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Canadian Tax Relief News

April 6, 2012 - Canadian launches court action over 'stolen' offshore data
A wealthy Canadian is in court fighting the Canada Revenue Agency to block its probe into undeclared income in offshore bank accounts.

March 19, 2012 - Taxes from A to Z: N Is For Noncitizen Spouse
So what makes you a resident alien? You are a resident alien of the United States for federal income tax purposes if you meet either the green card test or the substantial presence test for calendar year 2011 (January 1–December 31):

Feb 14, 2012 - Jim Flaherty, Mark Carney step up to object to U.S. banking
In a strongly worded letter to U.S. Treasury Secretary Timothy Geithner, Mr. Flaherty said the Volcker rule “could have material adverse effects on Canadian financial institutions and markets.”

December 19, 2011 - Credit Suisse Races UBS Building Buffers in Fortress Sw
UBS AG and Credit Suisse Group AG, Switzerland’s largest banks, are finding that the advantages of Europe’s toughest capital requirements are helping offset the costs as the region’s sovereign-debt crisis escalates.

December 19, 2011 - Why the IRS crackdown puts Canadian banks in a tight sp
IRS commissioner Douglas Shulman acknowledged the international backlash in a speech last week, saying foreign financial institutions have “major concerns.” He vowed to “work through these tricky issues in a practical fashion.”

December 12, 2011 - IRS hints at leniency for Americans living in Canada
The IRS confirmed in a release Thursday that for Americans living outside the country it will waive penalties for not filing tax returns - providing those taxpayers owe no U.S. tax. In addition, the IRS hinted that it may be lenient with penalties for those who have failed to file reports of foreign bank and financial accounts (FBARs).

December 8, 2011 - Taxpayers with overseas accounts seethe at penalties
The Internal Revenue Service's crackdown on overseas tax cheats is having an unintended consequence on American expats. It's prompting many of them to pay penalties for failure to file paperwork that may be drastically out of proportion to the actual amount of taxes owed.

December 8, 2011 - Ottawa awaits U.S. accommodation on tax law
U.S. Treasury officials are working on a proposal that would make it less onerous for Canadian banks to comply with a new U.S. tax law, Canada's Finance Minister Jim Flaherty said on Wednesday.

December 7, 2011 - Canada Fin Min: US Working On "More Reasonable" Plan For
Canadian Finance Minister Jim Flaherty said Wednesday U.S. officials are trying to work out a "more reasonable" way for Canadian banks to comply with a new U.S. law that would require them to hand over information about their American clients to the Internal Revenue Service.

December 7, 2011 - IRS Relief To Canadian Dual Citizens
Many U.S. taxpayers find the IRS focus on reporting worldwide income and FBARs rigid. U.S. expatriates worldwide may be miffed.

December 5, 2011 - IRS to Ease FBAR Penalties for Americans in Canada
The Internal Revenue Service has backed away from plans to heavily penalize U.S. citizens and dual citizens living in Canada who have not declared their foreign bank accounts.

December 5, 2011 - Americans living in Canada, beware of the IRS
A group of American and dual citizens living in New Brunswick are organizing a lobby group to prevent the U.S. Internal Revenue Service (IRS) from collecting their pensions and other assets as punishment for not filling out a form.

December 4, 2011 - U.S. relaxing tax rules for its citizens in Canada
The U.S. Internal Revenue Service is set to ease existing rules and waive penalties for late-filed returns for those citizens living in Canada who owe no taxes in the U.S., the U.S. embassy said Friday.

December 2, 2011 - IRS backing away from its assault on non-resident Americ
Uncle Sam’s tax man, the IRS, is backing away from a looming confrontation with hundreds of thousands of American citizens who live in Canada — many of them dual citizens, and some who weren’t even aware that they technically hold U.S. citizenship.

December 2, 2011 - U.S. taxman to go easy on American residents in Canada
The U.S. Internal Revenue Service is poised to waive potentially massive penalties for Americans who agree to come clean and don’t owe any taxes, The Globe and Mail has learned.

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