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Canadian Tax Relief News

April 3, 2014 - IRS chief: No ‘targeting’ of tea party groups, just ‘inappropriate criteria’
This effort at spin control took an odd turn recently when, during a congressional hearing, IRS Commissioner John Koskinen denied that the Treasury inspector general had used the term “targeting.”

March 31, 2014 - Rubio says IRS dragging feet on targeting scandal
"It's unacceptable. They either did it or didn't. If they would be cooperative then we would have the answer to that."

March 31, 2014 - The Future of Foreign Account Tax Compliance Act (FATCA) in Canada: Pros and Cons of the Intergovernmental Agreement (IGA)
For American citizens living in Canada who have not filed income tax returns with the IRS, the IGA is significant. The information shared with the IRS by the CRA is more likely to alert the IRS to American citizens living abroad who have failed to file.

March 18, 2014 - Foreign property disclosure has been simplified
Simplified T1135 On Feb. 26, 2014, the Canada Revenue Agency (CRA) announced that we simply need to report the total yearend fair market value of such foreign property on the T1135 form for 2013.

March 11, 2014 - Canada’s draft legislation undermines FATCA agreement with U.S.
A prominent tax lawyer says that proposed federal legislation relieving Canadian financial institutions from onerous obligations under the U.S. Foreign Account Tax Compliance Act “eviscerates” an intergovernmental agreement signed between Canada and the U.S. earlier this month.

February 12, 2014 - U.S. tax returns required for dual citizens: Roseman
Starting July 1, the Canada Revenue Agency will share financial information about Americans living in Canada with the U.S. Internal Revenue Service – information that will come from Canadian banks. Banks won’t have to report to the IRS on most federal registered accounts held by Americans, such as RRSPs, RESPs and tax-free savings accounts

February 11, 2014 - Canadian Fund Institute Commends Gov't For FATCA Exemptions
Under the IGA, registered plans, including Registered Retirement Savings Plans, Registered Retirement Income Funds, Registered Education Savings Plans, Registered Disability Savings Plans and Tax-Free Savings Accounts, are exempted from FATCA and will not be reportable. This will benefit the millions of Canadians who hold mutual funds in these types of plans.

february 10, 2014 - U.S., Canada forge deal in global anti-tax dodger push
The Canadian agreement narrows the scope of information required to be collected from account holders in Canada, officials said.

January 27, 2014 - Canadian data doesn’t support stereotype of the wealthy U.S. expat
n Canada, officials are negotiating an arrangement under which banks would report suspected Americans to the Canadian Revenue Agency, which would in turn pass the data on to the IRS.

January 23, 2014 - National News: Canadians deserve answers on FATCA
Conservative Finance Minister Jim Flaherty must address growing public anxiety about the U.S. Foreign Account Tax Compliance Act (FATCA), and secret negotiations over an Intergovernmental Agreement (IGA) for the implementation of FATCA in Canada.

January 15, 2014 - Q & A: How will the new U.S. tax law affect Canadians?
A new American tax law will come into effect in July that could impact Canadians, even those with no ties to the U.S.

November 26, 2013 - Banks Forced to Comply With US Regulators Despite Not B
Canada is the latest nation to watch with bated breath as its leaders near an agreement with The United States Internal Revenue Service (IRS) for its banks to surrender records detailing the identities of suspected American tax cheaters.

November 25, 2013 - Canadian banks to be compelled to share clients' info w
The Foreign Accounts Tax Compliance Act, or FATCA, was passed by the U.S. Congress in 2010 and comes into force July 1, 2014.

October 3, 2013 - How Canadians, too, can fend off the long arm of the IRS
Now, just because you may be a Canadian citizen and resident, you’re not immune to the reach of the Internal Revenue Service (IRS) south of the border. U.S. estate tax can apply on different types of U.S. assets, with the most notable being U.S. real estate.

May 10, 2013 - axman may have a bead on offshore tax havens, government say
The Canadian government says it may be getting access to 2.5 million files on offshore tax havens that were leaked to the media last month.

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The Law Office of Teig Lawrence assists clients with a wide range of tax issues in the State of Florida including in Miami, Fort Lauderdale, Jupiter, Broward County and Palm Beach County and Internationally. Our office also assists clients with matters related to Swiss Bank Accounts, UBS, LGT, Wegelin, HSBC, Credit Suisse, Julius Baer, Bank Leumi, Deutsche Bank, Basler Kantonalbank, Neue Zuercher Bank, Zürcher Kantonalbank, Korean / U.S. Enforcement Initiative, IRS & DOJ Announcements, 2012 Swiss Bank Settlement, Canadian Tax Relief, FATCA and John Doe Summons.

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