, the average family had an income of $72,393 in 2010, and spent […]

By Staff |April 26, 2011

2 min read

Logan Katz goes global with WTP Advisors

Ottawa-based public accounting and tax advisory firm Logan Katz LLP has joined forces with WTP Advisors, a tax and business consultancy that operates in nearly every major country. The alliance enables Logan Katz to offer an expanded range of tax services for existing clients, and increases WTP Advisors’ tax and advisory offerings in the area. […]

By Staff |April 18, 2011

1 min read

Advising non-resident Canadian clients

Given the number of Canadians who vacation in the U.S. each year, as well as those who move between borders for employment or other reasons, it’s important for financial advisors to be aware of the regulatory and income tax issues faced by clients who regularly spend time south of the border.

7 min read

Taxing questions for snowbirds

With the Canadian dollar rising to its highest level in 32 months in February 2011 and the appeal of warm weather, more and more Canadians are considering migrating to the U.S. Canadian businesses should get used to parity, Toronto-Dominion Bank CEO Edmund Clark told Bloomberg in February 2011. In 2010, the loonie climbed 5.5% against […]

7 min read