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Tag Archive for Canada

Canadian FAQ – GST On Real Property

Grant Gilmour

How is GST (Goods and Services Tax) reported and paid on the purchase of taxable Real Property?

For tax purposes, Real Property refers to land and anything permanently affixed to the land that can be purchased or leased including mobile homes, commercial buildings, apartments, homes and offices. Generally speaking, GST is charged on the sale or lease of Real Property.

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International FAQ #32 – What Is A Schedule 97?

grant gilmour

What is a schedule 97 as part of a T2 corporate tax return?

Schedule 97 is an additional information schedule for non-resident corporations that must file a Canadian tax return.

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Canadian Tax FAQ – Lunch & Learn Program – Free Tax Advice

Grant Gilmour

What is the cost of asking tax questions? How can I avoid huge fees when I have a “simple” or “quick” question?

One of the things that often creates unnecessary friction between clients and advisors is the cost versus value of advice asked for and received.

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Part 2: OECD CRS: Tax Residence And The Tax Treaty Tiebreaker

John Richardson

This is Part 2 – a continuation of the post about “tax residency under the Common Reporting Standard.”

That post ended with:

Breaking tax residency to Canada can be difficult and does NOT automatically happen if one moves from Canada. See this sobering discussion in one of my earlier posts about ceasing to be a tax resident of Canada. (In addition, breaking tax residency in Canada can result in being subjected to Canada’s departure tax. I have long maintained that paying Canada’s departure tax is clear evidence of having ceased to be a tax resident of Canada.)

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Canadian Tax Help – Tax Treatment of Reserves

Grant Gilmour

What is the tax treatment of reserves?

A common reserve to record on financial statements is an allowance for customer receivables that are considered to be bad debts. For tax purposes there are many additional types of reserves that may be claimed in calculating taxable income.

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Protecting your Company—Asset Control

What controls should be put in place to protect the company’s assets from fraud?

Company assets such as inventory, equipment and vehicles are highly susceptible to fraud and need to be protected. Internal controls should be put in place to protect these assets.

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Tax Treaty Tiebreaker And Taxation Of Subpart F And PFIC

John Richardson

Before a “Green Card” holder uses the “Treaty Tiebreaker” provision of a U.S. Tax Treaty, he/she must consider what is the effect of using the “Treaty Tiebreaker” on:

A. His/her immigration status under Title 8 (will he/she risk losing the Green Card?)

B. His/her status under Title 26 (will he expatriate himself under Internal Revenue Code S. 7701(b)) and subject himself to the S. 877A “Exit Tax” provisions?

Now, on to the post

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Canadian Tax Help – Protecting Your Company: Key Reports

Grant Gilmour, Canada, CPA

What reports should you be reviewing regularly to identify irregularities?

Whether you work in the company daily or manage from afar, there are key reports you should be reviewing regularly to stay informed and detect possible fraud.

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Canada Tax FAQs – What Is A Schedule 91?

Grant Gilmour

What is a schedule 91 as part of a T2 corporate tax return?

Schedule 91 is for non-resident corporations that carried on business in Canada or disposal of taxable Canadian property in Canada that was treaty-protected any time in the year.

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Green Card Holders: Tax Treaty Tiebreaker

John Richardson

Before a green card holder uses the Treaty Tiebreaker provision of a U.S. Tax Treaty, he/she must consider what is the effect of using the Treaty Tiebreaker on:

A. His/her immigration status under Title 8 (will he/she risk losing the Green Card?)

B. His/her status under Title 26 (will he expatriate himself under Internal Revenue Code S. 7701(b)) and subject himself to the S. 877A Exit Tax provisions?

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How Exactly Does The Meadow Bill Repeal FATCA?

John RIchardson

(This blog is continued from a longer set of posts which you can find here: Part 1: Introducing FATCA – What Does It Mean In Your Life? and Part 2: FATCA:  How Does The Meadows Bill Interact?)

I was asked to answer the question:

“What exactly would it mean to repeal FATCA?”

The short answer to the question is:

“We make FATCA go away by reversing all the changes to the Internal Revenue Code that collectively comprise FATCA.”

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FATCA: How Does The Meadows Bill Interact?

John Richardson

(This is a continuation of a previous post by John Richardson titled, “Introducing FATCA – What Does It Mean In Your Life?” It gives a great summary of FATCA and leads directly into this article.)

First, About the FATCA legislation …

2012 – The world according to FATCA – For the compliance industry: “The Gift That Just Keeps on Giving.”

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