Most cross-border tax problems start with a simple reality: Canada and the United States determine who they can tax in very different ways. Canada generally taxes you based on your residency, while the United States can tax you because you are a U.S. citizen or green card holder, because you are considered a U.S. resident […]
Canada–U.S. Cross-Border Tax: A Complete Guide for Canadians and Americans Read More »
This blog post will explain the applicable accounting standards for the calculation of deferred and future income tax. We will explore the key distinctions, between these standards. To begin with, it’s important to note that if you’re a public corporation in Canada you must adhere to IFRS for reporting purposes. Therefore, IAS 12 is the
Recently, I explored a complete list of Canada Revenue Agency (CRA) elections after encountering two different situations with my clients. In one scenario I was helping my client with their late principal residence designation election form, during which I discovered there was no specific area to upload this election on the CRA represent a client
Navigating CRA Elections: A Handy Reference Guide Read More »
According to Regulation 105 of the Income Tax Regulations if you’re a corporation based outside of Canada and doing business within Canada you might be charged ITR105 withholding tax on your invoices. This blog explores the implications Regulation 105 entails and how a waiver can be obtained for withholding tax. Before we go any further,
In my line of work, I often come across situations where individuals move away, from Canada with their spouses and dependents but choose to rent out their residence to someone unrelated. This scenario often raises a series of tax-related questions: 1. Does keeping a residence in Canada mean they are still considered residents for tax
Have you ever missed filing your Tax Return? Or failed to report the selling of your principal residence? If yes, then this blog is what you need right now. This blog emphasizes on the significance of disclosing the sale of your principal residence on your tax return. We will guide you step by step on
Rectifying Missed CRA Deadlines: Reporting the Sale of Your Principal Residence Read More »
Are you familiar, with the world acronyms used for tax and accounting? If not don’t worry! We understand that it can be confusing when professionals use abbreviations that you’re not familiar with. That’s why we’ve created a list of used abbreviations in the tax and accounting field. The time you come across an abbreviation that
Mastering Tax and Accounting Acronyms: Your Go-To Abbreviation List Read More »
By Haroon Khan, CPA, CA (Canada), CPA (USA) Life is busy, and juggling with all the responsibilities and workload often affects some of the important tasks, such as forgetting to buy milk for morning coffee and that is important. However, in this day-to-day routine, it is quite understandable if you may have forgotten to file
By: Haroon Khan, CPA, CA (Canada), CPA (USA) On 13 September 2023, we encountered a series of interesting FAQs at our Professional Development Hours session on Underused Housing Tax. The FAQs were regarding the classification of properties according to the rules of Underused Housing Tax. The main discussion surfaced around the properties used for residential
By: Haroon Khan, CPA, CA (Canada), CPA (USA) A few minutes ago, I finished reviewing the consolidated working papers, for a public company. To prepare a deferred income tax provision it is vital that it highlights the necessary accounting adjustments made during the process. This blog post explains the steps I took to make sure
Ensuring Accuracy in Deferred Income Tax Provisions Read More »
