Potential 50% Penalty for Non-Tax Filers

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Recently on June 18, 2014 the IRS announced major modifications to its offshore voluntary compliance programs. These modifications were made to influence taxpayers to declare their overseas assets and to become compliant with current offshore regulations. These procedures are available to taxpayers residing in and outside the United States (penalties differ). Changes were made to both the … [Read more...]

The CRA and Foreign Holdings: Points to Keep in Mind

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In an effort to combat fraud and tax evasion, the Canada Revenue Agency is taking a more proactive stance in reference to foreign accounts and gathering information about taxpayers who have holdings overseas. As such, it is wise to have a more in-depth look at what this means for the individual resident and what steps need to be taken. A Global Reach Indeed, Canada is not the only country … [Read more...]

Top Ten Tax Write-Offs for the Self-Employed

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As tax season is now quickly approaching, there are a few considerations that those who are self-employed should address. While filing taxes before the April 15th deadline can be a bit challenging, it is also important to recall that Canadians who work for themselves can enjoy some substantial benefits in the form of write-offs. So, let us take a look at the ten most common (and perhaps most … [Read more...]

Canadians Abroad: Tax Basics You Need to Know

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When contemplating a move abroad, it is important for Canadian citizens to be well aware of their tax obligations to the Canada Revenue Agency. This is just as important whether this is a temporary move or a more permanent relocation. The most important thing to remember is that Canadians are taxed on their worldwide income. As long as you maintain an active residency in Canada, you will be … [Read more...]

Six Canadian Tax Credits Important to Remember

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As many of us are putting together the necessary documentation for the 2013 tax season, now is a perfect time to have a look at some of the most relevant tax credits can that can be claimed. These credits can be beneficial to both you and your family, so it is important to understand how each one works and which credits may be applicable to you. Public Transit Credit If you live in a major … [Read more...]

Overseas Residency Status in Relation to Canadian Tax Returns

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One of the most difficult (and indeed one of the most important) aspects of Canadian tax law is one's residency status overseas and how it may affect their income tax returns. In other words, how do Canadians that live or work overseas take care of filing priorities and how will this relate to their current living situation? Residency is indeed the first factor that needs to be considered. … [Read more...]

Top Tax Facts for Canadians Earning Abroad

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One of the common misconceptions that many Canadians espouse is that working far and away in different regions around the world may exempt them from paying taxes to the Canada Revenue Agency. In fact, this fallacy can lead to some grave financial troubles and it is therefore important to understand the stipulations for these payments if a citizen decides that he or she wishes to work abroad. Let … [Read more...]

Things Necessary to Know When Allocating Management Bonuses

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In today’s competitive world of business, management needs to be kept motivated in the very same respect as the staff themselves do. Thus, the distribution of management bonuses is an excellent away to keep efforts focused while simultaneously rewarding employees for a job well done. Also, a company that boasts shareholders is extremely attractive to outside investors. This will perhaps lead to a … [Read more...]

The Top Guidelines to Follow When Incorporating a Sole Proprietorship

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One of the critical phases in the lifetime of any business will occur during the transition between a privately-owned company and an incorporated enterprise. However, this step is also quite necessary, for a smooth transition will equate to increased exposure, more access to funds that the possibility of exponential growth. So, let us look at a few key areas that need to be addressed when … [Read more...]

Should You Earn your Income through Dividends or Through a Salary?

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When you are the owner of a business, there are two inevitable facts. First, you will either earn your income through a personal salary or through the issuance of dividends. Secondly, you must pay taxes on these figures either way. Still, there are different rates of taxation for each type of financial allowance. Depending on the size of your business, you current financial requirements, your … [Read more...]