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Archive for International

Canadian Tax FAQ – CRA Program Accounts

Grant Gilmour

The Canada Revenue Agency (CRA) has issued me a business number. Now what do I do?

In Canada, once a company is assigned a business number then it needs to request which type of program account it needs to be setup. There are five types of accounts:

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U.S. Taxation of the Australian Superannuation? – No!

John Richardson

I recently engaged in a discussion with people who are worried that they might be “U.S. Persons” living in Australia. Their primary concern (and understandably so) is the possible U.S. taxation of their Australian Superannuations. For many, the “Super” is considered to be their most important retirement planning asset.

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5 Key Considerations For U.S. Expats Living In The U.K.

Ephraim Moss

According to a report published by the United Nations, Department of Economic and Social Affairs, the number of Americans living in the United Kingdom was estimated at 212,150 in 2015. This represents a sizable group of Americans living in just one foreign country.

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Anti-Money Laundering Obligations – Latin America Customers

Ron Marini

There is an increasing number of tax regularization programs in Latin America—most recently in Argentina, Brazil, Colombia, and Peru—is of keen interest to the cross-border wealth management industry, as per Jones Day.

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Dwelling House Exemption – Ireland Tax

Claire Mcnamara

Everyone is aware that significant changes were introduced in the 2016 Irish Budget but have you thought what they might mean for you?

Prior to 25th December 2016, Section 86 CATCA 2003 provided a means of passing on a property to the next generation, either by gift or inheritance, in a tax free manner.

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Long-Term Debt On A Balance Sheet

Grant Gilmour

What is Long-Term Debt on a Balance Sheet?

The Long-Term Debt category appears as a long-term liability on a Balance Sheet. The balance represents the total outstanding balances of all bank loans, mortgages and financial contracts.

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Canadian Tax Help – Deferred Revenue On Balance Sheet

Grant Gilmour

What is Deferred Revenue on a Balance Sheet?

The Deferred Revenue section appears under current liabilities on a Balance Sheet. Deferred Revenue represents revenue that is usually received in advance for future goods and services.

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Canadian Tax – Government Taxes Payable On Balance Sheet

Grant Gilmour

What are Government Taxes Payable on a Balance Sheet?

The Government Taxes Payable category appears under Current Liabilities on a Balance Sheet as it is expected that the amounts owing will be paid within one year. It represents funds that a company has an obligation to pay to government bodies such as Canada Revenue Agency (CRA).

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Rental Expenses Ireland – High Court Decision

Claire McNamara

The High Court decision in Revenue Commissioners v Thomas Collins has just been published.

It states that contrary to Revenue’s position, the NPPR (Non Principal Private Residence) charge was in fact an “allowable” expense against rental profits under Section 97(2) TCA 1997.

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Accounts Payable On A Balance Sheet – Canada Tax

What are Accounts Payable on a Balance Sheet?

The Accounts Payable category appears under Current Liabilities on a Balance Sheet, as it is expected that these amounts owing will be paid within one year. It represents funds that a company has an obligation to pay vendors or creditors for goods and services received.

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Corporate Tax Payment & Filing – Ireland

Clare McNamara

Corporation Tax Returns

The Irish corporation tax system operates on a self-assessment basis. Therefore, it is solely the responsibility of the company to calculate and pay its corporation tax liability within deadline.

Any company liable to corporation tax must submit a CT1 Form which is a Tax Return containing details of profits, chargeable gains and other relevant information as outlined in Section 884 TCA 1997.

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Corporation Tax Residence And Registration – Ireland

Claire McNamara

Registration

If you intend to set up a new company in Ireland in 2017, please be aware that you must register with the Irish Revenue Authorities within thirty days of incorporation. This can be done by completing the relevant sections of a TR2 Form:

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