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Working in the tax industry, I am always surprised by the number of people who think tax planning only happens when they file their return. Waiting until March or April to do your tax planning is not recommended if you want to pay the least amount of tax legally possible.
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Companies operating in Canada in 2014 held over $199 billion in "assets" -- unpaid taxes -- in havens like Barbados and the Cayman Islands. Canada is one of the biggest "losers" of corporate tax revenue. The "winner" countries are the ones with low-to-none corporate income tax, such as Bermuda, as well as the super-rich.
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Unlike Canada, the U.S. does not let you have lottery or gambling wins tax-free. So whether you are playing fantasy sports sites based in the U.S., gambling in Vegas or playing a U.S. lottery, you can expect the Internal Revenue Service (IRS) to be interested in your winnings.
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In Canada, our system is unique to the individual, and tax obligations are based on each person's allowable deductions and credits. Knowing what to include is often difficult for filers because, across Canada, confusion about taxes persists. Knowing how influential taxes were in the election, let's make sure we understand what is out there and available.
Last week, Canadian government plans for keeping better track of people coming and going from the U.S. were revealed. The driving purpose for the increased scrutiny will save the government millions of dollars in social benefits on those who shouldn't receive them because they are out of the country.
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OTTAWA — Snowbirds beware: The federal government will use its planned border exit-tracking system to avoid paying hundreds of millions of dollars in social benefits now going to people who shouldn't...
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As expected, the court challenge to the Foreign Account Tax Compliance Act (FATCA) by two Canadians failed to stop the flow of information between the Canada Revenue Agency (CRA) and Internal Revenue Service (IRS) happening in the last half of September. Lawyers for the Canadians argued that the agreement was an unlawful use of the tax treaty and a violation of the Charter of Rights and Freedom and was unconstitutional but a Federal Court judge disagreed.
Last year, the institute released a similar survey looking at tax data from same 10 right-leaning charities between 2011 to 2013 and cross-referenced that with publicly information on their activities during those years
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Top Conservative cabinet ministers met publicly with senior staff from KPMG's tax division, and one went so far as to promote the firm, even as the Canada Revenue Agency was alleging the company set u...
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Under the FATCA rules, financial institutions are obligated to provide the IRS with information about accounts and holdings of U.S. citizens. Basically, the IRS is trying to make sure you are not hiding money overseas though Canada is hardly a tax haven. But there is more to this overreaching legislation that just tracking down deadbeat U.S. citizens.
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A wealthy Victoria, B.C., family paid virtually no tax over a span of eight years – and even obtained federal and provincial tax credits – while being involved in an offshore tax "sham" developed by o...
CALGARY — The Canada Revenue Agency is demanding $11.5 million in tax owing and interest from Total Energy Services Inc. (TSX:TOT), a ruling the Calgary-based company says it plans to contest. The not...
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OTTAWA — Hundreds of thousands of university and college students walking onto campuses this week with help from federal loans could find themselves targeted harder than ever to repay billions of doll...
Believe it or not, even the long arm of the taxman can come up empty-handed from time to time. According to the latest federal public accounts, the Canada Revenue Agency wrote off $3.4 billion in uncollectible tax debts from 2013 to 2014.