There are many differences between the Canadian and U.S. tax systems, which complicate tax planning, especially for the U.S. citizen living in Canada. In preparation of the oncoming tax season, I’ve outlined the most common differences noted in our tax practice:
Below are a list of the major income tax changes that are effective for the 2014 taxation year.
No more safety deposit box – The deduction for amounts paid for the use of a safety deposit box of a financial institution will no longer be allowed.
Family Tax Cut – For eligible couples with minor children, a $2,000 non-refundable tax cut will be available. The Family Tax Cut is calculated based on the reduction to you and your spouse’s combined federal taxes if up to $50,000 of taxable income was transferred from the high income spouse to the lower income spouse.