Tax Alerts

Liberals Win! Let's look at tax!

Now with a Liberal majority (congratulations), let’s look at their platform to try to figure out the possible tax implications.

But first… here is my take.

The Liberal Tax Plan is definitely an ‘income redistribution’ plan. Taking from the “1%” and giving to the “middle class”. Unfortunately, this plan is not targeting just the 1%; it is targeting those who aspire to be the 1%. The 1% test is actually meant to refer to wealth. There are also a number of measures that will catch others along the way.

Donation Tax Credit - Canadians Donating to Canadian Registered Charities

The Canada Revenue Agency (“CRA”) offers a charitable donation tax credit as an incentive to donate in the form of tax savings for the charitable donors. This is a non-refundable tax credit which is applied to reduce taxes payable. Generally, you may claim eligible amounts of gifts up to a limit of 75% of your net income, with an exception for donations of certified cultural property or ecologically sensitive land.  

The chart below listed donation credit rates for the current year:

Significant Changes to IRS Deadlines

New tax provisions were signed into law on July 31st, 2015, changing the filing deadlines for many U.S. tax returns and forms.  Please keep the following changes in mind for tax years starting January 1, 2016.

The Transit Tax Vote – 62% Vote No! Here are my thoughts.

Yesterday the transit plebiscite results were announced with a resounding No result. What was the No vote for? Was it a vote against Translink (as the mayors are saying), was it a vote against Transit (maybe bike lanes but probably not), or was it a vote against ANOTHER tax. In my view, it was the latter, a vote against yet ANOTHER Tax but phrased in a way that focused on Translink.

Tax Considerations for US Citizens in Canada

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:

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