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Canadian Tax Relief News

August 14, 2018 - Canadian residents hit by Trump tax dealt a new blow
A "transition tax" introduced by the Trump administration was intended to discourage U.S. multinationals from leaving vast sums in foreign subsidiaries. But the tax is also hitting Canadians with U.S. or dual citizenship who have companies incorporated in Canada.

March 16, 2018 - Do You Own Bitcoin? The IRS Is Coming for You
the Internal Revenue Service persuaded a federal judge to require Coinbase, a San Francisco-based digital-currency wallet and platform with about 20 million customers, to turn over customer information. Driving the IRS’s decision was its belief that few bitcoin investors appear to be paying taxes due on sales.

February 15, 2018 - CRA Raids 3 Locations Linked To Panama Papers Tax Investigation
The CRA says it is one of 42 international/offshore tax evasion cases it is currently investigating that involve complex structures and potentially multi-millions of dollars in evaded taxes.

August 31, 2017 - Canada: Issues Facing Canadians Selling U.S. Real Estate
Canadians selling U.S. real estate face a number of challenges, most notably the difficulty in finding someone with special training on this topic. Given the high U.S. dollar, many Canadians are now looking to dispose of their U.S. property, but not many advisors have carefully researched this topic and developed the expertise necessary to help with these sales.

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.

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