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Canadian Tax Relief News


July 5, 2017- Snowbird? Learn the “substantial presence” test
That formula adds the days spent in the U.S. in the current year to 1/3rd of the days in the recent year plus 1/6th the days in the two previous years (and you must be in the U.S. at least 31 days of the current year).

April 25, 2017 - Some Canadian bank record information being sent directly to IRS
According to information obtained by CBC News under a U.S. Freedom of Information Act request, 31,574 such reports have been sent directly to Internal Revenue Service over the past two years under the U.S. Foreign Account Tax Compliance Act (FATCA).

March 20, 2017 - U.S. government sues Canadian resident for $1.1M over FBAR
A Canadian resident has been sued by the U.S. Justice Department for not having filed a form to the U.S. government listing his bank accounts outside the United States, media reports said

Janaury 31, 2017 - Canadian reporting under Fatca doubled in 2016
Details of bank accounts belonging to more than 315,000 Canadian residents were shared with the US Internal Revenue Service (IRS) in 2016 under the Fatca agreement, more the double the previous year.

November 18, 2016 - Post-Election US Tax Outlook
Trump victory and GOP Congress could pave the way for significant tax changes, though important details are yet to be determined

November 15, 2016 - Panama Papers Fallout: CRA Investigates Dozens Of Canadians Over Tax Fraud
The agency said it combed through 11.5 million documents from that leak, and identified 2,600 with a Canadian link. From those, it opened investigations into 85 Canadians, and has launched 60 audits.

September 27, 2016 - Canadians in Panama Papers shouldn't expect a tax deal, CRA says
Ordinarily, the tax agency has a Voluntary Disclosure Program (VDP) that allows Canadians to fess up about offshore holdings before the tax man sniffs them out. Anyone who comes clean has to pay tax on the assets, but the reward for participating in the program is that there is no further punishment.

September 22, 2016 - 3 Canadian banks served 2,000 offshore corporations, Bahamas leak shows
Subsidiaries of CIBC, Royal Bank and Scotiabank helped administer Bahamas corporations with names like Bifocal Holdings, Bear With Me Corp. and Zizi Ocean Ltd., though nearly half the companies are no longer active. At a minimum, the services provided consisted of paying annual fees and filing paperwork — but in many cases also consisted of incorporating the offshore companies.

August 2, 2016 - Canadian banks agree to release information on Cayman Islands accounts
The Federal Court of Canada has approved federal requests for seven years' worth of transaction information from the Royal Bank of Canada and Citibank, NA, related to correspondent accounts in the name of Cayman National Bank Ltd in the Cayman Islands.

July 5, 2016 - McBride: Advice for Americans in Canada
the Canada-U.S. tax treaty prevents double taxation. The tax paid on the Canadian income tax return can be claimed as a foreign tax credit to offset tax on the U.S. tax return. Because Canadian income tax rates are generally higher than the U.S. tax rates for the same income, there is typically no U.S. tax owing on the U.S. tax return.

June 21, 2016 - Before you move to Canada...
Google searches with a new ad campaign called “Test Drive Canada,” in which Americans are encouraged to “Make it a long weekend! Take a look around. Try your hand with the metric system.” As the Quebecois might say, ouaf ouaf.

June 17, 2016 - CRA shared information on smaller bank accounts with IRS
The Canada Revenue Agency has been transferring information about Canadian bank accounts worth under $50,000 U.S to the U.S Internal Revenue Service but cannot say how many accounts below that threshold have been shared with the Americans.

March 16, 2016 - Revenue Canada quietly handed 155,000 Canadian banking records to IRS
According to documents tabled in the House of Commons, roughly 150,000 of the Canadian bank records transferred to the IRS on Sept. 30, 2015 related to individuals who are U.S. residents or people with U.S citizenship living in Canada.

February 3, 2016 - Twelve Canada-US Tax Tips For 2016
For those individuals with both Canada and US tax issues, tax filing season is a few months away; however, there are several steps you can take that will ease your burden in the next few months… or at least ease it next year.

October 19, 2015 - New Guidance Issued on the United States-Canada Income Tax Treaty
The Internal Revenue Service recently released Publication 597 (rev. Oct. 2015), which provides information concerning the income tax treaty between the United States and Canada.

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