All US individuals and corporations with April 15, 2020 tax deadlines have had their US federal income tax deadlines for filing and payments extended from April 15, 2020 to July 15, 2020. No interest or penalties will be assessed on individual taxpayers with less than a $1 million USD tax liability who are affected. For ….
Posts By: Rosie Iskander
Selecting a trustee or executor for your estate is among the most important decisions you’ll make in the estate planning process. Many people automatically assume that the role should be filled by a family member. After all, your family has a vested interest in the success of your estate; often they themselves are the beneficiaries. ….
The real estate and land development space is quickly changing, as a result, new approaches to development are emerging. Taking a page from the residential project, Reina, the first all- female real estate development group in Canada, our real estate team decided to examine development trends through new a lens, as we celebrate equality in ….
On March 2, 2020, the IRS released Revenue Procedure 2020-17 which has broad implications to US citizens in Canada who maintain Registered Education Savings Plans (“RESPs”) and possibly, Tax-free savings accounts (“TFSAs”). The highlights are as follows: Holders of Canadian RESPs will no longer have to file Forms 3520 and 3520-A for said accounts. The ….
The world of work has changed substantially since the days of strictly 9 to 5. As our tech has advanced, traffic congestion has worsened, and real estate prices have risen, the workforce has moved towards favouring more mobile and flexible employment solutions. And it’s not just the employees applauding the transition; companies are also experiencing ….
First, expatriate U.S. citizens who owned a direct or indirect interest in a Canadian corporation had to deal with an unfair transition tax on the amount of earnings and profits retained by the Canadian corporation as of the end of 2017. Now, the same corporations as well as others with greater than 50% U.S. ownership ….
A U.S. business enterprise includes any organization, association, branch, or venture which exists for profit making purposes or to otherwise secure economic advantage, and any ownership of any real estate which is held for profit making purposes*. If this applies to you, you may be required to complete the BE-12 benchmark survey by the end ….
In parts one and two of this series, we looked at the main changes to the legislation, as well as the first two exceptions from the TOSI rules. In part three, we’ll be examining the final three exceptions, and share a flowchart to demonstrate how and if the new rules will apply to your family. ….
New legislation regarding the use of income sprinkling rules came into effect on January 1, 2018. Referred to as the “Tax on Split Income”, or “TOSI”, the intention of the legislation is to prevent the allocation of income to family members who are not involved in a business. In part one of this series, we ….
On December 13, 2017 the federal government released legislation with the intent to simplify the income sprinkling rules (referred to as the Tax On Split Income or TOSI) previously released on July 18, 2017. The intention of the legislation is to prevent the allocation of income to family members who are not involved in a ….