Cryptocurrencies has developed into a sizzling topic over the last 2 years. Trending digital currencies such as Bitcoin and Ethereum have increased in value resulting in significant market capitalization, transactional use and legitimacy. With the rise of cryptocurrencies, regulators and taxation authorities have taken notice. Here are the key tax questions and answers, investors and ….
The future of buying and selling real estate with cryptocurrency
With cryptocurrency becoming more prevalent in today’s economy, discussion has turned to business transactions being made using cryptocurrency, in particular in the real estate industry. Already, certain American brokerages are listing residential properties in Bitcoin. In fact, recently there was a much talked about news story about a cryptocurrency tycoon purchasing a $28,000,000 condominium in ….
Cannabis finance – the Canada-Israel link
The combination of Canada’s cannabis capital markets and Israel’s clinical research expertise have poised the nations for fruitful collaboration on Canadian stock exchanges. While Canada has postponed the legalization of recreational cannabis until October 17th of this year, growth in Cannabis stocks has sustained momentum in the country. As discussed in a previous article, Financial ….
Estate freezes: key to business owners’ estate planning to reduce or defer capital gains tax
Estate freezes have been the cornerstone of estate planning for business owners for as long as capital gains tax has existed in Canada, dating back to 1972. The main driver for its implementation has been income tax minimization at death to the business owner’s estate, in regards to the corporate shares which the business owner ….
Navigating the U.S. e-commerce state sales tax collection rules
On June 21, 2018, the U.S. Supreme Court ruled 5-4 in favour of allowing South Dakota to impose a tax on internet sales by Wayfair Inc. (“Wayfair”), a large online furniture and décor retailer, to customers located in South Dakota. Wayfair has no physical presence in South Dakota. It did not have any employees, agents ….
Update for CFC owners on mitigating the impact of U.S. tax reforms
U.S. citizens abroad who own an interest in a Controlled Foreign Corporation (“CFC”) have been unfairly targeted by two provisions of the U.S.’s tax reform that was legislated at the end of 2017. The taxes imposed under the Repatriation/Transition Tax and the Global Intangible Low Taxed Income (“GILTI”) regimen can be significant, are not creditable ….
Doing Business Globally: A Tax Update
In June 2018, in conjunction with hosting the international tax conference of Nexia International – a global network of independent accounting and consulting firms and one of the top ten global accounting networks, Zeifmans hosted Doing Business Globally: A Tax Update – an international tax seminar in Toronto. The seminar featured 6 speakers from Nexia offices ….
GILTI or Not GILTI: A guide for U.S. expatriates living in Canada
U.S. citizens who own an interest in a Controlled Foreign Corporation (“CFC”) have faced a number of challenges under the U.S. tax reform bill which became law near the end of 2017. First, expatriate U.S. citizens who owned a direct or indirect interest in a Canadian corporation had to deal with an unfair transition tax ….
Do you own a U.S. enterprise? You may be required to complete the BE-12 benchmark survey by May 31, 2018
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 ….
The new income sprinkling rules: Part 3 – The third, fourth and fifth exceptions from the TOSI rules
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 these 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. Third ….